All Forum Posts by: Jack Bailin

I’m actually out as something came up for this weekend unfortunately. Next one!

Software Engineer checking in!

Jumping in as to receive updates. From West Haven and I'd love to attend if it can be done responsibly and safely.

Hey @Sean Doran! 

I currently house hack in West Haven, gearing up to start looking for the next one. Congrats on closing your first deal! Shoot me a PM, I have a couple of recommendations for you. Both have done work for me multiple times and are great.

@Brennan Doherty @Andrew Goduco Hey guys, just chiming in here to see if any of these tax implication questions about this financing plan have been figured out, as I have the same idea for my next purchase. 

@Stephen Brown The idea of loaning the HELOC funds to a formulated LLC is a great idea, thanks so much for that input. Do you happen to know what the potential tax implications would be with this plan for the originator of the HELOC (In my case, my mother)?

Best,

Jack

Hey @Mathew Fuentes, congrats on your first deal! I myself am a new investor, I currently live in and rent a duplex in West Haven.

I feel like the answer to your question depends on if you’re willing to deal with potential turnover to get the unit up to market rent, or if you would rather slowly bring it up over a number of years while trying to keep the same current tenant. Personally I’m not aware of any rent control in the state of Connecticut, but definitely check with the city of Bridgeport first.

I'll chime in here and add another vote for verifying all zoning and usage like Christian has already stated. I currently am owner occupying a duplex in West Haven I intend to ask for a variance in a few year's time to rezone the property as a three family, but man is it going to be a headache to even try. Would have been really nice if the property was already a legal three. But it also probably wouldn't have been as cheap to pick up!

@Edward Schenkel Thanks so much for the advice!

@Edward Schenkel Thanks so much!

Hey Edward! I know this is an old thread, but if you can help me out on a question I have I'd be super grateful. It's also very specific to the area, but seeing that you're from Connecticut maybe you have some input.

So I'm considering a property in New Haven. It's currently zoned as RO - residential/office, and the use code is currently 1050 - 3 family. It's three units above a first floor office space, which already has a full bathroom. I'd like to be able to have the property be a legal 4 family, I would convert the current office space into a one bedroom apartment. Do you think this would be doable without having to jump through a ton of hoops? 

Like I said, its a specific question that applies in a specific area, so if you have any experience with zoning and/or rezoning in New Haven let me know. If not, thanks so much for reading!