All Forum Posts by: William Collins

Wish I could have joined up @Brandon Rush. Hope to see everyone next time. 

Jumping in, I am just setting up to BRRR a property in Connecticut to my first AirBnB. A small lake front cottage @Nick Koukidis  or @Francois Martin  I would love to connect.

I looked at the same property. Some things to factor in- the parking. With 6 cars (1 per apt minimum and 2 for the 2 BR), I did not see enough parking at the property.  Also, check your comps on rent prices.  The mill rentals down the road are not comps for you (they are really nice). 

So to run it down:

1) Taxes are low- go to the town site to confirm you have all the taxes.

2) I see no water/ sewer listed- do you have them

3) Where are the rent rates coming from (source validate)

4) The insurance is also very low. What is the age on the house? 

5) What type or recurring things happen- up here in New England we have snow removal for instance.  So lawn/etc

Joas, 

The chicken or the egg- which comes first?  How about you turn the question on the side.  Right now this is not about a deal or a fully built-out execution plan- it is about looking at the resources around you. 

1) This is BiggerPockets.  Being a pro member gives you access to landlording forms, and for a nominal fee, a lease tailored to your state in which you live in. Lesson here- look around at what is available for reuse and calculate the cost of doing it versus alternate routes. 2 hours of a lawyers= $200, 1 year of membership is what?  (@Brandon Rush I totally agree with that part).

2) Take the time you have now to look for a deal, while you start building a list of what you need to do once the deal falls in your lap. The one thing you will hear time and time again on the podcasts is that successful people find the next steps and don't just stop because they aren't an expert in the full deal end to end.  There are two ways to get knowledge: doing and learning. Do both. 

3) If you are concerned so much about being ready to turn this property into a rental day 1, but I also see a concern you might not qualify for the rental period.  Work on the 2nd part,  get together a plan for how you would qualify for what price rental.  The lease-up part of this equation comes only after acquisition and renovation and is highly dependant on the first two parts.   Being ready to lease, but finding out that you need to repaint the house 1st after furniture is moved out means take your time. 

Cheers Bill

Progress report on this: Almost done with the renovation of the unoccupied vacant house floor 2.  We will be leasing up this 3 Bedroom apartment in early April.  The petition with the town should be done in the middle of March and the ground floor work will begin.  

Looking forward to the eviction moratorium lifting: the first move then is to turn over floor 2 rental which is currently a 1 Bedroom leasing for $641 dollars.  I should be able to quickly convert it to a 2 bedroom leasing for $1000-1100.
 

@Alex Bob the pipes will fail. You either plan in the cost, negotiate the cost with the seller, or walk. It is akin to asbestos costs.

@Victoria James I have 12 units of rentals in Bristol. The town like any others has good and bad spots. I am looking to grow my rentals in the town. If this is a house hack the Southington is closer to the highway, has a nice walking biking trail, and good schools. For investments I would do Bristol.

@Ginger G.  Here is my experience with the auction sites. You have your number and stick to it.  They feed off of the "bidding" psychology.  I have also lost the bid, but got the property in the long run.  Either due to the highest bid defaulting, or the seller lowering the reserve after the auction.

Ryan,  try a small bank in Connecticut or a Credit Union.  Jewett City Savings Bank, Nutmeg Credit Union, American Eagle Credit Union, etc.   

Also for this one smaller property, you could look at transferring to you and putting a liability insurance policy to cover you in case of any issue.