New Member from Danbury, Connecticut

New Member from Danbury, Connecticut

Danbury, CT · Member since 2016 · 29 posts · 5 votes

Hi BP Members,

I've been a lurker on here for about a month now and officially became a member a few days ago. My name is Rob and I'm 34 years old living in Danbury, CT.  I started researching the idea of using rental property as an investment, and a place to live temp, and stumbled onto this site. I was both shocked and excited to see so many people discussing the same things that have been bouncing around in my head for awhile.

I don't have any experience but I do have the will and dedication to learn everything I possibly can about this business and how to get started.  Currently I'm reading 'The Book on Rental Property Investing' and plan on picking up more books.  I've also been listening to the podcasts on here as  much as I can. 

My plan is to start with a FHA loan in a multi-family property that I can live in one and rent out the other and hopefully have the tenant pay for most, if not all, of the mortgage so I can continue to save money and acquire more buy and hold properties. The main hurdle I have at this moment is funds so having a 3.5 down payment or less would be what I need. Knowing this, I've been saving and educating myself in the mean time.

The idea of building exponential growth through real estate investing is real exciting to me and I can't wait to get started.  I feel like I just need to get passed that hurdle and into the first property to get the ball rolling.

Not having much luck on the MLS sites searching for multi-family properties in the Danbury or surrounding area so if anyone has any suggestions I'd love to hear them.

I look forward to connecting and networking with others within the BP community so I can learn as much as I can and hit the ground running. 

Thanks,

Rob

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Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
10y

Hi @Robert Harlacher welcome to Biggerpockets! 

See this reply in the discussion

37 Replies

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  • Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
    10y

    Hi @Robert Harlacher welcome to Biggerpockets! 

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Robert Harlacher, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

    BiggerPockets
  • Real Estate Agent · Ridgefield, CT · Member since 2016 · 72 posts · 37 votes
    10y

    Hi @Robert Harlacher,  Welcome to BP!  My wife and I are multifamily investors in CT and are finding success meeting our goals.  Let me know if you have any questions as you get started, happy to help!  Keep reading and reading.

  • Rental Property Investor · Danbury, CT · Member since 2014 · 43 posts · 22 votes
    10y

    Hi Rob,

    Welcome. I bought my first property, in Danbury, in Feb of last year. As with your plan, I used an FHA loan. I started with the MLS and a realtor, but ultimately found my deal through a letter campaign.

    The CTREIA is a very active group and helped me immensely. I recommend joining.

    Good luck!

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Mark Avery:

    Hi @Robert Harlacher,  Welcome to BP!  My wife and I are multifamily investors in CT and are finding success meeting our goals.  Let me know if you have any questions as you get started, happy to help!  Keep reading and reading.

    Hi Mark, Thanks.  I'm actually about to buy another book. Lots to learn.  If I may ask,  what areas of CT do you invest in? I'm trying to get my first property locally and from there, branching out other parts of CT would be something to consider

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Harrison Harner:

    Hi Rob,

    Welcome. I bought my first property, in Danbury, in Feb of last year. As with your plan, I used an FHA loan. I started with the MLS and a realtor, but ultimately found my deal through a letter campaign.

    The CTREIA is a very active group and helped me immensely. I recommend joining.

    Good luck!

    Hi Harrison, congrats on your first property. Do you have a SFR or multi? Any realtors that you could recommend for my search?

  • Rental Property Investor · Danbury, CT · Member since 2014 · 43 posts · 22 votes
    10y

    @Robert Harlacher

    It's a duplex. I live in one side and rent the other. 

    Based on my experience, I recommend not using a realtor and finding a private sale.

  • Real Estate Agent · Ridgefield, CT · Member since 2016 · 72 posts · 37 votes
    10y

    Hi @Robert Harlacher

    Right now we focus on Fairfield and Litchfield counties, although doing our due diligence and looking to branch east soon.  I completely understand buying local first.  What are you reading now?

  • Southbury, CT · Member since 2016 · 8 posts · 2 votes
    10y

    Hi Robert,

    I bought my 1st house in Southbury with 1% down and that was applied to closing costs at closing. Check out the Housing Development Fund in Danbury (link below). Was better than an FHA, no PMI, and rates were 2.75% about 3 years ago. I have seen a couple of multi-families in Danbury but they were a lot of money. Keep looking though and don't give up.

  • Real Estate Agent · Southbury, CT · Member since 2013 · 160 posts · 98 votes
    10y

    @lisa beauchamp was it a multi family you bought in southbury? 

    Also we should meet, I live in southbury myself.

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Mark Avery:

    Hi @Robert Harlacher

    Right now we focus on Fairfield and Litchfield counties, although doing our due diligence and looking to branch east soon.  I completely understand buying local first.  What are you reading now?

     Currently I'm reading 'The Book on Rental Property Investing'. Almost done with it and then I'm going to get 'The Book on Managing Rental Property' to get an idea of what that actually entails. Thinking about getting the one about low or no money down investing since that's my biggest hurdle at this point. 

    As far as what to do first, would you say looking for a potential property is the right move or should I get pre approved for a loan first? 

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Harrison Harner:

    @Robert Harlacher

    It's a duplex. I live in one side and rent the other. 

    Based on my experience, I recommend not using a realtor and finding a private sale.

    That's exactly what I'm looking for. I feel my options are limited by only looking on MLS sites which is why I was thinking about a realtor. Did you find them difficult to work with or not helpful?

