All Forum Posts by: Thomas Farley

Hey BP, i’m looking for a Connecticut attorney who specializes working with wholesalers.Let me know if you have any good referrals appreciate the help! 

Congrats man! Put in the work and the money will follow 

Hey Omer ,  I am a small mutlifamily investor that has been doing research into the commercial market and have built some relationships with commercial RE brokers, they could be of great value to help you find the right/best deals. Let’s connect and chat more. Hope I can help thanks 

Hey guys , I’m a new motivated investor who has been looking to get into the small multi family market in the Fairfield county area. I’ve been analyzing deals like a crazy person and I have been putting in offers on small multi family's that cash flow but every decent deal I find is taken from me by someone who is paying all cash or 40k over asking. I guess that is the market we are in right now and i’m realizing that the small multi family market is too congested, So I’m forced to think more creatively and I want to just go for commercial multi familys 5 to 15 unit properties , it’s kind of a niche market because it is too big for the newbies and too small for the people who have been investing for a while. If you are interested I love to grab a coffee and maybe we can combine our efforts and purchase a cash flowing building together and penetrate this aggressive market. Thanks lmk what you think.  @Mike Parelli @Brandon Rush @Michael Junior

Hey Jezelle, Welcome to BP! I'm in a similar sititution and i have been doing tons of research , that begin said your location should depend on what you want your outcome to be, for me starting out cash flowing properties are everything and having a cristal clear criteria is vital to start your investments. so weather your looking for single fam or small multi to invest in i believe you have to ask yourself where will you get the most bang for your buck. You can find good deals for under 300k in upstate NY but could be harder to cash flow , In areas of CT prices will tend to be higher for the same types of properties but can cash flow more . To me its as simple as where can i get the most cash flow or ROI for my money. Anaylze, Analyze, Analyze in each market and find where the most potential is.Hope this can help you on your journey!

That is great information , my wife is on bored and we do claim taxes together not sure if we could do separate names for FHA loans but I did do some research and found we can reserve FHA let's say for our real home together in 3 to 5 years but I do appreciate the advice it definitely helps, I've read about other options as well going from a first time buyer loan to a primary residence loan on a multi could help get the percentage down.

On to my next question for you guys. I'm looking to house hack and looking at multi families. If you had the opportunity as a first time investor and homebuyer with ability to put down 3.5% with FHA (only time we'll ever have this opportunity), would you max out on what you could get approved for (say 1 mill) vs. something more modest (like 500k). Assuming both options would cash flow. Should I go toward max end $$ range since this will be the only opportunity to put down so little for so much house?

So to follow up on my first post the multi family property that I put an offer on got an offer 25k over asking and the seller took the deal. I understand that’s realty of today’s market , Needless to say I’m not surprised . I’ll take it as a learning experience and grow, keep saving and educating myself along the way ! Thanks for the advice 

Wow I appreciate the advice Michael!

Thanks for the info guys, I put an offer in the property last night and I'm anxiously waiting to hear back. I feel it is the right decision to start this journey. I guess the real question was is PMI that terrible to start investing in properties with because I will not be able to pull equity out of the house to start a second property. But at the end of the day I will live for free and be able to save more for the next property.