All Forum Posts by: Rob Brautigam

What type of areas are these? Do you guys own any investment properties around Black Rock or SHU? I just checked them out on Google Street View and it seems like a nicer multifamily district....comparable to West Hartford multis. I am more familiar with Southwestern and Central Connecticut and have not ventured too deep into the Bridgeport/New Haven area.

Welcome to the site @John-Michael Rachinsky-Wood, it's always nice to see another CT investor.

Are you currently invested in any real estate in CT or are you just wanting to get started?

@Griffin F., looks like a pretty straightforward project. The 1-day roofing video you uploaded was pretty awesome too.

How many projects have you worked on? Is this your first in Middletown? I just moved to Middletown so I am going to have to keep an eye out for this property!

Feel free to message me if you want to connect.

Hey @Chris Martell and @Joseph Baccash, welcome to the site! I just purchased a 3-unit property to buy an hold in Middletown using an FHA loan with 5% down. If you need to bounce any ideas off me, feel free to message me.

@Kevin Izquierdo, a good agent will show you comps and help you find a good deal based on your criteria.

I believe when an appraiser uses comps in their appraisal report (done for financing), they will only use similar properties sold in the last 6 months, within 0.5 mile radius of the subject property.

These are generally good guidelines when looking at comps yourself, but depending on your specific location, you will need to really get a feel for good/bad streets, neighborhoods, etc.

For example a 3 bed, 2 bath house on 1/4 acre lot in a great neighborhood could comp at more than twice the value as the same property in the hood. This is a very location specific subject.

Hey @Poua Perez, Welcome to the site! Be sure to check out the Learn tab above, read the blog posts, listen to the BP podcast, and stay active in the forums!

Do you have access to the MLS through a realtor? If not, use Realtor.com and search for comparable recently SOLD houses. The reason to search for sold houses in the area (not necessarily the same street) and not the asking price, is because the asking price is just that, what the seller's are asking for. The sold price will give you a better idea of market value of your comps.

There are plenty of resources out there describing these, but basically it is a 2nd mortgage you take out to help with the typical 20% down payment.

I have not personally used one, but I know they are a viable option, as my lender and I discussed possibly using this strategy to secure a 3-unit property.

Here is an excerpt from: http://www.moneycrashers.com/piggyback-mortgage/

"80% - The first number refers to what percentage of the home’s value the primary mortgage will cover. It must be less than or equal to 80% to avoid PMI.

10% - The middle number refers to the percentage of the purchase price that will be covered by a second mortgage, home equity loan, or home equity line of credit. PMI is not required on this type of loan, but it will carry a higher interest rate than the primary mortgage.

10% - The final number refers to the amount the homeowner will need to kick in as a down payment. Again, it doesn’t have to be exactly 10%, but that amount is common."

Hopefully someone who has used one can comment on the effectiveness and some alternatives.

Hey @Kevin Izquierdo, have you looked into a piggyback 80-10-10 mortgage?

Hey @Amanda Comeau, I know there are many creative aspects that come along with investing in mobile homes, although I'm not familiar with mobile homes in CT specifically. I can recommend these 2 podcasts that focus on the acquisition and business of owning mobile home parks:

BP Podcast #75

BP Podcast #111

I'm interested in the answers others have too!