New London County, CT · Member since 2021 · 54 posts · 18 votes
Here’s my elevator pitch!
My name is Michael, I'm 32 years old. I live and work in Connecticut. I have a LTR duplex that I rehabbed and have been renting for 5.5 years and I have a STR That I purchased 1.5 years ago and rehabbed as well. Both were purchased the conventional way.
I manage both rentals myself, along with 7 other LTR in the surrounding area.
Im looking to scale and go full time into real estate, so saving up for each deal wont work anymore. I have relationships with a few hard money lenders, investor friendly agents, wholesalers and contractors in the area.
I'm looking for a private money lender to help with down payment for the hard money loans. I'm finding 10-20% down on hard money. I plan to use the Brrrr method to pull all funds back out. These projects will all be 2-4 unit small multi family to start. For the projects I'm looking at, I will be aiming for a 3-6 month turn time.
I'd like to find someone willing to do one deal and if the relationship works well, scale up to multiple deals per year. The relationship is the most important to me.
Investor · North Stonington, CT · Member since 2014 · 393 posts · 228 votes
2y
@Michael Nelson What part of the state do you invest in? That might be helpful for people to know. Also, if you provide numbers on your past deals such as purchase price, rehab cost, rents, etc.
My area of work is Between East lyme, CT and Westerly, RI currently
Previous deals
LTR in mystic, CT purchase price 240k budget 20k ARV 330K (currently 430K 4.5 years later)This property rents for 1900 per unit nothing included
STR West Dover, VT purchase price 367k ARV 410K (This deal was only cosmetic remodel 8k and 7k to stage it. goal was cash flow not refinance money out any time soon) grossed 45k first year in service projected to do 60k this year.