All Forum Posts by: Jeff Piscioniere

@Roman M. Interesting idea. So are you saying an seller with a portfolio? I can’t imagine it would be easy to coordinate separate sellers right?

Ok mistake on the numbers.....meant to say 15% down on about $90k home not $100k but still making our numbers tight to work in our favor. Thanks!

@Brett Lee here in Connecticut things really never recovered since the downturn 10 years ago, LOL! Why? Because we have high taxes, lots of regulations, we’re one of the most pro-tenant states, and the resultant business climate is terrible. Don’t worry, I wasn’t one of the ones who voted for these knuckleheads.

Anyway, in CT definitely seeing fewer properties coming on the market, sitting on the market longer, but certain niches seem to be moving such as starter homes. My partner and I feel like things need to shake out for a few months to see what the direction is. We’re one of the states hit hardest by the virus and regardless seem to follow NY/NJ’s lead which will result in one of the latter economies to fully open back up. Bottom line is thousands of people are suffering financially right now and many of their employers that are shuttered right now are never going to make it back. So as an investor we might see an opportunity for people to no longer be able to afford their homes but can’t forget that there may also be a much smaller pool of potential renters. Right now lots of wait and see.

@Diana T.

Happy Mother's Day weekend BiggerPockets family! My partner and I are looking to get our plans underway on buy and hold rental properties and I think a concern is going to be on lenders who have a minimum loan amount. We both spoke with a national lender who is advertised to be very investor friendly and in fact run by a REI investor themselves. When we received the pre-qual package we were disappointed to read a minimum loan of $75,000.

My partner and I are open to investing in different markets of the country but our goal is to stay home in our neck of the woods of Connecticut. I know some of you may have just wrinkled your nose and said what in the world can you get for under $100k in CT anyway, but it might surprise some to hear that there are some pretty good markets in CT to do that, and do that in pretty much move in condition.

So our goal was to find single family homes putting down 15% so with the $75k parameter means a property at least $100k. This significantly makes it difficult to make the numbers work.

Wondering if anyone knows of either local CT lenders or a national lender who operates in CT who might help

In lending for lower loan amounts. With lower loan amounts we are talking properties priced in the $70k-$95k range. So we are really on the cusp of making our numbers work.

Any suggestions would be appreciated. Thank you all in advance!!!

@Chase Keller this is why we treat our cleaning crew as if the ground they walk on is sacred. They are your eyes and ears on the ground and if trained properly will do a rough inventory on each turnover. Your property is by no means cheap so keep in mind you’re getting a different genre, if you will, of clientele. It’s not as if recent parolees will be booking that will steal all your forks and spoons. Lol

@Shawn Legree CT has many different markets. I agree Stamford has a good economy particularly because business escapees from NYC see it as a good place to settle but prices I’m sure are outrageous. Anywhere on up the MetroNorth line are good, dare I say even Bridgeport. New Haven has Yale and tons and tons of jobs in the medical fields that aren’t going anywhere. You couldn’t pay me to buy in Waterbury. Just a lousy city with its best days behind it.

I personally own a 2 fam up in Torrington, about 30mins north of Waterbury. A blue collar community that feeds the entire area and they have a reputable hospital in the Hartford Health System. 2fam, $130,000, 2bedroom apartments renting for $850. $700/month cashflow. A homerun!!!

Just don’t buy in CT thinking you’ll get any appreciation. The entire state is run by a one party tax, spend, and regulate government which results in a terrible business climate. If the state doesn’t get their political act together and/or the decreasing middle class continue to move out in droves, we’re all toast up here. Sad but true.

@Joe Aiola CT has very low taxes??????? Where, because I want to go see if that’s possible. LOL. I’m guessing that was maybe a type-o and you meant high.....I’m hoping.....

@Ryan Landis understood. So turnkey is basically for the wealthy to fool around with. That’s definitely a viable argument. The more research I’ve done, it just doesn’t seem to be a model that could be scaled all that quickly. To me not enough cashflow.

@Nicholas Pedrick I’m also in the process of investigating turnkey investments and what I’m coming across is that some of these providers are cash purchases only because they will never appraise for asking value to get lending because, as already mentioned here, their prices are inflated. It’s worth digging deeply into the overall process. Good luck.