Bridgeport, CT · Member since 2017 · 1 post · 1 vote
Hi im 22 years old and I'm ready to start investing. I was looking to invest in multi-family homes in Connecticut (Bridgeport/New Haven area). I basically need help with financing. I have some money saved but the deals i have need some rehabbing and i need a lender. Also if you have any other advice Im always seeking learn.
Real Estate Agent · Southbury, CT · Member since 2013 · 160 posts · 98 votes
9y
There's so much you left out here. I Can suggest a lender but have you looked into a 203k loan? If these deals need rehabbing that's probably going to be your best bet.
Have you spoken with a lender already and they didn't get the job done?
You said deals, so are you trying to but multiple properties at once? If you're working with an agent, did they suggest a lender?
Sorry so many questions but I'm trying to understand the situation. If you just want a good lenders name in the area shoot me a message.
Real Estate Agent · Southbury, CT · Member since 2013 · 160 posts · 98 votes
9y
There's so much you left out here. I Can suggest a lender but have you looked into a 203k loan? If these deals need rehabbing that's probably going to be your best bet.
Have you spoken with a lender already and they didn't get the job done?
You said deals, so are you trying to but multiple properties at once? If you're working with an agent, did they suggest a lender?
Sorry so many questions but I'm trying to understand the situation. If you just want a good lenders name in the area shoot me a message.
Property Manager · CT · Member since 2014 · 687 posts · 329 votes
9y
Hi @Travis Miles the deal is the most important piece. There are billions of dollars chasing a home with the right numbers.
Find a flip you can make 30k on or a buy and hold with at least 15% cash on cash return. Create an analysis of it using the Bigger pockets tools and you should be able to get lenders interested if you can present the deal as the prize.
Even post on here and add your wholesale fee on top and you are in the game.
Nothing beats being courageous and taking action. The journey of a million miles begins with a single step.
I have lenders that will loan out at 70 LTV (30%) down as long as you can show stabilization. Rates are in the 6-8% range and require no tax returns or W2s. Great program. It works well for those that cannot qualify for conventional loan products.
If you are ever interested in working with an experienced agent in the multifamily sector based out of the greater Bridgeport area please feel free to reach out at anytime.
Investor · Suffield, CT · Member since 2012 · 94 posts · 25 votes
9y
@Travis Miles, you can get lower interest if you have good credit, and bank likes to see steady income, so a full time job will also help. If you haven't, download one of the free credit monitors so you can get an idea. Don't trust their score a 100% but the most beneficial part is that you can see all of your accounts. Then, bring your debts to 29%, and if possible 15% ( I wish someone would have told me this when I was young). Your credit score will jump very high. If you have items in collections there are things you can do but PM me for this (Not advise but general knowledge). With a good credit score many doors will open for you, from banks to private and hard money lenders. The next thing is an income so you can proofs you can afford it, and a downpayment. Just a quick disclaimer, what I have mentioned is from my experience and not offering you advise on what you need to do, for that seek legal advisors or lawyers in your area. Good luck.