All Forum Posts by: William Collins

Welcome @Daniel Ruby, Connecticut has a pretty active community here- with many fix and flip, BRRR strategy users, and landlords. I am uncertain how much wholesaling is going on in the state as I have not explored that.

It a per year calculation (I just caught my typo there) @Cindy Meyer, and right now I have not taken the gamble- I am looking for the collective wisdom of others experience (which is why I value Biggerpockets)!  Thank you @Colleen F.

Maybe this is an #ASKBP question @Brandon Turner at what point do you offer to include heat and hotwater a part of a rental unit's cost? Is it always better to separate utilities and have them directly paid by the tenants?

I was discussing with a friend today the potential of incorporating heat and hotwater as a profit generation source.   This would of course require 3 base things:  1) efficient utilities- a natural gas hookup in this case, 2) a well insulated house (sometimes challenging in the multi units in New England), and 3) implementation of a landlord thermostat to control the heat and regulate it to a range 65- 71. 

So hear is the example if a unit's monthly heat would be 250 during peak cold months and 50 maximum during the summer months.  Yet tenants are willing to pay @ 200/month for having heath and hot water included.  So the math works like this 5x 250, 4x100, and 3x50 or $1800/year real costs vs $2400/year of what they are willing to pay. That leaves a potential of $600/ month on the table  profit wise.   Does this make sense to everyone?   Does anyone do this?

No, we leveled the floor and put down luan down as a precursor for installation.

@Drew Castleberry This is the flooring I used: http://www.lumberliquidators.com/ll/c/Lake-Fork-Cr...

Welcome @Chris Martell I am an investor just completing a project in New Britain.  I grew up in Middlefield, so I know Middletown well as well.  I think that would be an ideal spot to start. Make sure you try to get a place closer to Wesleyan and you can actively house hack to a second property.

I just put in a vinyl plank and I am very happy with how it looks, but I don't know how well it will wear.

Hello @Leo Don CT isn't that big a state compared to NY (I was born in upstate New York).  If you need an investor friendly realtor who knows the I84 corridor area, talk to @Michael Noto. I just finished my 1st property with him and I am looking at starting towards the second.

Welcome to CT @Javier Tejera I am fellow investor in CT who's day job is in Windsor.

Today is a big day for me- my 1st tenant is moving in. Back in April of this year we started down the road of BRRR. Here is a link to the thread: https://www.biggerpockets.com/forums/223/topics/19...

So the numbers: 

Buy: 100,000

Rehab: not quite done (fixing third unit) but @50,000

Rent: 2700 total of which we have 1st unit $950, and 2nd unit $900 rented.

Refinance: that will start in October

Repeat: oh yeah, it will be happening

Top line house value: 200,000

So we will be able to refinance out $140,000 approximately. This will be a $10,000 in to acquire a $2700/month top line income asset with approximately a $40,000- $50,000 equity gain. 

Lessons: 

1) Everything takes longer than you think- just factor that in.

2) Getting your part list down the first time is painful.  Make sure you record exactly what parts you like and don't so next time you don't need to spend time deciding.

3) HVAC work will take more time to schedule at the peak turn of the season.  Remember this. 

4) PEX is wonderful, and ProPex I am a fan of

5) When buying a REO the amount of deferred maintenance should not be underestimated.

6) Sometimes it would cost less to demo out things than repair them- make sure you factor which is more LABOR and material efficient.