All Forum Posts by: William Collins

How many units do you think you need to have to use paynearme?   I am just beginning down the path and have 1 Triplex, but plan on acquiring 6-10 units/ year for the next several years.

Any opinions are welcome.

@Derrick Longo you have an opportunity I think you should know about. FHA allows you to buy a primary residence with low out of pocket costs. You also need to live in that house a little bit longer than your 18 month horizon (24 months), but at that point due to moving to another area of the state or country-reset your opportunity to get an FHA. I would probably say look at a nicer neighborhood near Ansonia (go for a good school district) for an ugly duckling house to spend your nights and weekends fixing up. Get a 3/2 and get some friends to help you pay the mortgage- while you use your sweat to build up some equity. That way you "house hack" your way through a live in flip and learn a ton about real estate. (I also want to plug @Michael Noto as a great investor agent).  Cheers!

Bill

Howdy @Jose Andrade,  I am a starting fellow investor here in Central Ct.  Welcome to the forum- there are some meet ups in the area (which I have missed unfortunately), and a great community here.  Make sure your posts list Connecticut or CT to trigger us locals to lean in!

Howdy Bigger Pockets Nation!  I am looking for  your best tips for a foreclosure auction.  I am just wrapping up my 1st multi family rehab, and found a foreclosure going to auction in my target market.  What is your best tip for foreclosure auctions?  

Good morning, I would recommend breaking out the real cost of the building. If the costs is $68k, what amount are you looking to finance and what would the closing costs be? It would be helpful to see a full breakdown of costs. The other option you could do, which you did not list is buy this building, and then use an FHA loan to acquire a list in duplex (or tri or quad).

Welcome to BP @Dean Samnang ,  what region of the state are you doing leasing in?  Is it commercial or residential?

Tomorrow the 1st 2 units of 3 will list for rent.  Definitely a bit more involved with this project than anticipated but I want to bomb.... errr tenant proof as we went.  All of the floors are now vinyl plank, cast iron tubs, new washer/dryer in each unit (to attract upper end of market), 2 of 3 units needed new HVAC, etc.  Total all in cost of rehab is going to be $50,000.  

So numbers are: 100,000 buy, 50,000 rehab, rents 950, 900, 850 (2700 total). We should be able to refinance out 140,000 and so in a few months the property will be a fully successful BRRR. @Michael Noto thank you for the advice along the way.

Welcome Chris! Are you looking to buy and hold long term?

So update on the house, the project is wrapping up and looking pretty nice.  We should have the 1st and 2nd floor units ready to show by 8/1 and the third floor by 8/30.   There were some price over runs- but it was the 1st project of hopefully many.   I will post some photos soon. 

I would highly recommend  @Michael Noto he just helped me with my 1st property.  There is also a central CT meet up on 6/10.