All Forum Posts by: Jonathan Makovsky

Hi @Rick L. it will be good to meet you! 

Hi @Nelson Del Castillo

I'm not sure you are going to find many "hot markets" in Fairfield County for under $250K ARV (although New Haven County might be a different story). Along the 95/Merritt Parkway corridor it might be tough. There are some sub-markets in areas that you can flip homes for that price, like Stratford, Shelton, Bridgeport but I probably wouldn't use the word "hot markets" to describe them.

Congrats @Kevin Corley!

Originally posted by @Chris Cambridge:

Rason these are strong CAP rates, Did you negotiate a steal? Are these in contract? There are a myriad of options for a great deal. The usual still remains. Down payment (no 100%), quality of asset, cash on hand from buyer, last but not least credit.

I cannot speak to the specifics of the above deal, but in general deals in Norwich might sound like "steals" but there is a reason you can find "12-caps" in Norwich, CT: 

1) Norwich is a depressed market, and I believe it's declining in population. 

2) It's easy to underwrite deals in Norwich as a 12-cap, because showing "nationwide averages" on the pro-forma for line items (e.g. vacancies/bad-debt, repairs, reserves, turnover costs, etc.) might allow you to achieve those numbers. However, I think the ACTUAL costs will be much higher than projected by brokers.

As an example, I was looking at a 70 unit portfolio in Holyoke, MA that was trading at an incredibly high cap. However, after driving around and seeing that building after building is vacant and boarded-up, I did not want to be in an area like that. It might not be too long for one of these buildings that I looked at buying to be boarded up too, and then what would the cap rate look like at that point? 

Think about what happened to Detroit; there was a time  when sellers couldn't give their buildings away and it took a very big commitment to get things back to where they are now. But not all towns can come back from the dead, and even if they do you need to carry them through the rough times. 

I know how tough it is in NYC when caps are trading at near (and below!) 0 levels, but sometimes the shiny objects aren't all they're cracked up to be.

Happy investing.

Originally posted by @Jackie Sicilian:

I'm interested in going, is it open to everyone?

Yes it is open to all Jackie. Looking forward to seeing you.

Our next Fairfield Real Estate Investor Meet-Up will take place on Wednesday, June 29th! (This is our third year!)


Date: Wednesday, June 29th, 2016 (it's last Wednesday of every month - so please mark your calendars)

Place: Anna Liffey's (a cool Irish pub) located at 1494 Old Post Rd, Fairfield CT 06824 NOTE: We are in the back room (http://annaliffeys.com)

Time: 7PM mingle. At 7:30pm we go around room to introduce everyone so you can let everyone know what you do and who you would like to meet at the event (brokers, lenders, wholesalers, investors, attorneys, insurance agents, and more.)

No Cost: It's FREE! Okay it's almost free - please buy a drink(s) from the bar.

[Important Side Note]: There is a Happy Hour from 4pm - 7pm before the event starts. I think it's half-off most drinks ($3 craft beers).

Happy investing!

Calling all Connecticut investors: Fairfield County, New Haven County, Hartford Count, Middlesex County, NYC, Westchester County

@Lesley Govan feel free to shoot me a PM and I can provide some local CT contacts if you'd like.

@Account Closed great meeting you both! New Britain is a great area to invest (we have a 16 unit there), you just have to know the streets there - which it sounds like you both do.

Plenty of great people on BP from the area - I am sure they will chime in this post.

Originally posted by @Godfrey Campbell:

Thank you @Josh Young for the Intel. I will be there. 

 Looking forward to seeing you Godfrey!

Congrats @Account Closed!