All Forum Posts by: Scott Kimberly

@William Collins that suuuuucks dude.

I am so sorry to hear about that happening. I would have to think you'd be able to prove your property wasnt always this way and to dispute everything you can with the city and health department. Are you other tenants able to argue on your behalf? It sounds like you would have 2 other groups of tenats suffering because this one group of ********.

Hey everyone,

I am looking to chat and/or meet up with investors in CT that invest in apartment buildings. I'd love to pick your brain about the various markets in CT and discuss your properties and how you got started. 

I am a new investor looking for advice and wisdom from experienced investors in the niche I am looking to venture into.

Thanks!

@Jason Richards welcome to BP!

Glad to see another New Haven County native in the game.

@Matthew Shafran keep in mind that agents are working to SELL the property. Maybe they are lying about the property and duing the diligence reveals that. Maybe the owner refuses to budge on price. It sounds like its too good to be true, but you have to go and make that determination. 

If you are serious about that property do your diligence and research and ask for additional advice like youre doing now. I wish you luck!

@Mike Mullins I would spend a lot of time reading between the lines. And reading books/learning in general. 

Then, once you are comfortable with a 50k foot view of "real estate" or at least which avenue of real estate interests you, go find people in your area. Go to a Bigger Pockets meetup nearby. Look for others who are already doing it near you. Find an apartment complex near you and look up who owns it. Buy that person lunch and just pick their brain.

What you hear on the podcast and what you read on BP, even if its related to your homestate, is way different from what local folks will tell you. THEY matter the most. The people in your market will give you the best insight into the game.

I wrote off my homestate because its hilariously expensive to do anything here, but tons of people invest and do very well near me and theres plenty of opportunity. I never would have known that if I hadnt found some local people.

@Christian Walker what kind of investor do you want to be? Buy and Hold? Flipper? Rehabber? Wholesaler? The answer to that question opens up a world of other conversations which will start you on your way.

I've spent the last several months learning all i can about REI and listening to the BP Podcast and have waffled around a LOT on a few areas I want to focus on. I still havent pulled the trigger on anything, but I have my reasons (new baby soon!).

I bought my SF primary residence with an FHA loan 3 years ago. $235k and the closing costs were $14k with my 3.5% down. $18k does seem like an awful lot. Don't be afraid to walk from the deal or from that lender. Just my 2 cents.

Do you have to stick with Danbury? Fairfield county is hard to find anything in, but if you go further north into Litchfield or further east into New Haven / Hartford, I'm sure you could find more bang for your buck.

Thanks for the replies!

I am thinking of using the BRRRR to start quickly acquiring some smaller multi-family properties and it got me thinking.

How large can you actually go with a BRRRR? What's the largest property, by units, someone has applied the BRRRR method to? Could be you or someone you know, just wondering if there is an "upper limit" to the strategy!