All Forum Posts by: Jill Jay

Hello BP community, thanks in advance for your help.

I purchased a home a few weeks ago knowing that the detached garage was in a sorry state. A back corner of the garage is rotted, there's a hole in the roof, studs are visible on the walls and it needs a total rebuild.

Who do I contact first to begin the process?

Hello BP community, thanks in advance for your help.

I purchased a home a few weeks ago knowing that the detached garage was in a sorry state. A back corner of the garage is rotted, there's a hole in the roof, studs are visible on the walls and it needs a total rebuild.

Who do I contact first to begin the process?

Thank you!

Hello BP community, thank you in advance for the advice :)

I'm concerned about my "master plan" for real-estate investing. In Connecticut I plan to purchase multi-families & steadily BRRR my way to eventual financial freedom. My 300k FHA financed offer with 10% down was accepted today on a 3 family which I'll be occupying, this will be my 1st time purchasing. Last year this house was worth 167k & today it was listed at 289k.

Interest rates are at a record low & house prices are a record high in CT. Housing prices will drop eventually & homes purchased for double their value will depreciate.

Am I putting the carriage before the horse purchasing this property? Is it even possible to BRRR if this home value plummets & the interest rates rise. I don't want to pursue this despite it being cash flow positive if it will screw me up in the future.

Details on the house: 

Built in 1900 but in fantastic shape. New roof, updated electric, thermopane windows, extra insulation in all units. Off street parking with an additional 2 car garage & separate access to basement with 4 storage units (will rent out all separately or to tenants). Dirt basement with stone foundation. 

First & foremost, thank you for any contributions & knowledge shared within this forum :)

I'm a first time real-estate investor in CT & looking to relocate to GA. I'm a big fan of Athens & love the feel. I'm debating purchasing a single family close to UGA & renting out each room. My plan would be to occupy the single family in 1 room or converting it to a multifamily but am not sure the legalities in that. Anyone who has done this or something similar, what are your thoughts?

@Jacoby Atako I'm not a numbers person but have been studying up. It is entirely plausible & likely something went amiss :(

@Jacoby Atako I plugged in to account for 1 vacancy & 1 fully rented. I will be occupying one of the units

@Greg M. I was going to link the excel sheet but didn't know the rules on that. First time posting here, too :)

Year built: 1911

Property Price: 173 but putting an offer for 155 (it's been on the market for over 3 months)

Downpayment: 20%, unless it makes more sense to do less & leverage. That concept confuses me a bit.

Mortgage Rate: 3.2%

Monthly rent: 700 each for both units. Rentometer says the average in that town is 1k based on comps so I plan to raise it.

Property Tax: $3349

Fees: city water & waste disposal

Updates needed are to power wash & paint/seal deck+ stairs.

Property Features: Vynl Siding, newer windows, appliances look newer, asphat roof in good shape & less than 10 years old. Water heater & furnace up to date. Bathroom & kitchen recently gutted & remodeled.

Firstly, thank you for any response to this thread :)

My realtor believes that a 2-unit multifamily property in CT is a good deal but I'm hesitant. I knew someone who's an investor that created a spreadsheet in Excel to calculate the ROI of a property with tons of variables. We are no longer on talking terms unfortunately so I can't ask him for help using the sheet.

I'm coming out to really bad numbers, a 20% loss per year. Meanwhile I realtor says that there's a 7% return on investment when fully rented. Also states that a 10% return on investment is very rare in this market condition and this is a good deal.

May I please have a second set of eyes with these numbers using the spreadsheet? The discrepancy in numbers is startling and I don't know where or if I went wrong.