SFH for 30,000 cash or 30,000 cash for down payment on 3 family

3 Replies

Should I take 30,000 cash and buy a single family two bedroom in Enfield Ct or should I take the 30,000 and put it towards three family in New Britain the house is not on MLS and they want 146,000.00 decent shape. In a neighbor hood that they go for 215-260,000.00

If your comps indeed pan out that way, why not buy the New Britain property, then refi and be back where you started out? Seems a no-brainer in that sense. Just be sure of what you've got. Leverage is half the battle in this business... as long as you've got your ducks in a row and know those numbers for a fact. Depends on your definition of "in decent shape" really... for some that's a home that needs $5,000, for others that's $50,000.

@John Sheridan I am from CT and can tell you the type of tenant would make a big difference. Enfield is a great town to start specially if you don’t have much experience as a landlord. New Britain will present challenges as there are many experienced tenants that know the system better than most landlords. I also saw your profile and I need a roofing contractor so please pm me for future projects.

@John Sheridan john, this is a no brainer. it would literally be a crime to buy a single family house. i have a few houses in new britain. i am happy to help. let me know!