All Forum Posts by: Gaetano Ciambriello

Greenwich, Stamford, Darien, Fairfield, Westport, Norwalk, Bridgeport, Stratford, Monroe, Trumbull, Wilton, Weston, Milford, New Haven, Shelton, Ansonia, Derby, Southbury, Middlebury, Waterbury, West Hartford, Cheshire, North Haven, East Haven, West Haven, Connecticut, Hartford, student housing, student rentals, house hacking, fha, 203k

3 Votes

1 Vote

Quote from @Dave Poeppelmeier:

Personally, I do NOT rent by the room. For a 4 bedroom house, now you have 4 leases. Now you have to evict one kid, how do you get them out and another kid in halfway through the year? It's just a big pain in the butt and I don't feel it's worth the little bit of extra money.

For students, it's easiest to rent to groups of students that know each other already. Have them on one lease with cosigners and you usually don't have to worry about much, and you run it like a regular rental. There's more hand holding, especially up front with getting them the utility information to make sure they actually turn on utilities.

@Mordy Chaimovitz to answer more of your questions, if you rent to groups it's generally assumed that the house isn't furnished. International students will be looking for furnished places, and you can do that and charge a premium, but if you're going to do that you need to make sure the school has a large international enrollment. Regarding legal, make sure that the school doesn't have any kind of say in the residential housing market (small college towns this is very possible) and that your renters are courteous to the neighbors, mow the lawn, etc, and you shouldn't have many problems. Good luck!

Agree with Dave. Rent to one group of students on one lease, one rental payment. Renting to multiple students with multiple payments causes more headaches.

1 Vote

Chicago, Illinois

Quote from @Tony R Fox:

Hey there. Tony Fox from CT here. Looking to see how I can buy homes at auction. My dilemma is that I do not have enough liquid to potentially bid +$200k and compete with bids. I've been doing some research but wanted to pose the question:

What is the best way for me to bid at auctions but need more cash? Any alternative solutions for financing this?

Hard money best route to tie this up

1 Vote

Shoot me a DM and I can connect you with my CPA.

0 Votes

Hartford, Connecticut

Please message me for the event invite link!

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Lantern Point Capital is a full service real estate investment firm that focuses on providing turn-key, fully furnished housing and premium service to students.

AFC Mortgage Group is a real estate mortgage lender that lends in nine states.

Our first event will be held on Wednesday, April 13th.

Our guest speaker is Ryan Twombly

Ryan is an active real estate investor in the Central CT market. He graduated from Syracuse University in May 2019 with a degree in Aerospace Engineering and currently works at Pratt and Whitney as a development test and assembly engineer. In real estate, Ryan's company, R&S Properties LLC, has acquired and manages 30 units across 9 multifamily properties in Middletown, Meriden, and West Haven, CT. Ryan is strongly focused on the value add (BRRRR) approach to buy and hold real estate investing, where distressed or otherwise underutilized properties are purchased at discount through a variety of marketing channels and appreciated through value add improvements such as physical rehab and operational improvements.

Above all, Ryan seeks to provide much needed affordable housing to central CT. Ryan is currently pursuing an MBA from UCONN and currently lives in Middletown, CT. He is an avid adventurist, and enjoys hiking, camping, and traveling with his Fiancé , Sam.

For more information and too see his portfolio, visit his website: www.rspropertiesct.com

Our Interviewer

Gaetano Ciambriello is a mortgage lender at AFC Mortgage Group. AFC lends in nine different states for primary homes, vacation homes and investment properties. Gaetano's favorite part of the job is working with investors to help them expand their portfolio with creative financing strategies.

Gaetano is a Principal at Lantern Point Capital. LPC invests in real estate in Fairfield, CT with a focus on student housing.

Prior to AFC Mortgage Group, Gaetano worked at Citigroup Global Markets on the interest rate derivative sales desk.

Gaetano currently resides in Trumbull, CT. He loves golf, tennis, cigars and spending time with family, nephews and friends.

For more information and to see his portfolio, visit his website: www.lanternpointcapital.com

2 Votes

Renovation Video

Investment Info:

Two family investment buy and hold.

Purchase price: $705,000
Cash invested: $280,000 (between DP and rehab)

What made you interested in investing in this type of deal?

Had already owned a single family in this market. It was my second purchase. Now have 13 units total.

How did you find this deal and how did you negotiate it?

On market deal. Was at the house 22 minutes after it was listed and an offer 25 minutes after that. Appraisal came back at $692k. Had to come to closing w/ bit more cash.

How did you finance this deal?

Conventional financing. 85% LTV

How did you add value to the deal?

Full gut rehab.

What was the outcome?

Short term renters at the moment. YOC of 13%, cash on cash in mid 20s

Lessons learned? Challenges?

Move quick, work directly w/ listing broker. Working with the town was a bit challenging getting approvals and permits because of location of the house and local laws regarding rehab budget as a % of assessed value.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

AFC Mortgage Group - Licensed in 9 states. Best in the game!

2 Votes

Hartford, Connecticut

Quote from @Steve Potash:

Hi Moses,

It would be good if one of your investors has invested in student housing before and it would be great if they've invested at the university that you're targeting. I've been investing in student housing for 24 years and throughout the years the student's top needs/requirements continue to change so you always need to be ahead of the game to keep your properties in demand. I've mentored investors in student housing... these were seasoned investors, but didn't understand the rental process, leases, etc and they would have been 0% occupied because they were applying "normal" rental processes instead of targeting students... that's why it's important to have someone that's been investing in student rentals on your team. Each university is different, some have 12 month leases, some 9 months. Most have the parents sign a guarantor agreement. Some have individual leases for each tenant, some have 1 lease for all tenants. In larger universities, you tend to see more amenities because the larger institutions invest there and some are building apts that look like 4-5 star hotels. At these locations, some students don't mind to drive if they're getting all these amenities. In smaller universities, you won't see the big players, so there aren't as many amenities, so location is real important. Where I invest.. rents can vary from 1 block from campus vs 5 blocks to campus. We're almost finished building a 28 unit apt building directly across the street from campus. We finish them out with stainless steel appliances, granite, vinyl plank floors, etc. Feel free to ask any questions...

Spot on.

0 Votes

Congrats Christian! What part of BPT?

0 Votes

All Forum Posts by: Gaetano Ciambriello

Gaetano Ciambriello has started 16 posts and replied 265 times.

Post: Connecticut (CT) Mortgage Lender/Broker Referral

Post: Lantern Point Capital + AFC Mortgage Group Real Estate Mastermind

Post: Lantern Point Capital + AFC Mortgage Group Real Estate Mastermind

Post: Rent out my sfh to students?

Post: Low Cash, How to Buy a Foreclosed Home at Auction

Post: Recommendation for CPA in Hartford County CT specializing in RE

Post: Lantern Point Capital + AFC Mortgage Group Real Estate Mastermind

Post: 2-family student housing BRRRR

Post: STUDENT HOUSING

Post: My first multi-family house-hack !