Just Getting Started from Connecticut!

17 Replies

Hello All!

I am absolutely new to BiggerPockets, well I officially made my account earlier this week, but that hasn't stopped me from diving in head first into my REAL Real Estate education. I am ecstatic to really put my all into this game and really see what I can do. Most importantly, I love connecting with people, so it's great to see that there are generous masters willing to share their advice, and so many people getting started at the same time as me, that we can all come together, learn from each other, and in-turn make more money! I can't wait for this adventure to unfold and to share it with all of you!


A little about me ... 

My name is Harrison. I'm 28, Married with 2 dogs. My wife and I own a home in Connecticut, and knew before we were ever looking at homes that our first purchase wasn't going to be our forever home. We got really lucky on a short sale and we are in a great position to make a good chunk from when we decide to sell it.... That is until I heard about BRRRRing and how with our good fortune, we will be able to turn this liability into an asset when we can afford our next home. I have been in construction, mainly finish carpentry and demo for 3 years. I have experience in Business Management, Sales, Marketing, Entertainment, and more. I like to consider myself a jack of all trades, and haven't had a great avenue to make use of it until I really started learning more and more about REI. My wife, Jen, is the Manager of a grocery store and can't wait to get out of it. We both know a life of 9-5 isn't meant for us. We're both hard workers, but want to see ourselves reap the benefits we see those above us get to enjoy.

BiggerPockets here we come!!!

Coming across this community has already been so inspirational. I have been listening to the older podcast religiously absorbing the information whether I'm driving, working-out, or working by myself. When I get home I find myself consistently searching youtube for more content on deep discussions of REI. I want to know anything and everything about this business. I want to eat, sleep, and breathe it. I want my success to ring through my generations to come, letting my family take control of an empire I built from ground up! (Sometimes literally)

But there is a problem ... 

I know that it take 10,000 hours to master this, and I can't only count on my book knowledge to get me there! I need the experience! The real involvement on deal after deal until I perfect my approach. In this age of almost unlimited information at our fingertips, we still learn best by actually doing it! So as I encourage myself to get out there and get hungry for the next best deal, hopefully you see that, and hopefully it encourages you! I could do this alone, but it would be slow and painful. 

So hey, I'm Harrison and Let's Make Some Money Together!

Hope to work with all of you soon!!

-Harrison

Thank you, @Jaysen Medhurst!

I live in Stafford, so I have been focusing on Tolland or Hartford County. Windsor Locks, East Windsor, Stafford Springs, Ellington, and Manchester are where I tend to see more opportunities. 

As for my strategies. I am going to focus on wholesaling to gain some stronger capital, as well as get a feeling of finding deals from scratch. My goal is wholesale 5 homes, then purchase my own to turn over as a BRRRR, and repeat that process. I am leaning more towards Multi-Family homes and small apartments, or rent out rooms of SFH's.

Long term I want a portfolio of Apartment Buildings and Hotels.(But we'll get there in due time) I have been fascinated with commercial and industrial real estate since I was young, but I am not sure how to even get started in all that just yet. So, I shall grow and learn and grow some more.

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Originally posted by @Harrison Elenowitz:

Hello All!

I am absolutely new to BiggerPockets, well I officially made my account earlier this week, but that hasn't stopped me from diving in head first into my REAL Real Estate education. I am ecstatic to really put my all into this game and really see what I can do. Most importantly, I love connecting with people, so it's great to see that there are generous masters willing to share their advice, and so many people getting started at the same time as me, that we can all come together, learn from each other, and in-turn make more money! I can't wait for this adventure to unfold and to share it with all of you!


A little about me ... 

My name is Harrison. I'm 28, Married with 2 dogs. My wife and I own a home in Connecticut, and knew before we were ever looking at homes that our first purchase wasn't going to be our forever home. We got really lucky on a short sale and we are in a great position to make a good chunk from when we decide to sell it.... That is until I heard about BRRRRing and how with our good fortune, we will be able to turn this liability into an asset when we can afford our next home. I have been in construction, mainly finish carpentry and demo for 3 years. I have experience in Business Management, Sales, Marketing, Entertainment, and more. I like to consider myself a jack of all trades, and haven't had a great avenue to make use of it until I really started learning more and more about REI. My wife, Jen, is the Manager of a grocery store and can't wait to get out of it. We both know a life of 9-5 isn't meant for us. We're both hard workers, but want to see ourselves reap the benefits we see those above us get to enjoy.

BiggerPockets here we come!!!

Coming across this community has already been so inspirational. I have been listening to the older podcast religiously absorbing the information whether I'm driving, working-out, or working by myself. When I get home I find myself consistently searching youtube for more content on deep discussions of REI. I want to know anything and everything about this business. I want to eat, sleep, and breathe it. I want my success to ring through my generations to come, letting my family take control of an empire I built from ground up! (Sometimes literally)

But there is a problem ... 

I know that it take 10,000 hours to master this, and I can't only count on my book knowledge to get me there! I need the experience! The real involvement on deal after deal until I perfect my approach. In this age of almost unlimited information at our fingertips, we still learn best by actually doing it! So as I encourage myself to get out there and get hungry for the next best deal, hopefully you see that, and hopefully it encourages you! I could do this alone, but it would be slow and painful. 

So hey, I'm Harrison and Let's Make Some Money Together!

Hope to work with all of you soon!!

-Harrison

 Welcome to the site Harrison.

Sounds good, @Harrison Elenowitz. I grew up in Manchester. It has a lot of inventory. Good place to invest.

I recommend you narrow down your search area. Ellington is very different than East Hartford. It will take time, but as you learn more use your knowledge to focus in on the right path for you. Student rentals around UCONN is definitely worth looking into.

