All Forum Posts by: Marek Narewski

Hi Everyone,

I recently purchased a duplex that was built in 1900.  I was provided home insurance (fairly high), but now a few weeks after closing the insurance company wants to come out and take a look at a few things because it is an older home.  They specifically mentioned the basement.

Most of the electrical is converted to new, but there is still one line that could be seen from the basement which my electrician is going to change.

Does any one know what exactly they will be looking for?  Will they increase my rate because they see a little knob and tube? (keep in mind the rate is already pretty high)  Is there anything else they will be looking for?

Thanks,

Marek

@Dennis M.Can't agree with you more.  

"His ideas help a lot of idiotic folks who can’t control themselves"  Dave Ramsey is for people that are in debt/not good with their finances.

Hi Everyone,

New multi-family investor from Plainville, Connecticut.  I am 25 years old and have been searching for multi-families for the past year and a half.  I have just recently closed on my first duplex (in Plainville) and should have tenants in within the next month after rehab, while I live in the other half.

Just looking for any tips and suggestions on how to buy my next one sooner than later.  The goal is to buy again in the next year or two.

Also, looking to hear from CT investors that might have a little more insight about the area.

Thank you, 

Marek

@Justin Hayden I listened to Grant Cardone.  He said that buying a house to just live in is the worst investment anyone could make and that you should never buy single family homes.

That being said, I eventually want to buy a single family, but not until I have a few multi-families under my belt.  

Buy a 2-4 family, house hack, live for free and keep buying and holding.  It might be tough or uncomfortable at first, but it will be worth it in the long run.  Once you have enough cash flow, you could invest in a single family and live in it for free. Don't get stuck paying full mortgage payments.

@Craig Bellot Since we are doing it ourselves it should not cost us more than $500, which is about the same price as the french door option.  There would obviously just be a lot more time and effort into putting the wall up.

But if I only put french doors in, will it technically convert the unit into a 3 bedroom?  I am hoping the answer is yes because I am trying to build the highest equity possible for when I refi in a year or two and I am reading that converting a 2BR to a 3BR could really help. 

@Neil Blyther I am fairly new myself and just closed on my first duplex.  From a newbie to a newbie, I suggest you listen to the podcasts and read through the forums.  The forums will answer any question you could imagine and even questions you never thought of.  Also, start looking at properties online.  Even if you aren't ready to invest yet, you can get an idea of different prices on the market.  

@Nick Koukidis Plainville.  Central Connecticut, Hartford county.

@Aaron K. Sorry, forgot to add that the room actually has 2 closets and 2 windows.  Thank you for the advice!

Hi Everyone,

This is my first forum post, so be easy on me, I'm a rookie.  

I closed on my first duplex last week in Connecticut, 2BR/1BA in each unit.  I have the option to convert one of the units into a 3BR and plan on doing so, but I am looking for some advice.  

The optional 3rd bedroom is off of a 16'x14' living room.  The optional bedroom is 15'x12' and currently has two entrances.  One entrance being a normal 30" doorway from one side of the room and the other being a 60" doorway (no doors) that is off of the living room.  

Should I put in solid french doors to give tenants the option to have a 3BR (close the french doors) or open den off of the living room?  Or should I knock down the whole wall and put fresh drywall up? (DIY) (Would knock it down it is wood paneling.) 

I am stuck here because french doors would obviously be the simple option that would be less time consuming and possibly even cost less, but is this less desirable for tenants?  Also, I am on a time crunch and would like to finish renovating within the next 3 weeks, but drywall would prolong that.

That brings me to the main question about BRRRR. Is the time and money of replacing the wood paneling with drywall and officially converting the unit into 3BR worth it when refinancing? Will it raise my equity much higher? Would only putting solid french doors in technically convert it to a 3BR?

Hoping this post wasn't too confusing. Let me know if you have any questions.

Thanks in advance,

Marek