All Forum Posts by: Michael Junior

Hey Guys! So as excited as I am about going under contract for my first house hack investment.. I can’t help but think i May have made a mistake. It’s a great duplex in a great location- smack in the middle of Two pronoun college universities, other great schools and in an all around higher income class area. I plan to live in one unit, rent the other as I will be using a FHA at 5% down. Here’s my issue. The property was listed at $350,000- Im payIng $355,250. I spotted it the day it came on market.. turns out so did 10 other guys. I went and viewed the same day it hit the market.. as did the other fellas! Property is nice, physically appealing in the sense that there isn’t any major repairs to be done ( to the naked eye ). Anyways, I asked around.. showed the property to a few contractors I deal with in the area. As well as agents, and lenders. All see it as a great investment. The numbers work, but I can’t help think that I’m doing wrong. Everything I read says to buy right ( like 15-20% below what the market bares ). Is this always the case? Or could I still have struck a fairly good deal even having to over pay a bit. P.s I’m an agent myself.. all the other offers were cash offers. Above asking- I only got the deal because I waived my commissions on it. Just figured I’d throw that out there! But anyways drop me a line.. am I making a mistake?!?!

@Bogdan Constantin Stefanide I’m in there brother !

@Dan Leyden definitely! I just had one of my builders ask me about a 4plex In bridgeport. HIm and a few guys lookIng to Invest. You know of any current deals?

Let’s say for example: You buy a duplex, do 15K worth of improvements ( those of which are beneficial in the sense that it will make the worth of your house go up.. not golden toilet seats ) Rent out full Raise rent And then go to refinance. Can someone explain to me what the benefits of refinance entail? How do you “ get your money out “ ??

@Molly Mayeux nice! I’m looking to get an offer accepted on a duplex in Fairfield atm! On Melville road. I work with Berkshire Hathaway down in Greenwich. Would love to chat! Lmk your availability.

@Molly Mayeux nice!! Do you have any rentals currently ? What’s your portfolio consist of. I see your an agent as well, what brokerage?

@Patrick Dittmer got it man, great content. Thank you for time. Will most definitely set up reserve accounts!

@Dave Passey I guess I was asking what happens if the financing doesn’t go through at all. But the lender probably wouldn’t pre-approve without knowing it would be applicable id imagjne

@Patrick Dittmer capex reserve fund, money you put aside for further investment opportunities?

@Patrick Dittmer nope I’m glad you asked. Typically what % do you allow for vacancies? First property I’ll live in and maintain.. and could you explain the last part there not familiar with that.