All Forum Posts by: Mat O'Grady

@Ilgaz Arikan

Hello and welcome to the site. @Francois Martin is very experienced in STR in New London. He is doing them with multi-family properties as well.

I have a few long term multi-family properties. I have thought about trying the STR game, but there seems to be a lot more work that goes into them over the long term or you need to be able to find people who can run all the systems for you.

Thanks for your input everyone!

I'm looking at purchasing three houses on two lots. Rents are so low the noi doesn't support purchase price for blanket commercial loan. 

Checking whether they are on the same deed.

Any thoughts? Properties are in ct

@Jacob DiScuillo

Welcome to the site. There is a "SE CT Real Estate Investors Group" we have a FB group and we also have an email list. Feel free to DM for more information. 

@Kevin Scanlon , @Tyler Hespeler  all own and operate STRs in the Eastern part of CT. I have been thinking about getting into, but I haven't yet. 

@Brooke Lamelas 

Ted Lanzaro is an investor and he is an accountant who works with investors. I haven't worked with him, but I did go to one of his presentations and he seems pretty legit. I believe he is also part of CTREIA. I know he is active on Facebook. 

Hey Everyone,

I currently have four 4 unit properties and one 5 unit property. All the units have long term tenants. There is a property that I have been looking at that is approximately 6k sqft and it is on 7 acres. It is located in a tourist location that is mostly busy during the summer months. The property taxes are 18k and I'm not sure what the insurance would be but, I estimated 8k. The property is in pretty good shape, but it could use some cosmetic updates and the in-ground pool probably hasn't been open in 5 years. 

The asking prices is $1,025,000. If purchased at 1 million with 25% down at 5% rate the monthly payment is $4,026.

I have enough cash flow from my current rental properties to live off of and my wife and I still work part time and will continue to do so.

I was thinking of purchasing this property as a way to grow my wealth as well as hedge inflation. There a few other similar properties that get $1k a night on Air BnB, so I figured I should be able to get that and cover a good portion of the costs from Air BnB rent coming in during the summer.

Any thoughts on my thinking process?

Any thoughts on what to do with the extra land? 

There is an old barn on the property and land that was used for horses at one point. Does anyone know about renting out the barn for other people to keep their horses?

There is also an unfinished basement that is about 2800 sqft. I thought about setting up a game room, arcade, movie theatre, or virtual reality stations.

Any ideas are welcome!

Thanks!

Mat

@Lukas Michenka

Wow, sorry I missed this and I am responding so late. We are still doing a meetups. We have virtual one on the 21st and an in-person one in Griswold on the 25th. I'll send you a PM.

@Jonathan Hudak

I would rent it out. If you wanted to get into REI anyway, this looks like an easy deal for you to get into and see what you think. If it is not working out and you want to sell, do it before three years is up and then you can still use the capital gains exclusion for primary residence. Since to use the exclusion, you need to have lived in it for two of the last five years.

@Christen G. 

Well, glad to hear you did indeed win! There is some sense in the world.