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All Forum Posts by: Joseph Salzillo

Joseph Salzillo has started 18 posts and replied 53 times.

Post: I'm new. Help! Looking for advice and tips on getting started!

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Hi Ross - I'm also in CT, Hartford county and invest with partners between MA and CT. I'd be happy to connect with you and talk strategy as we focus mainly on small-medium multifamily. There are plenty of ways to get creative with funding from private money, commercial / business purpose loans, SBA loans depending on the asset class, and there are certainly some long-time landlords that have been in the game since the 70s/80s that would be more than willing to seller-carry a loan.

Post: Questions from a new Connecticut Investor

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Hi James,

I second with Brandon's answer above - I invest primarily in Bristol, Meriden, New Britain, Middletown and avoid Hartford, Waterbury, Bridgeport. The cashflow is relatively nonexistent in West Hartford and Stamford due to purchase price and taxes. I also own a 3-fam in Marlborough, MA: the markets are totally different up there compared to CT!

Feel free to reach out if you have any specific questions as I took the same move from Boston area to CT.

Joe

Post: Turnkey Multifamily with High Cashflow in Future

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Investment Info:

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

Purchase price: $360,000
Cash invested: $90,000

Another out of state investor client! This property has a lot of upside to it: rents are below market in each of the three units, each floor can get converted to a 3/1 from a 2/1 based on layout and SQFT, and there are 6 garages on the property getting rented out for $600/mo total (future $4500/mo gross rents!). On top of that, the previous owner re-framed the porches, re-did the siding, put in new windows, a new roof, and new boilers in 2007 so the buyer's CAPEX is minimal in the near future.

Post: Turnkey Multifamily with High Cashflow in Future

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Investment Info:

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

Purchase price: $360,000
Cash invested: $90,000

Another out of state investor client! This property has a lot of upside to it: rents are below market in each of the three units, each floor can get converted to a 3/1 from a 2/1 based on layout and SQFT, and there are 6 garages on the property getting rented out for $600/mo total. On top of that, the previous owner re-framed the porches, re-did the siding, put in new windows, a new roof, and new boilers in 2007 so the buyer's CAPEX is minimal in the near future. After converting each unit to a 3/1 and bringing the rents up to market between tenants, this property will gross $4500/mo in rents!

Post: 7.0% return (Day 1), 13.9% return (Year 1): Bristol, CT 4-unit

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

@Tyler Sweet Thank you!

I used commercial / business purpose financing at 5.56% interest, 20% down payment, 321 pre-payment penalty. The commercial rates are skyrocketing now and it's making deals harder and harder to come by, but it's the correct way to purchase properties with partners in an LLC unless if the owner is the bank.

This was actually on the MLS; the first buyer put in a ridiculous offer sight-unseen and pulled out when they went to go see the property so the listing agent called me and a few others back so I gave them another realistic offer that would get closed. One of the issues with this property is that it is AE-flood zone rated so the previous owners flood insurance premium was through the roof. We ended up getting private flood insurance for $232/yr premium in which the commercial lender was OK with.

Post: 7.0% return (Day 1), 13.9% return (Year 1): Bristol, CT 4-unit

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Investment Info:

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

Purchase price: $310,000
Cash invested: $77,000

Added another 4-unit rental property to my portfolio! Day 1 current rents are $3,600/mo with room to bring close to market at $4,200/mo Year 1 changing the deal from a 7.0% return to 13.9% return. A few capital repairs considered with this purchase are replacing a portion of the roof with significant moss growth, cutting the tree limbs over the property, replacing the flashing/crown on the chimney, and replacing 3 out of 4 water heaters.

Post: Investor Friendly Attorneys???

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Hey Kyle - I actually graduated high school with your brother in Southington. I use two attorneys: Mike Vollono out of Plainville and Joe Mazzaccaro out of Southington. For context, I have a few multifamily rentals between CT and MA and a flip going on right now; using them has been integral to my business.

Joe

Post: 11.2% Return: Bristol CT Multifamily Rental Property

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

Investment Info:

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

Purchase price: $225,000
Cash invested: $86,250

Congrats to my client for securing his first out-of-state investment property! This is a Bristol, CT 3-unit with an 11.2% cash-on-cash return: 25% down payment 30-year commercial loan at 5.7% interest, $15k closing costs, $15k repair cost to refurbish Unit 2 and clean up the common spaces. This 3-unit will bring in roughly $3,100/mo gross rents and will be a great buy-and-hold investment with Ironclad Management operating the property.

Post: Looking for a Property Manager

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

@Lien Vuong Thank you, Lien!

@Dor Sagi Hi Dor - where is the property located, is it Hartford the city, or Hartford county? I use Ironclad Property Management for central CT rental properties, and have heard good things about LaSala Real Estate as well. Feel free to PM me if you have questions.

Cheers,

Joe

Post: Purchasing & Managing Difficult B/C Rentals in Connecticut

Joseph Salzillo
Pro Member
Posted
  • Real Estate Agent
  • Connecticut
  • Posts 59
  • Votes 53

@David Morizio very cool, I'd love to chat. It's not easy finding GCs that are also rental investors!