All Forum Posts by: Account Closed

Hello BP. We are looking for wholesalers in Hartford county and central Connecticut to bring us deals. The uglier the better! We Prefer multi families that are bank owned. Looking to put some sweat equity into them and use the BRRRR strategy. Thanks in advance!

@Rick Santasiere Thanks Rick. I spoke to the sellers today and notified him I will not be purchasing the property. Just too much risk involved for me to Handel right now.

I recently purchased a 3 family 1 year ago and  I have kept in close touch with the seller during my first year owning this Bristol, CT  property and would like to think of him as a mentor but don't know him personally. He has approached me to do a electrical service upgrade on a 2 family in unionville and a 4 family in canton. During our conversation I mentioned I would like to buy a property in those areas. He said I may have something for you. I'm buying a package deal I acquired through direct mail marketing. A week goes by and he tells me the deal was 5 properties but he can only take on 4 because it's a big load to handle at once in terms of rehabbing them. The lot has 1 two family that rents for 835/750 and 2 single families that rent for 900/940. With minor upgrades and some TLC the house could rent for 1k,1k, 850, 850. All 4 properties are fully occupied with good tenants. He says the same owners Will owner finance the 5th property to me for 180,000$ which is the price they agreed on from 200,000$ @ 10% down @ 5% interest 30 year Loan with a 10 year balloon. Currently the property rents for 3,425$. Taxes are 6340 but he says I can get them lowered. Insurance is 2400$/ year. Obviously the property cash flows great. The house needs some structural improvements but I'm not worried about that. My MAIN CONCERN is the well/septic. The house uses 1 well for all four units. He mentioned that he believes there isn't any issues with the well/septic and the house is a soiled deal. I can't trust his word as its business to him. I am going to get a well/septic inspection. I'll pay the 1000$ just to be safe. I'm going to look at the house tomorrow. The owners want to close asap. I'm very concerned he is just using me to complete his deal and knows something that I don't. I don't want this to ruin my investing future if there is something that could really be wrong with the property. This property is in a B+/A- area close to collinsville center. Your opinion is greatly appreciated!

@Benjamin C. Yes Ben I did buy the property. It has worked out great so far. I cash flow 1400 every month. Tenants pay there own untilties even water. I bill the tenants usng cozy. No chasing down rents. It runs it self.

@Brian Pulaski the 275 sale was kind of weird. It could have been the bank or someone refinanced. As for what the house needs, it needs a new kitchen and appliances, remodel 2 bathrooms, new lighting throughout, new hard wood throughout, a lot of wall paper needs to come down and repaint entire interior, carpet the basement and reinstall new drop ceiling in basement, power wash house and refinish outside deck.

I have been looking for a flip to fund my next down payment for my second 3 family house. I finally got a really good deal accepted then I find out the same day I am laid off. I am a licensed electrician and am so tired of layoffs. This only makes my desire to invest in real estate even stronger. I wish I could find a private money investor. I really hope I don't loose this deal it could be life changing.

Town- Hebron, Connecticut (Amston)

Built- 1987

Size- 2300 sq ft 3 bed 2 bath with 2 additional bedrooms in basement

Neighborhood- A 

Purchase price- 182,000$

Rehab cost- 40-50,000$

Arv- 330,000$

same here! Bought my first deal March 9th. Got paid the pro rated rent for March at closing. I collected April and mays rent and made my first mortgage payment on May 1st. Profited around 6,000$ before my first payment was due.

this is inspiration to me! I just purchased my first 3 family in Bristol and need funds to buy another. I'm thinking of doing a flip to gain the funds. I am a electrician so I do have construction ecperience. Can I finance rehab coasts?

Very nice @Michael Noto. Keep us updated!