All Forum Posts by: William Collins

Hey Ronald take a  look at my post,let me know if you have any questions. 

https://www.biggerpockets.com/...

@Jordan Lefkowitz  I would probably recommend a both states approach long term from you. Reading between the lines a bit, I sense you don't want to invest in New York due to the newer tenant laws- but make sure you really scratch the surface there. Upstate New York has some great cash flowing markets.  When I see someone from NY asking to invest in Connecticut, I think to myself they want to be involved/ be able to drive to the project.  I would suggest partnering up with someone CT in some fashion to learn the ropes and watch a project end to end with the goal in mind- you want to build a system. You could then take that system and leverage it anywhere: NY, CT, FL... who cares.  Make a framework that works. Examine it to apply to a local market, and modify it so success is repeatable. 

Welcome @Sam Loranger Connecticut is a great market to house hack in to get started.  Make sure you read @Scott Trench's book Set for Life, and consider taking on a house hack multi that needs more work as you have construction experience. I would also recommend really talking about your interest with your co-workers and contractors to find who you could use to help/ help them out with projects to come up to speed!

Bill 

Right now there are very few long term buy and hold opportunities I am seeing which are not retail pricing. Value add deals are few and far between if your goal is to keep the property long term.  Can you add to your portfolio right now? Yes, but mainly retail level pricing.  Long term Torrington I look at with some scepticism as there are few good jobs close to the town. 

Here is an update to an old post I had about my drive to Financial Independence through real estate. My cousin and I began the journey about 5 years ago, while working a W2 job (me) and a business (him). The goal was to BRRRR everything, but we have a lot of equity tied up in the portfolio which we are in the process of refinancing out. All of our properties are Connecticut based, our average property is a gut rehab do our cap ex and repairs are quite low. We are using property management.

@Scott Hollister I can't inside the application.

@Scott Hollister date and location please.

@Lizbeth Castellano first off happy birthday!

1) Where is your condo? Depending on your area you could cashflow nicely if you rented it.

2) You mentioned West Hartford as a market- so I sense this is combining several goals in one so let me check:

A. Are you moving to this town from another town?

B. Does this move you closer to your work location?

C. Does this move you to a better town for your children's schooling?

D. Or is the decision on West Hartfford based on quality of town.

West Hartford is not the best town to cash flow in, but would be a great house hack, and could be a way better situation for your family

@Karen F. The biggest thing is that it could take 3 months to get them out. I would recommend you do a 3month lease with a built in pena for failure to vacate. This way you have ground to stand on if they overstay the lease.

@Michael Noto What are your thoughts?

@Sebastian Scott I have find 1 to 10 years. Long enough so you can renovate the property.