All Forum Posts by: William Collins

@Max 

@Max Skorykundefined  So fixer triplexes are hard to find in the state. There are plenty of stabilized properties in that category. Is your financing going to be residential or commercial? 

So this happens in Connecticut.  Also here in CT - you can't file for your own eviction. If you are up near New Britain I would say Ben Potok at Potok Law does very well getting the deadbeats out.  

So: 1) always get it in writing, docusign works.

2) You have just paid a painful learning lesson. 

3) Make sure you have a Unite CT case filed. Right now there are no evictions proceeding that don't have an open case. 

Feel free to PM me.

If it is a normal utility pole, the answer is- not usually perceived as an issue.  If the answer is a high voltage line- there is a stigmatism associated with it that is hard to overcome. 

Are you talking about high voltage lines?

@Anthony Matus there has been a ton of appreciation in the area- really due to the rising tide raising all ships.  If you default to a house near the rivers nearby you can find something affordable which you could potentially turn into an air bnb long term.  From the details you stated you are either: A) Navy/affiliated with the sub base or B) Electric boat.  I would err towards Waterford, Mystic, Ledyard or Pawcatuk and outside of New London- unless you get something near the colleges.  just my  .02

@Anthony Matus House hacking is a great first step towards a real estate path. I know @Brandon Rush started with a house hack in New Britain and is up to three properties in 2 years. But let's break down a couple of things to make sure it is good for you and then look at markets.

1) Are you working/ where is your W2. Buy close to working markets here and CT and close for you to be convenient if you need to commute into the office for work. If you are a remote worker- decide if you need a second "workspace" type bedroom or office to succeed.

2) Do you have anyone who will move with you? If you have a family- are they onboard? If you have friends/roommates/ significant others- are they onboard? Would they help make your house hack successful and rent a couple rooms out from you? I have a friend who took a huge monstrosity house in Middlefield Connecticut and made it into a crazy house hack. He has 4 units, 2- 1 bedroom's, 1 2- bedroom, and a 5 bedroom. He lives in the 5, has 2 bedrooms to himself for office and actual bedroom, and rents the rest of the rooms out to friends/ acquaintances and does really well.

3) Are you going to be in Connecticut long-term? Does it make sense?

Now let's talk about markets. I would definitely recommend some and stay away from others. One strategy is to look for a premium town that does not have large amounts of rental houses. They potentially getting a rental in Glastonbury, Farmington, Avon or the like town would lead to more appreciation and higher rent. But let's also talk about Manchester. I really like the town, especially compared to say- New Britain. Manchester and its neighborhoods feel more alive, have great niches, and local employment. I currently own 6 duplexes in the town and am selling 2 off due to the appreciation and paydown I have done in the last 5 years. With today's interest rates you need to look at cashflow, and less at price. Price matters at three points in real estate. When you buy, when you sell, and when you refinance. If you are going to keep this CT property for a long period of time, and the fixed-rate loan lets you cashflow your target amount it will not matter 10 years from now you paid 10,000-20,000 over what you think it was worth. This is provided you realistically estimate and go towards cash flow.  With SE Connecticut the thing you want to look for is a potential unit to turn into a Short Term Rental.  Something near the beaches/ Mystic would be awesome. 

I hope this was helpful. Feel free to DM me.

@Will Dupler House hacking is a great first step towards a real estate path. I know @Brandon Rush started with a house hack in New Britain and is up to three properties in 2 years. But let's break down a couple of things to make sure it is good for you and then look at markets.

1) Are you working/ where is your W2. Buy close to working markets here and CT and close for you to be convenient if you need to commute into the office for work. If you are a remote worker- decide if you need a second "workspace" type bedroom or office to succeed.

2) Do you have anyone who will move with you? If you have a family- are they onboard? If you have friends/roommates/ significant others- are they onboard? Would they help make your house hack successful and rent a couple rooms out from you? I have a friend who took a huge monstrosity house in Middlefield Connecticut and made it into a crazy house hack. He has 4 units, 2- 1 bedroom's, 1 2- bedroom, and a 5 bedroom. He lives in the 5, has 2 bedrooms to himself for office and actual bedroom, and rents the rest of the rooms out to friends/ acquaintances and does really well.

3) Are you going to be in Connecticut long-term? Does it make sense?

Now let's talk about markets. I would definitely recommend some and stay away from others. One strategy is to look for a premium town that does not have large amounts of rental houses. They potentially getting a rental in Glastonbury, Farmington, Avon or the like town would lead to more appreciation and higher rent. But let's also talk about Manchester. I really like the town, especially compared to say- New Britain. Manchester and its neighborhoods feel more alive, have great niches, and local employment. I currently own 6 duplexes in the town and am selling 2 off due to the appreciation and paydown I have done in the last 5 years. With today's interest rates you need to look at cashflow, and less at price. Price matters at three points in real estate. When you buy, when you sell, and when you refinance. If you are going to keep this CT property for a long period of time, and the fixed-rate loan lets you cashflow your target amount it will not matter 10 years from now you paid 10,000-20,000 over what you think it was worth. This is provided you realistically estimate and go towards cash flow.

I hope this was helpful. Feel free to DM me.

@Kyle Maglio House hacking is a great first step towards a real estate path. I know @Brandon Rush started with a house hack in New Britain and is up to three properties in 2 years.  But let's break down a couple of things to make sure it is good for you and then look at markets.

1) Are you working/ where is your W2.  Buy close to working markets here and CT and close for you to be convenient if you need to commute into the office for work.  If you are a remote worker- decide if you need a second "workspace" type bedroom or office to succeed.

2) Do you have anyone who will move with you?   If you have a family- are they onboard?  If you have friends/roommates/ significant others- are they onboard?  Would they help make your house hack successful and rent a couple rooms out from you?  I have a friend who took a huge monstrosity house in Middlefield Connecticut and made it into a crazy house hack.  He has 4 units, 2- 1 bedroom's, 1 2- bedroom, and a 5 bedroom.  He lives in the 5, has 2 bedrooms to himself for office and actual bedroom, and rents the rest of the rooms out to friends/ acquaintances and does really well.  

3) Are you going to be in Connecticut long-term? Does it make sense?

Now let's talk about markets.   I would definitely recommend some and stay away from others.  One strategy is to look for a premium town that does not have large amounts of rental houses.  They potentially getting a rental in Glastonbury, Farmington, Avon or the like town would lead to more appreciation and higher rent.  But let's also talk about Manchester.  I really like the town, especially compared to say- New Britain.  Manchester and its neighborhoods feel more alive, have great niches, and local employment.  I currently own 6 duplexes in the town and am selling 2 off due to the appreciation and paydown I have done in the last 5 years. With today's interest rates you need to look at cashflow, and less at price.  Price matters at three points in real estate.  When you buy, when you sell, and when you refinance. If you are going to keep this CT property for a long period of time, and the fixed-rate loan lets you cashflow your target amount it will not matter 10 years from now you paid 10,000-20,000 over what you think it was worth. This is provided you realistically estimate and go towards cash flow.  

I hope this was helpful. Feel free to DM me. 

@Roy Marks I also potentially could be interested in the property/ there are a lot of investors here on the board.  The investors will understand the as is nature of what you are trying to sell. 

I use rentometer and BP insights to set my prices here in Connecticut.