All Forum Posts by: William Collins

welcome to the BP community and investing in CT. I am looking at eventually trying shoreline airbnb.

Sending PM

@Christopher Reid  The areas I am focusing on right now are C areas of Manchester and New Britain.  I find "diamonds who are still coal" and work on them.  My average purchase price is $75,000 and average rehab is $30,000.

What Tony did do is a great job of buying hard money, and transitioning to traditional financing- locking in a great low interest rate.  This is still a good deal in my opinion.

Great refinance work. So what is your cash sunk into each property at the end of the BRRRR process?

@Raymond B. is great at welcoming new folks to CT, but is cautious of reinvesting in the state due to the economic climate.  All of the statements he made are true.  Don't get me wrong- guns left what is one of the most anti-gun states in the union.  Taxes are not good, and our bureaucracy is bloated due to strong towns and weak counties.

But there are other ways to look at the state.   The corner near New York City is one of the richest areas in the US.   All the way from New York City to New Haven take a compass and draw a semi-circle.  That is the NYC commute range people do.    There are great working class cities such as New Haven, Manchester, East Hartford, New Britain, and many others.  Some other cities are highly troubled due to corruption or long rooted issues (Waterbury), and some of those are further along to improving (Bridgeport).  There are plenty of baby-boomers unloading properties they no longer want as they head for Florida.  These are typically run down and need lots of work to bring back to rent ready.

What are you looking for? Multi family (small or large), SFR

The six plexes you are describing due come available some times for sale  (especially New Britain or Bridgeport), but you need to know the area to avoid the wrong side of town.

@Kay Ferdous I have completed 2 of 6 BRRRR's in 1.5 years. All 6 will be done by the end of the year. Just like anything- if you find an angle there are things worth investing in.

Coin op is not something I am looking to maintain.   Up here we don't have central air, and washer dryer set is 800 or less. 

@Michael Clevenger to get very specific I buy REO/foreclosure/non occupiable places. Things where deferred maintenance is 3 to 5 layers of shingles, bad furnaces- you name it. I take this "sub-prime" buildings and renew all of the maintenance to bring them up to a very nice product (with washers and dryers for each apartment). This is how my buys are so low. The fastest I have turned a property is 2-3 months. That is why my pace is 4 per year now. I am working on getting that to 6/ year.

I go for the BRRRR on commercial @Salvatore Lentini  as most commercial loans have a refi early clause.  Do yours? 

I used a local regional bank, and have 6 properties in 18 months.