All Forum Posts by: Michael Cavicchi

Hey all,

So was just curious if there is anyone on here that has experience doing student rentals in the Storrs CT area, specifically owning and renting in Mansfield. 

I honestly wasn't looking to do this, but randomly stumbled into an off market deal from a craigslist transaction and could use some opinions on it since I'm really behind in studying this market since it was such a surprise. 

Anyway I don't want to post the specific property in respect to the owner (not that I'm worried it would get stolen from me on here or anything) but it is a 3 bedroom 1.5 bath ranch with an in-law suit that also has at least 2 bedrooms and 1 bath.  It's located about 1/2 a mile from a bus stop to campus and it's currently rented out at 2375/month with all the rentals upstairs (by the room) and downstairs (as a single apartment).  The owner is asking 260k as is. It could definitely use some updating inside, especially the in-law suite, but I'm not really sure as a student rental if it's worth updating.  I think the price as a rental investment intrigues me but I think it is kind of on the high side for a ranch if discounting its rental status.  My biggest concern so far would be it is currently all on one electric meter with a fuse panel. I imagine upgrading to breakers and separating the upstairs and downstairs could be a costly venture.

Now the zoning map says the property is zoned for two family.  Currently it's owner occupied so it is not registered with the town and therefore has not had a rental inspection. Will I have a problem if/when I move out registering each dwelling as a rental with up to 3 people in it provided it meets code?  I know I must provide a parking plan and get it inspected but will the town make it a pain otherwise? Is there anything I should really be watching out for?

I'm still doing as much research as I can but figured I would throw it on here for opinions. If anyone has experience in the UConn market I am pretty local and would definitely love to hear other people's experiences or even get together and talk about it sometime if anyone is up for it. 

Ha I guess the best place to find out then is starting with the zoning board?

Hey guys how's it going? Long time no see here.  Anyway I haven't given up on my real estate investing but have still been researching more than ever and have slowly worked my way into realizing multi family is a way better long term investment.  

So I've been on the lookout for a multi lately mostly in the Manchester CT area and I realize there are obviously way more duplexes for sale than 3/4 family houses.  I do need a place to live so the numbers would be much more favorable to have a 3/4 where I can live in one and rent out the others.  

I know it's going to vary from town to town and I'm not even sure maybe I shouldn't just be asking this in the CT forum but how hard is it to say put an apartment above a garage or something along those lines?  If the property meets the zoning requirements per the town rules for that type of property will it generally go pretty smooth? Or will the zoning board fight it tooth and nail?

Here's a pic for reference not that it really helps I'm sure

A property popped up today in my MLS feed that well is cheap enough that it could be a deal considering the neighborhood it's in, but it has an indoor pool that looks pretty decrepit. I've only seen the one picture from the ad but how would you go about dealing with something like this? If it's completely trashed just fill it with concrete? Dirt? Hopefully it's a portion of the house you could just knock down?

I mean is there anyway to even estimate something like this without just calling someone who could take care of it?

Not sure if there's a closer one but RCN capital is in South Windsor and there also happens to be a meet up there this Tues.

Wow thanks to all of you for all of the responses.  I'm not sure I was expecting this much.

@Michael Noto we are looking for a single family home right now.  Looking to move to multifamily eventually but trying to keep it simple for now.

@Thomas Franklin Thank you for all the tips. We are definitely to the point of having to start to take action and any list helps. 

I will try to get back to everyone else via PM. 

Hey guys, looking for an investor friendly realtor or recommendation for one to contact in the central Connecticut area.  My partner and I are interested in flipping and looking for our first deal. We have been looking in Manchester/East Hartford and the surrounding areas but we are open to other locations if the market would lend itself better to a flip there. 

If anyone on here is or knows of one would love to get in touch and discuss the area and potential purchase options. 

Hey just saw this and would love to attend tonight if it's not too late.  Definitely new to investing and would love to learn and meet others already doing it in the area.

Had a quick question on FHA loans. Trying to start an investment business with a partner and we do have enough capital that we don't need to rely on an investor for the first few deals we do (we're planning on flipping and along the way pick up a few multi families to buy and hold). However we're also both planning on leaving our 40 hour/week jobs to pursue this.

Is it possible to get an FHA loan while not having a 40 hour/week job?

It wasn't our initial thought to pick up a multi family right from the get go but I'm assuming it would be much easier to obtain an FHA/203k loan while still holding a steady job. And if we could use it toward a multi family so most of the mortgage is paid by tenants while giving us a 'free' place to live that would seem to be ideal. Just trying to figure out the best way to leverage our capital while still having the most options available.