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Lisa Beauchamp:

    Hi Robert,

    I bought my 1st house in Southbury with 1% down and that was applied to closing costs at closing. Check out the Housing Development Fund in Danbury (link below). Was better than an FHA, no PMI, and rates were 2.75% about 3 years ago. I have seen a couple of multi-families in Danbury but they were a lot of money. Keep looking though and don't give up.

     Hi Lisa, yeah the high prices are making it seem out of my reach especially since I don't have much to put down. I'm checking the  surrounding areas also though in hopes that I find something reasonable.  Maybe checking out foreclosures would be another option

  • Real Estate Agent · Ridgefield, CT · Member since 2016 · 72 posts · 37 votes
    10y

    Hi @Robert Harlacher

    Those are good reads.  I've gone through them a couple times and always pick up on something new.  I saw your question about which comes first the property or the financing.  By no means do I have the definitive answer but I have a few thoughts.  Instead of typing them all out would you be up for a cup of coffee and talk through some options?

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Mark Avery:

    Hi @Robert Harlacher

    Those are good reads.  I've gone through them a couple times and always pick up on something new.  I saw your question about which comes first the property or the financing.  By no means do I have the definitive answer but I have a few thoughts.  Instead of typing them all out would you be up for a cup of coffee and talk through some options?

    Absolutely. That would be much appreciated. 

  • Investor · Danbury, CT · Member since 2015 · 16 posts · 3 votes
    10y
    Hey there I love your idea keep excited about real estate! Keep reading this site and any good book you can find. It's really important. If you can make it out to some local meets or talk to real estate investors to develop the mindset necessary. Danbury is a great market but it's slightly over priced this year (and last) not sure if it's a micro bubble or not time will tell. It's important to find a good mortgage lender that you can bounce ideas off of and develop a concept of how much you can afford, how much closing costs are and all of that. With that in mind you can have a number in mind as a goal to save up for. Which I think is critical Good luck go slow but keep moving forward
  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y
    Originally posted by @Stanley Kallas:

    Hey there

    I love your idea keep excited about real estate! Keep reading this site and any good book you can find. It's really important. If you can make it out to some local meets or talk to real estate investors to develop the mindset necessary.

    Danbury is a great market but it's slightly over priced this year (and last) not sure if it's a micro bubble or not time will tell.

    It's important to find a good mortgage lender that you can bounce ideas off of and develop a concept of how much you can afford, how much closing costs are and all of that. With that in mind you can have a number in mind as a goal to save up for. Which I think is critical

    Good luck go slow but keep moving forward

    Hi Stanley,  Yeah prices seem a little over my reach at this point but it won't stop me from looking.  Danbury is where I wanted to start in order to stay local for my first purchase.  Even the surrounding towns would work. 

    Is there any local meet ups in the area?  The one I see most people recommend is out in Fairfield which can be hard for me to get to given it's an hour away. 

    Any mortgage lenders you could recommend?  That was one of my thoughts as to which should come first, getting pre approved for a loan first or look around for property first. 

  • Investor · Danbury, CT · Member since 2015 · 16 posts · 3 votes
    10y
    There's nothing local right now unless you wanted to start one? Damn. Somebody should maybe I will get off my keister one day and do it. Fairfield is a little out of our orbit but I will admit I've never been though I plan on going. Maybe there's a bunch of locals that go there. As for financing I've been doing almost all commercial loans through Webster. They treat me right every time and don't fool around. For residential stuff I really have no recommendation it's been a while since I've closed one. I hope somebody chimes in with some thoughts on that as I am always looking for good financing
  • Rental Property Investor · Danbury, CT · Member since 2014 · 43 posts · 22 votes
    10y

    @Robert Harlacher @Stanley Kallas

    I used John Schlobohm for my Mortgage and was very happy. He was, by far, the most helpful person on my team. 

    https://jschlobohm.homesteadfunding.com/

    He's local. Can't hurt to talk to him about your plans, even before you have a property in mind. I'm sure he can give you some great information to start with.

  • Southbury, CT · Member since 2016 · 8 posts · 2 votes
    10y
    Originally posted by @Jason Arcuri:

    @lisa beauchamp was it a multi family you bought in southbury? 

    Also we should meet, I live in southbury myself.

    Hi Jason, 

    Sorry I've been MIA. I bought a SFR in Southbury but the HDF had landlord loans for a while too. They rely on funding but I would keep my eye on them as they have 2nd mortgages available often for 1st time buyers.

    Sure we can meet up one day.  Weekdays/nights are impossible for me with my job, but weekends are great. 

  • Real Estate Agent · Ridgefield, CT · Member since 2016 · 72 posts · 37 votes
    10y

    Hi All, 

    There seems to be some talk of a local meet up.  Show hands, anyone interested in getting together in the Danbury Area to meet and discuss?

    Have a great day!

    Mark

  • NJ · Member since 2014 · 15 posts · 2 votes
    10y
    I'm down for a Danbury meet up
  • Worcester, MA · Member since 2016 · 8 posts · 6 votes
    10y

    Hello everyone, I just stumbled upon this forum post.  I'm down in Seymour and would definitely attend a meet up in Danbury.

  • Rental Property Investor · Danbury, CT · Member since 2014 · 43 posts · 22 votes
    10y

    @Mark Avery

    I would be interested.

  • Robert HarlacherPro Member
    OP
    Danbury, CT · Member since 2016 · 29 posts · 5 votes
    10y

    I would be interested as well

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