Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ryan Allison

Ryan Allison has started 6 posts and replied 61 times.

Post: Asset protection as an owner-occupied landlord in Connecticut

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Christopher Kolasa let me know what you wind up deciding.  I'm in a very similar situation right now.  I was leaning going umbrella but I would love to hear your pros & cons.  

Post: HELOC for investment property

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Zachary Penn this is exactly what I just did for my most recent rental. I took out a HELOC on one of my properties & bought another one. This was right at the beginning of the COVID spread so my timing was horrendous and I almost backed out of the deal but ultimately decided to move forward.

With my new rental, I'm able to cash flow with OK returns (not great) after factoring in the payment on the HELOC. The payment on the HELOC reduces the cash on cash returns but the way I look at it is some money is better than no money. I was able to get comfortable with the debt & leverage on this deal but I realize that is not for everybody.

If I was you, I would recommend getting a HELOC on your place in Tampa. It doesn't cost much to maintain, mine is $100 per year and had no closing costs to start.

As far as purchasing a property, I'm not sure I would jump in right now, maybe towards the end of 2020 or Q1 2021.  Again, I went in because I was under contract, but I pivoted what was supposed to be a market rate rental into Section 8 to mitigate any risk with collections in 2020.  It was a pretty easy transition so I felt OK moving forward, otherwise I would've backed out of the deal.  

Post: Investor in the Tampa Bay, FL area

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Jaime Elkins, just shot you a connection.  I just closed on my first buy/hold in St. Pete and am always looking for some boots on the ground.  

Post: Duplex Deal Analysis Spreadsheet Help

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Account Closed typically the seller concessions are capped.  That way the seller has an idea on how much they will get back in a net return.  Might be a tough sell for “seller to cover all closing” as language, especially if it’s a in a multi offer situation. 

You’re on the right track.  All of those towns have good returns.  You’ll find your deal sooner or later, house hack is definitely the way to go out of the gate. 

Post: Where to invest in NE

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Patrick Hagerty Personally, I would focus on where you plan on taking your next step & let real estate follow you.  If you plan on living in the greater Boston / Worcester / Southwestern CT, you'll find it hard to get any multifamily under $200K.  Central CT has plenty of inventory in that range but I would let your professional career or education dictate where you wind up & let real estate follow.  I'm sure Rhode Island does too I'm just not as familiar with that market.  Like @Jaysen Medhurst said, you may find trouble with lenders as they like to see steady income & will definitely question where you plan on working when you move to your new home as well.   

You are definitely on the right track just be patient!  
 

Post: Where to invest in NE

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Patrick Hagerty Are you going to be working full time in Boston still?  

Post: Airbnb Vermont Cabins

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Raif Harris let me know how you make out with your research w/ STR in Vermont. It's something I have given some thought to as well, especially in Killington as I find that the most desirable mountain to ski. I have heard from others, including @Karen Chenaille that Vermont is very STR friendly.  Makes sense given a huge part of their history is traditional B&Bs.  Honestly, my biggest hesitation would be that the winters haven't been as good as they normally are for skiing! 

I also agree with a lot of the comments you said about investing in CT.  Compared to other parts of the country, in my opinion it's definitely more challenging to find good deals here based on everything you mentioned.  Appreciation for the most part is non-existent unless you force it w/ improvements.  

I also think that you don't need to be a driving distance away.  The midwest has an abundance of pockets that have great cash flow and the south is significantly cheaper, decent cash flow and good appreciation potential.  

Post: Noob to Real Estate Investing in Connecticut

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

Welcome Kevin, looking anywhere in particular in CT or just all over?  

Post: New Investor From West Hartford, Connecticut

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

Nick, welcome.

Smart man.  Sounds like your on the right track & you already have an advantage with your background in construction.  I’m jealous of that.

As far as the market,  obviously West Hartford is the place to be.  In my opinion you can still cash flow, but returns are higher in other towns (New Britain, Bristol).  The west end of Hartford near UCONN law and that side of West Hartford has some good multis, again normally are priced a little higher though.

I think a house hack with a 203K loan might not be a bad move either in an area like Elmwood.  Unfortunately with that though you won’t be able to do much of the work yourself but it wouldn’t be a bad idea to get in the game and you’d be able to have a low downpayment and finance all construction costs.  

good luck, sounds like you got a good gameplan here.

Post: Seller financing incentive to sale?

Ryan Allison
Pro Member
Posted
  • Investor
  • Connecticut / Massachusetts
  • Posts 63
  • Votes 38

@Steve Puglisi do you have a 401k?  My company uses Fidelity and I'm able to borrow up to 50% of the 401K amount (up to $50,000) with a 5 year note with 4.75% interest.  Again, you have to pay this back with bi-weekly equal principal & interest payments otherwise you'll have to declare income tax and pay a penalty.  The best part is that all of the interest goes towards your 401k, basically paying yourself interest.  

Some people disagree with me on this, but in my opinion, if your deal has enough cash flow where it covers your payment back to your 401k that you borrowed for your downpayment, in my opinion it's not a bad option.  You may have some opportunity costs with lost investment money, but if you have good cash flow it's something to consider.  

This deal in Wethersfield?  I also live in town here.