New owner

9 Replies

Hello everybody,

It's great to finally post something on this site.  I've discovered BiggerPockets a few months ago and love it!  I've been watching Brandon Turner's weekly seminar videos, read "The Book on Managing Rental Properties", and read the ultimate beginner guide here on the site.  I was really determined to buy a property and have finally done so, closing on my first ever building about 2-3 weeks ago, a 3 unit building in Groton, CT (if you haven't heard of it I don't blame you, it's a small town in southeastern Connecticut).  Speaking of which, if anyone is in the southeastern CT area, let me know, I'd love to meet other real estate investors here.  Anyway, I'm quite nervous as the building I bought needs much more work than I initially anticipated, though it's almost entirely cosmetic (the previous tenants did not take very good care of this place).  Anyway, I'm very excited to start posting here and am looking forward to meeting some great and knowledgeable people on this forum, perhaps one day I will even be able to turn around and answer questions other people have.  Thank you for reading!

congrats on your first deal! i'm also a newbie and excited to start next year. I'm closing on my home resident next month and start saving some money to get into the real estate business.  Btw, what did you use for financing on your deal? 

@Etay Orlander Welcome to Biggerpockets and congrats on your property! There are BP meets throughout CT. I know @Jacqueline Carrington does one in New Haven that may be little closer to you than our Manchester CT Meeting with @Jacob Reilly or our Rockyhill CT meeting with @Stephanie Cabral . The rockyhill meeting is coming up one May 25th, chat with stephanie for more details.

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Hey Welcome to investing!  Don't worry about cosmetic stuff, and definitely don't go overboard on it. If you want to make the place super nice make sure the rent increase will justify it.  Unfortunately there are just bad tenants out there that don't take care of their place and you can be the nicest, best landlord and you'll still get someone like that eventually.  

Congrats on the first place and you took a step that most people never actually become brave enough to take.  This is a great community to be part of so don't be afraid to ask anything.  Groton is a decent place especially with having the navy base there.  Should always be able to get renters.

Tell us a bit about it.  What's your numbers looking like initially, goal with it, type of financing, etc.?  I believe newbies posting their stories are the best for other people looking to get into it.  People who've been doing it a while definitely have more knowledge but I think they forget what starting out was like and can't relate as well because their criterias have changed and their ability to get properties has changed.

Welcome @Etay Orlander  

I am a real estate investor in SE CT as well. I have two four family properties in New London. We had a group of investors meeting once a month last year, but the group dissipated. Maybe I will try to revive it this summer. 

@Etay Orlander

Welcome. Congrats on you success. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com CT REIA is a large active club.

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

Thank you everyone for the great, encouraging replies. I will take all your words to heart. I particularly think it's a great idea to attend some different REIA meetings.

@Franky Juwana I used an FHA loan to finance this deal.

@Melissa Gittens Thank you for pointing out BP meets I think it would be a great idea.
@Jason Arcuri I will try to post something about some rough numbers for this property, just kind of tired right now.

@Etay Orlander ,

Welcome to the Best Real Estate Site on the Net.
It is always nice to see another Ct., resident in the forums.
Click on the "Education Tab" at the top of the page, and you could be spending many hours on the Information that is available.
Raymond

@Etay Orlander Congrats on your first deal!  We are located in Groton, and are currently looking into properties in the Groton/New London area.  We have also done a ton of research in the area and could possibly give you some advice related to potential rent amounts and such.  It would be great to meet up and discuss as well.

@Mat O'Grady I really want to meet up with other investors in our area.  You should definitely revive the investor meetings!  Both my husband and I would love to attend.

@Jason Arcuri Are you familiar with the SE CT area as well, or do you focus mainly on the Southbury, CT area?

I'm familiar with SE CT.  Nearly all my investing is done in New Haven so that's where I generally try to focus.

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