New member looking to meet local investors
Hello everyone, I've only recently begun looking into becoming a real estate investor and I'm trying to gain as much knowledge as I can.
I'm located in Middletown, CT and plan on buying a rental property in the next year or so (I'm thinking local now, but that could change).
My rough plan at the moment is to save money for 6 months to a year and to buy a property (I haven't decided on single or multi family yet) with a conventional loan using the money I saved, along with money from a 401k loan (the rates for my 401k loan are pretty good). I currently own a house with my wife with a child on the way, so househacking isn't an option.
Does my plan so far seem adequate? Any and all input would be greatly appreciated.
I'd like to start going to REI meet-ups, but I work 2nd shift and it seems most meetings happen during the week.
Thanks for reading this far, I can't wait to get started!
@Matthew Brown - Welcome! I grew up in Middletown and invest a lot in Middletown already. Happy to connect and provide any value I can. DM me and we can set up a phone call.
Hey Matt,
The plan seems good to for starters. You have your market and source of funds planned out, you are off to a good start. I would recommend having a conversation with a lender now to get an idea of what options you have for lending. There may be some special program that you were unaware of. If you need help building your team (agent, lender, contractor and etc), maybe we can have a conversation as I am an investor and real estate agent based out of Portland, CT (Right across the bridge). I also host a meetup in New Britain once a month, but as you mentioned, it may be tough for you to make it due to your schedule. Let's connect soon.
Good Luck!
-
Real Estate Agent Massachusetts (#9576248) and Connecticut (#RES.0824703)
- Berkshire Hathaway - The Cozzi Team
- Podcast Guest on Show #221
Quote from @Matthew Brown:Matt, check out local real estate groups on Meetup.
Hello everyone, I've only recently begun looking into becoming a real estate investor and I'm trying to gain as much knowledge as I can.
I'm located in Middletown, CT and plan on buying a rental property in the next year or so (I'm thinking local now, but that could change).
My rough plan at the moment is to save money for 6 months to a year and to buy a property (I haven't decided on single or multi family yet) with a conventional loan using the money I saved, along with money from a 401k loan (the rates for my 401k loan are pretty good). I currently own a house with my wife with a child on the way, so househacking isn't an option.
Does my plan so far seem adequate? Any and all input would be greatly appreciated.
I'd like to start going to REI meet-ups, but I work 2nd shift and it seems most meetings happen during the week.
Thanks for reading this far, I can't wait to get started!
-
CPA Texas (#035694)
- 617-704-1194
- [email protected]
Quote from @Brandon Rush:
Hey Matt,
The plan seems good to for starters. You have your market and source of funds planned out, you are off to a good start. I would recommend having a conversation with a lender now to get an idea of what options you have for lending. There may be some special program that you were unaware of. If you need help building your team (agent, lender, contractor and etc), maybe we can have a conversation as I am an investor and real estate agent based out of Portland, CT (Right across the bridge). I also host a meetup in New Britain once a month, but as you mentioned, it may be tough for you to make it due to your schedule. Let's connect soon.
Good Luck!
Brandon, thanks for the advice! What type of lender would you recommend I start with, credit unions? I'm stuck on a 2nd shift schedule right now, but I'm hoping to switch to a day shift by the end of the year. I'll definitely drop in to your meetings when I become able.
Quote from @Matthew Brown:
Quote from @Brandon Rush:
Hey Matt,
The plan seems good to for starters. You have your market and source of funds planned out, you are off to a good start. I would recommend having a conversation with a lender now to get an idea of what options you have for lending. There may be some special program that you were unaware of. If you need help building your team (agent, lender, contractor and etc), maybe we can have a conversation as I am an investor and real estate agent based out of Portland, CT (Right across the bridge). I also host a meetup in New Britain once a month, but as you mentioned, it may be tough for you to make it due to your schedule. Let's connect soon.
Good Luck!
Brandon, thanks for the advice! What type of lender would you recommend I start with, credit unions? I'm stuck on a 2nd shift schedule right now, but I'm hoping to switch to a day shift by the end of the year. I'll definitely drop in to your meetings when I become able.
Yes, that would be a good start. They tend to have better rates that the big banks. If you are going to be in Middletown, definitely start calling around to local credit unions. Tell them what your plans are and ask if they have any offerings that align. I would also recommend you join some of the local investor groups of Facebook and you will learn a lot about the various lending options out there.
-
Real Estate Agent Massachusetts (#9576248) and Connecticut (#RES.0824703)
- Berkshire Hathaway - The Cozzi Team
- Podcast Guest on Show #221
Quote from @Brandon Rush:
Quote from @Matthew Brown:
Quote from @Brandon Rush:
Hey Matt,
The plan seems good to for starters. You have your market and source of funds planned out, you are off to a good start. I would recommend having a conversation with a lender now to get an idea of what options you have for lending. There may be some special program that you were unaware of. If you need help building your team (agent, lender, contractor and etc), maybe we can have a conversation as I am an investor and real estate agent based out of Portland, CT (Right across the bridge). I also host a meetup in New Britain once a month, but as you mentioned, it may be tough for you to make it due to your schedule. Let's connect soon.
Good Luck!
Brandon, thanks for the advice! What type of lender would you recommend I start with, credit unions? I'm stuck on a 2nd shift schedule right now, but I'm hoping to switch to a day shift by the end of the year. I'll definitely drop in to your meetings when I become able.
Yes, that would be a good start. They tend to have better rates that the big banks. If you are going to be in Middletown, definitely start calling around to local credit unions. Tell them what your plans are and ask if they have any offerings that align. I would also recommend you join some of the local investor groups of Facebook and you will learn a lot about the various lending options out there.
Sounds good, thanks!