I'm personally not a fan of wholesaling. It's a ton of work and very competitive. I think a lot of people see it as a quick and easy way to make money, but nothing could be further from the truth.

@Jaysen Medhurst You caught me! I have thought about wholesaling as a somewhat "get rich quick" idea, but I do realize that there is quite a bit of work to just find opportunities, never mind closing on good deals. I really looked at it as a good way to get my foot in the door, so to speak. I wanted to find myself getting in the habit of finding deals for investors so that if I came across an excellent deal I would keep it for myself, essentially cutting out in the middle-person. 

Do you find that finding deals from wholesalers is worth paying their (sometimes exorbitant) commissions just to easier access to deals?

I have been thinking about UCONN quite a bit, especially since I don't mind the rent-by-room aspect of it. 

When I look into Stafford and Ellington, I look for acreage with most of those homes, and think of them as flips. I am one of those people who like living in the woods and having my space while still close to civilization. :P So I have very specific parameters when looking around these areas. 

When it comes to East Hartford it almost purely a MFH search, that or SFH I can turn into MFR.

Enfield, East Windsor, Windsor Locks, and Manchester are my BRRRR areas. I would love to get my hands on an apartment building in Enfield.

@Harrison Elenowitz, I did a quick search for apartment buildings in Enfield. Man, there are a lot of opportunities there. Many properties have been owned 20-30 years+. That means the they rode out the recession and their depreciation has been fully realized. The owners may be ready to hear an offer.
377 George Washington - 5 Units 51 Church - 6 Units
19 Lincoln - 6 Units
15 Grove - 8 Units 62 Brainard - 36 Units
601 Hazard - 40 Units
159 Brainard - 42 Units

Maybe for a little later down the line:
1468 Enfield - 208 Units
55 Main - 479 Units

One more thing: I noticed 2 LLCs on a bunch of small MFR properties: Frenchtown LLC and CT Square LLC. May be worth your time to look up the owners and reach out. For the cost of a cup of coffee, you'll get some great insight on the town and maybe a mentor / partner / backer. This game is all about relationships.

@Jaysen Medhurst, Wow! I need to know what platform you're searching on because I didn't see more than half of that information. I use crcog and gis all the time when looking at properties, I guess I need to modify how do my searches.

You and @Michael Noto are correct in that I do need to narrow down my search area.

@Harrison Elenowitz welcome! i am formerly from CT and still invest in the Central CT area. Always happy to help. If you ever have questions about anything just let me know!

@Harrison Elenowitz. Hello! My husband and I have 3 rentals in Vernon, CT and have had good luck with finding deals and tenants. I know that if you are looking for a multi family home in towns like Tolland and Ellington you are going to be limited with inventory. The home will be an item all other investors want to, so you will be in the mix with others that could have cash etc. Manchester is also a good place to look as we have looked there ourselves, we try to stay close when looking near the Bolton end of town or close to Main Street. Main Street in Manchester is working really hard right now to comeback. We have gone to a great meetup in Manchester CT hosted by Scott Hollister. I can't find the ents tab on my phone but I believe it's every month on the 1st Tuesday. Feel free to reach out if you have any other questions about the area! Good Luck and Welcome.

@Ramon Penn, @Terry Fox Thank you!

@Jaysen Medhurst, I had learned about the business lookup tool a long time ago, and never thought about using it for real estate! I love the idea of changing the entity tag. I also came across where the same company might be under a just slightly different name. (One example was CT Retirement Colony LLC being Connecticut Retirement Community LLC and Connecticut Retirement Colony LLC) This can definitely bring the detective in me!

@Jenna Columbus, I see a lot of bigger apartment buildings that just went up in Vernon (something I would love to do in the long run), but do you feel like that has possibly affected the ability to find tenants? I had seen some homes that went on the market that will with a little attention could be good BRRRR's, but I feel like those new developments could be taking away some of the clientele.

@Harrison Elenowitz Good Morning, I see two questions in your post so I tried to answer each of them. There are a good amount of bigger apartment buildings in Vernon but it has not affected our search for new tenants. A recent example is our 3 family had 2 tenants move out at the end of July. One tenant bought a home and the other was moving to a different part of CT. Being diligent we had showings before the tenants moved out and we had a new tenant in one apartment in 17 days and the other 30. We had such interest that we were able to an extremely small amount of vacancy. I do want to add that it was a lot of work turning over an apartment in 17 days! I find that because there are larger apartment buildings it's means other larger investors see the value in the area and helps me feel confident in my investment. If someone else is investing millions down the street that means it's good for me to invest. As for your second question, getting started in this game has taught me to be realistic about what I can afford and will have to do with my budget. All of the properties my husband and I have purchased required a lot of work! A lot of town meetings for zoning and permits but it's those extra steps that someone else doesn't want to take that will help you make the long term gains. Our three family when we bought it had no parking and was filled with the previous tenants gross leave behinds. After a few months of hard work the building is the one of the nicest on the street and is generating enough monthly income after our BRRR to pay the mortgage and the mortgage of another 2 family we are BRRRing as well. I hope that information is helpful and it wasn't too long of a post.

@Jenna Columbus Wow! That it was not too long at all, in fact I found a lot of good information and inspiration from that!

You made a great point that if someone is going to be investing millions in an area then they must see some great potential in that area. They most likely could afford to get their team filled with professionals that did far better market research than we could do with our budgets.

Also I can really appreciate how it seems you take the opportunity to better a neighborhood by taking the extra steps like going through zoning meetings and doing complete rehabs, with the possibility of creating a better return in the long term from it.

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