All Forum Posts by: Michael Muro

@Christopher Reid, just sent you a connection request

Can somebody recommend a realtor with mutifamily background who operates in and around the New Haven, CT area?

Thank you for your insight Dennis, I appreciate it. In the area we're looking, anything worthwhile is around that price range though. There are cheaper properties in the $300K range, but they are in rundown drug-infested areas.

The calc I ran for this one was taking into account current rents, which we researched and determined to be a bit low. Rents should be about $5100/month, making this a 1% rule-friendly deal.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Bigger Pockets community we need help! My fiance and I are looking to purchase this house, which is in a really perfect area and should be cash flowing from day one. HOWEVER...

We're currently leasing a house (just moved from another state) and the lease does not end until May 2019. Additionally, there are 3 units in this house and they are all leased until June of 2019 - so we couldn't move in anyway.

Speaking with a mortgage broker, we were advised that - if we were to use a FHA loan as first time home buyers - for a duplex it would be 3.5% down. So approximately an $18,000 down payment not inclusive of closing costs. With a tri or quad, we would require more funding than we would need with a duplex; 3 months of mortgage payments need to be saved in the bank, which is not required for a duplex. This adds nearly $11,000 on top of the pile.

As mentioned previously, if we were to put in an offer today, there is no way for us to "owner occupy" until next June. Additionally, one of the units does not have a legal permit (it has been like that for 9 years). An appraiser is obviously going to inspect the house and our concern is that we then would not be able to finance as a duplex, not to mention the added property taxes.

Listening to Brandon Turner's The Book on Investing in Real Estate with No and Low Money Down, we thought maybe this property would be a perfect candidate for seller financing? Would anybody be able to provide some further advice on how to maybe go about this and thoughts on if this could work with this house? 

Live and rent. We would like a MFH that would be owner occupied and we would hold/rent after we move out.

Thanks for the heads up Ryan! I'm definitely learning as much as I humanly can right now, reading books, listening to podcasts and audiobooks, watching videos and webinars and even taking the real estate agent class. I just know there is still a huge knowledge gap between me and this coach, who has been investing for 25 years. I'm considering the idea to help me minimize mistakes and potentially save money, but I definitely agree with you that I can learn all this myself. Another angle I thought of is the networking potential. This person could introduce me to others who might be of benefit down the road when maybe I'm putting together my own deals. Something to think about for sure. Thanks for taking the time to reply, I appreciate it!

My fiance and I are budding real estate investors, still learning the ropes. We have not even found our first deal yet and are truly in the infancy stages of our venture. Finding this community has been fantastic simply for the breath and depth of knowledge in these forums.

I went to a local REIA Meetup this evening and was presented with an opportunity to have a coach/mentor. Listening to the BP podcast, I recall several people mentioning they have used them as well.

How do coaches typically make money off somebody like me? I'm trying to gauge what I might be in for prior to contacting this potential coach (who btw seems like the type of person I would like to learn from).

Does anybody have experiences with a coach they could share? Open to any suggestions and thanks in advance for any advice!

Attended Brandon's great webinar last night on How to Evaluate and Offer on Rental Properties so definitely have more familiarity with the numbers than I previously did Craig! Just starting out, and I know I have a long way to go.

Thanks for sharing your information! What's the cap rate like in Bridgeport and/or surrounding areas?

Thanks for the insight Marcony! I would love to discuss further and gain additional information.

My fiance and I recently moved to CT and are looking to house hack a MFH. We both work in Stamford, and would like to keep the commute under an hour. Stamford itself is overpriced at this point, so we have been looking in Danbury - which is 15 minutes from where we live. 

Recently, a realtor suggested Bridgeport as an opportunity. Does anybody have insight into this market? Looks like a lot of C - D properties.

Thanks in advance for any information you might share!