All Forum Posts by: Seshu Yaramala

I am looking to do a BRRRR investing and I am completely new to the real estate investing. I have been educating my self by listening to podcasts and audiobooks from the bigger pockets, house hacked a duplex few years back in Stratford CT and i am very happy about it, except the part that i bought it from a flipper who didn't do a great job, but still paying my mortgage. I would like to try my hand with the BRRRR method in this area (Fairfield County), to add cash flowing rental properties in my investment portfolio. 

Any recommendations on wholesalers, real estate agents, contractors, other BRRRR inverstors in the Fairfield County area would be greatly appreciated.

Looking forward to this journey.

Thanks,

Seshu

Welcom to BP, Congrats on your first flip !! I am also from Stratford CT.

Congrats !! 

I have decided not to purchase the property after some further analysis.

1) I have had couple of GC's look at the property and both estimates are in the range of 130K for just inside renovation, which is well above my initial estimate.

2) The property is in Historic District, so looks like we cannot do anything outside of the property.

3) One of the contractor pointed out some of the structural issues and strongly suggested to not purchase the property :)

4) Daniel is right about the loan, mortgage manager confirmed that it requires a separate renovation loan.

Thank you all for inputs with this deal analysis, it helped me a lot in my decision making.

Happy Holidays..

Thanks,

Seshu.

 I am working with William Raves, they qualified me and started showing me the houses, this is one of the house they showed me. I am assuming they are okay with rehab costs since they showed the house, but nonetheless I will cross check if it is going to be an issue. Do you know if it is possible to find  1% 2% deals in this area ? I am looking in all the areas from Stamford to New Heaven, so far this house is the one with best numbers..appreciate your thoughts.

Thanks Jonathan, do you have any recommendations for good area/city to invest near by ? Do you think Bridgeport, CT is a better for investment than Startford ?  

Thank you all for the responses..it seems like tough one to decide..based on the analysis 100K rehab seems to upper limit and if estimates from contractors match this and if there is no flood insurance then looks like I can go with this one..again thank you all for your responses and will keep you posted with updates.

 Thanks Jon, updated the info.

Sorry I didn't provide the rent/tax/finance details to start with..

Tax: $ 8300 

Insurance: 3630 (i got a quote from geico)

Rents: 4200 per month (1100 + 1100 + 1000 +1000 )

I am getting a 20 % down mortgage @4.125 interest rate.

I am not sure how much it would cost for renovation, I am planning to have few GCs look at it this weekend for estimates. But I am thinking it would be at least $100,000 . 

Thanks,

Seshu. 

Hello All,

I am looking to buy my first real estate property and decided to start with the multi-family house. I have found one 4 unit house and looking for your help with deal analysis, below are the details of the property.

1) House located in Stratford, CT, built in 1860 so very old house needs total renovation.

Price:$279,900

Units: 4 (all are 2 bed 1 baths)

DOM:162

Total SqFt +/-:5,406 +/-

$/SqFt:$51.78

Zoning:RS-4

Acres:0.35 Acres +/-

Age:154 years (1860)

Lot Desc:LEVEL

Attic:Yes

Exterior:Stone, StuccoRoofASPHLT

Heat:Gas, HT/WTR

Cooling:None

Basement:Crawl Space, Full, Partial

Water/Sewer:City Water, Sewer, Sewer Fees

Garage/Parking:OFF/ST

Waterfront:No

REO:No

When I looked at the property there seems to be water in the basement at some point, so i am thinking it might be in flood zone (I have to confirm with agent yet). As I said it needs complete renovation. Any suggestions on whether or notit is worth to take this project given the price and house condition. Also appreciate any advice on what would be a good starting offer for this..

Thanks,

Seshu.