Bristol, CT · Member since 2020 · 41 posts · 18 votes
Hey BP! New here and new to real estate investing. In process of selling my single family house to invest into a 3 family, house hacking!
I’m looking in Bristol, Terryville/Plymouth area in Connecticut. Not having much luck so I am asking if any investors here have any properties or know of any that you want to sell!!??
I will be new to being a landlord. So if any positive input please leave comments or contact me!! Any tips are great!
Yes, I had an inspection prior to closing on it. Few things came up with the roof being the biggest issue. The seller covered closing cost so I had some money to put towards the roof in the future. Unfortunately if a property does pop up which has a vacant unit, its going to be you and 20 other people putting in offers with the same idea in mind. You will need to come in strong on the offer, especially if they are MLS properties.
Hey Travis, welcome! I just went through this same process and will be moving into my first house hack in New Britain shortly. My single family should be sold and closed on by the end of the month. I have seen a number of properties popping up in Bristol for sale, have you been putting in any offers?
Another thing to note is banks may look down on the fact that you are selling your SFR and moving into a MFR, especially if you are looking to get some kind benefit of it being owner occupied such as a lower down payment. I actually had to write a motivation letter to the bank giving a reason why I am selling my SFR and moving into a MFR. It guess the letter was good enough since they granted me the mortgage.
If you ever want to chat more about my experience going through this process just shoot me a message and we can chat.
No issue with bank/lender. Going fha with it and haven’t had any concerns. We have made a offer on one but lost to cash offer.. haven’t found any other worth it, or all units occupied..
Yes, I had an inspection prior to closing on it. Few things came up with the roof being the biggest issue. The seller covered closing cost so I had some money to put towards the roof in the future. Unfortunately if a property does pop up which has a vacant unit, its going to be you and 20 other people putting in offers with the same idea in mind. You will need to come in strong on the offer, especially if they are MLS properties.
Good deals are hard to come by right now @Travis Oakes. What is your criteria for buying a property? It may be that you need to tweak it if you are dead set on the CT market, OR possibly start looking into methods of getting to the sellers before they list.
Yes, CT is the market I need to stay in, also have a specific area. I know with a specific it’s even harder but there’s many reasons involved.
Yes I thought of that idea of getting to a seller before they list. But I am lost on how to get the information of potential sellers. How can I get a list of vacant units in 3 family homes? How can I get a list on owner absentee? And obviously the contact information for both scenarios?
@Travis Oakes I have had clients recently get multi family under contract in Bristol. I can let you know what has been working the best for us in this competitive market we are seeing right now. PM me anytime.
Thank you! I’m looking everyday waiting for something to come on, it is hard finding a house that has a vacant unit, as well as number wise make sense.
Yes, CT is the market I need to stay in, also have a specific area. I know with a specific it’s even harder but there’s many reasons involved.
Yes I thought of that idea of getting to a seller before they list. But I am lost on how to get the information of potential sellers. How can I get a list of vacant units in 3 family homes? How can I get a list on owner absentee? And obviously the contact information for both scenarios?
Thanks again for your help and advice!
You can reach out to the town assessor's office and ask for a list of owner occupied and non owner occupied lists. Some towns charge you, some towns give it out for free. That's the easiest and most direct way, perhaps.
@Travis Oakes You can always request a unit vacant upon sale or for some occupied homes there could be a lease ending soon that you are unaware of. Since the property is the rare thing in this market, not someone looking to buy it, you have to turn over every leaf to land a deal that works in some cases. Not saying you aren't doing that, just some things to consider.
Also, when you say a deal where the "numbers work" are your expectations in line with what the market is currently offering? Not saying it isn't, again just another thing to consider.
Yes I have been doing these things and not to much luck lol we had one that was able to make this happen and same day they took a different offer.. I feel as though, my realtor is not on top of her game like I would expect..
@Michael Noto My wife and I are usually the ones who send the property to our realtor.. I feel she can do a much better job!! We are selling our house through her and she was great in that aspect. I feel it is hard to change realtor in this situation..
Finding an investor friendly realtor will be one of many key factors in you becoming a successful investor. Do not hang on to your realtor because you feel you are obligated to. To be honest I found both my first single family home and my first investment property before my realtor and sent it over to them. But, I do not think you should disqualify her if you are brining the properties to her first.
If all she is doing is showing you the properties without and pretty much saying "what do you want to do?" then that may be a red flag. I know realtors are not allowed to say too much in order to protect themselves but I have worked with one or two who have given great investing advice which really helped me in narrowing in on my first property.