Updated over 4 years ago on .
BRRRing my first multifamily in CT.
Hello for the first time Biggerpockets forum I am Sergio and I currently have a pre-approval for a 203k rehab loan looking for a 3 to 4 unit property in Connecticut. That is in a decent city, that will cash flow positive, and be all in for less than 75% of the ARV(sorry David Greene) but your criteria is a perfect match for the future I want to hold in real estate rentals. I am currently having my eyes on a couple of properties that I want to get serious about and pursue so I can get my feet wet and start learning. I have a lender on my team that is very familiar with 203k loans and is willing to provide a pre-approval for the refinance so there is an extra layer of security to whatever property I bring to him and a real estate agent that has done and is currently doing a full rehab with a 203k loan. Im in the market for contractors but I do not want to waste their time and I only want to provide value to their business so it can be an advantageous transaction. Providing bids to me for my lender and accurate rehab costs which is very vital to the process. If I can work with someone I can bring value to would make be happy so if you are a GC and want to do a 203k rehab very soon message me. Same goes for any property manger in CT. As I will be building my rental portfolio aggressively in CT and will need smarter people around me to help and hope I can provide business to their business. As for the first questions ill ask are : Im planning on doing a 203k rehab and want to fix if needed all cap exp. like roof paint etc. first then do my wishlist to what I think is needed to be done to bring the rent to market price. Is this a smart way to go? as I think it will add more value-add equity to help the cash-out refinance step. When should I be looking for a tax pro. again I don't want to waste anyones time but I know the tax benefits are huge in owning rentals. especially during a rehab.? I really want to use hard money or private money whichever I can get cheaper to fund the downpayment and closing costs. 97% is covered by the bank and I want to close at 100% financing. Im aiming to close with no money down out of my bank account. Bank lender is telling me no no no what do you think? If I can put the hours of work to figuring out the ARV and making sure I can pull the equity out and pay the hard money off and make sure I'm cash flowing while all this is happening. Is this not the route to go? I value my time a lot and others more so I can go about the process of BRRR most effectively without taking too much time from others on my team. I look forward to writing more and hearing from the community in my area!