All Forum Posts by: Mike Obrien

What is the outlook for short term rentals in Long Beach NY? Is there any regulations/zoning that forbid it and what % occupancy would one expect?

Hello Everyone,

I am a new real estate investor and recently closed on a three family property that I plan to house hack. I have one of the tenants moving out March 1st and I am moving in right after. I found out at closing that the person on the lease is different than the person living in the unit (Same last name). If the tenant keeps the unit in good condition which I believe she will how should I give the security deposit back when she is not on the lease? I will also note that to my knowledge she has been the only person living in the unit over the past year.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Bridgeport.

Purchase price: $382,500
Cash invested: $23,000

I recently purchased my first three family in Bridgeport Ct. I will be owner occupying the property and renting out the other two units. The two units rent should cover my mortgage allowing me to live close to free.

What made you interested in investing in this type of deal?

I am interested in building out my rental Portfolio so house hacking was the easiest way for me to start.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS and negotiated 15k off the initial purchase price after the inspection.

How did you finance this deal?

I financed this deal with a FHA loan.

How did you add value to the deal?

I will be doing repairs to the property and hopefully add some sweat equity which will allow me to refinance to convention and get PMI off.

What was the outcome?

To be determined.

Lessons learned? Challenges?

Do you due diligence and always double check everything before the property closes. After closing I came to realize some of the keys don't work resulting in having to get a locksmith.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with real estate broker Dan Leyden. I highly recommend him to any investors in Fairfield County.