All Forum Posts by: Account Closed

@Ryan Deasy

Thanks! I definitely will be in touch soon.

@Kathleen McCabe

Thanks for replying. The property is in Bristol CT. CT in general isnt doing too good as you already know. I'm starting off investing in my back yard. Staying in the central ct area. There are better towns than Bristol I'd like to invest in, just need to dig for a deal.

Hello Biggerpockets,

Id like to properly introduce myself. I'm a newbie investor with 1 deal under my belt that's cash flowing great. I'm a electrician that resides in simsbury, CT looking to network with local investors in central Connecticut. I have been a member here for 4 years and this place is great. Since joining I have purchased a 3 family buy and hold and a single family primary residence. My first investment was a turn key type of property financed with a FHA loan that is cash flowing great. After countless hours of reading and listening to podcast I am convinced my next investment needs to be something that I can add value to and not go the turn key route. I'm in need of a investor friendly agent with connections to help me assemble a team to locate deals, rehab properties, get financing, and place tenants in the property. If anyone is in need of electrical services feel free to reach out to me.

Thanks,

Patrick

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $275,000
Cash invested: $10,000

3 family house located in Federal Hill section of Bristol, CT.

What made you interested in investing in this type of deal?

What made me interested in this deal was that the property is a large 3 family (3900sq ft) in a C+ location. This location of Bristol has a stong rental demand and above average rents for the area.

How did you find this deal and how did you negotiate it?

I found this deal with a agent on the MLS.

How did you finance this deal?

I financed this deal with a FHA loan.

How did you add value to the deal?

I sub metered the water and was able to increase rents by 200$ per month.

What was the outcome?

3.5 years later the house is cash flowing great.

Lessons learned? Challenges?

Always get a sewer inspection. I ended up having to replace the main sewer line due to the house not having a readily accessible sewer clean out to the street. Tenants flushed baby wipes that got caught in in roots and caused a back up in the house.

@Theodore Arzt Pass on this tenant. Youll have a tough time finding the right tenant this time of the year. Better tennats will start looking after the holidays. I went through this last year in bristol. Stayed patient and found my tennat. I highly suggest you read some rental real estate management books or hire a agent to screen and do every thing you need to find a qualified tenant. Hope this helps.

I own a 3 family in a C+ area. I house hacked for 2 years then bought a 6 bedroom 3 bath house 2200sq ft in the 4th best school district in CT well below market value about 80k in equity at closing. I'm able to relocate my parents back home from the south and be together as a family again. If I don't have kids I'll downsize or just use my equity to invest in more rentals. Bought with the end in mind.

@kevin dureiko

I'll be in touch soon. Looking to brrrr some small multis in the Hartford area.

Excellent job. Do you have any pictures of the gas boilers and electrical service? What was your total project cost?

@Theodore Arzt

Welcome. I'm a resident of Simsbury, CT as well. I own a 3 family in Bristol (Federal Hill). Me personally Federal Hill area is the only area in Bristol I would buy again. I recently got my 3rd floor rented and we had a lot of activity ( 2 bed 1,000sq ft). Ended up choosing a mobile engineer that works at ESPN. We settled at 925 and they pay all utilities including water. There are good tenants you just have to be in the right area and have a appealing property. Try to get something that has 3 bedrooms. The bigger the unit the more rent you can get.