All Forum Posts by: Ryan Deasy

Hello,

Does anyone know a lender that would refinance a rent-by-the-room property? basically, i am looking to get a commercial appraisal that utilizes the income approach on one of my duplexes. this property makes significantly more rent than just doing it by the unit and i am looking to capitalize on that. i just paid over 2000$ for a commercial appraisal and the appraiser really didn’t get it...... thank you in advance!

@Huy Pham congrats on your first purchase in new britain! it’s an incredible area for rentals. i have a few not far from where you described. i have been investing in that area since 2012 and have always done very well. i am more than happy to help in any way that i can. send me a private message and i’d be happy to answer any questions you have.

@Steve Emling i use venmo, cash app, zelle and paypal. never had a issue. it’s seamless and the tenants love the options.

@Greg Wright i have used rutkowkski plumbing many times. they are good honest people who do great work. here is their website: http://www.rutkowskiph.com/

let me know how else i can help. i have a few properties in new britain also. 

@Tim Johnson i am investor in the central connecticut area and have properties in new britain and west hartford. for the west hartford property, i did as you mentioned, lived in it for a while as my primary and then rented it out. Send me a private message and i’d be happy to help in any way that i can!

@Jon Russo This sounds like an amazing first deal. i am an investor in new britain. i have three properties there now. my first one i bought on wilcox street for 140k. it’s a two family with 6 beds. sounds like you made a great investment. let me know if you have any questions or anything. i am always happy to help!

@Israel MarQuez i have a few properties in new britain and even one that is similar to the layout of the one you’re describing. i’d be happy to talk you through this deal. at first glance, not a smoking deal. i personally wouldn’t do it at that price because it wouldn’t be worth my time. however, i can show you how to increase those rents and if you can buy at a lower price, it could be worth it. also, the location is extremely important in new britain too. send me a message if you’d like. 

@Huy Pham i am investor in new britain. i would be happy to lend some advice and share my experiences. feel free to message me! 

@Evelyn Maguire I am an investor in the New Britain market. I am very familiar with that area. Please feel free to reach out. I may know of some properties that could be of interest to you. 

Hello: I am running into some issues with trying to find someone that will refinance a property using my rental income because the rental income is done by the room as opposed to per unit like most people do. has anyone run into this issue before? I do very well by the room but as soon as you scale it back to per unit like this lender wants to do, the numbers do not look as great as far as DSCR, etc. Thanks!