Post # 6 on my duplex construction project.

@Bill Labrecque and I recently purchased a 3-family in New Britain, Connecticut as a flip project.

Those groups should focus their attention on streamlining new development projects & spending their time/money there instead.

Dont waste your time running around taking pictures and doing estimates and projections.

First time MF investor.  18 units, (6 duplex 2 tri), $810k purchase price, $120k cash down payment, cashflow after all expense and reserve and project note payment is $1600 per month.Bank to finance $690k. 

I have a big project I'm working on now, I'm converting a house into a commercial property.

I may stick with single multi family projects on crowdfunding.

I did this before and unfortunately, I was dragged along for almost a year, but then again this was partially due to the borrower and his lack of due diligence (I’ll take blame too for partnering with the individual) but I like to think that the mistakes I had seen wouldn’t take place if the project was under my watch or to the very least the situation would be handled differently.The properties and deals that I generally see and come across in the South Jersey and Central Jersey areas would need a gap lender that would bring roughly 25 – 45K to the table depending on the area.

Now that we are almost 4 months into the project, costs will end up being closer to 160 or 170k.  

My end goal is owning rental properties and working on rehab projects.