All Forum Posts by: Phelim Lennon

Calling all Connecticut Investors / Residents, I am starting a CT brain dump forum here on BP. Idea of this is to have all CT investors, agents, lenders, accountants, attorneys etc. drop any CT knowledge they have! Can be anything CT related but to help you out I'm looking for things like: Where you invest What you invest in CT deals you have made in past/present and looking to make in future What your profession is if not an investor and services you offer in CT New towns/areas you are excited about Meet ups that you host, attend or want started This list is limitless I think you get the point,which is, one spot for us CT BP users to go to connect with others in CT, get up to date CT info, and get to know each other! Looking forward to hearing from you all! Again, if you've got anything CT related, dump that knowledge on us! All the best, Phelim Fairfield, Hartford, Litchfield, New Haven, New London, Tolland, Windham, Middlesex

Michael Noto This an awesome project! Great to hear that it is in Hartford county. Just moved up to West Hartford last year from Fairfield County. Still investing down there but always looking around Hartford for potential cash flow. Do you like any other towns other than Plainville for good cash flowing rentals?

@Craig Garrow

Found this article on FHA website, I believe this should help.

http://www.fha.com/fha_article?id=371

"The short answer to these types of FHA loan questions regarding occupancy and renting out the property? If you want to buy a home, the FHA expects you to use it as YOUR home.

Additionally, "FHA will not insure a mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be insured will be the only one owned using FHA mortgage insurance."

@John Upperman BRAVO! 

This is great motivation as I am in that data gathering, blog reading podcast listening phase. Goal is to try my first flip before 2016 ends and I can only dream to make $75k!

Any tips for a first timer still in the data gathering stage??

Hello Bigger Pockets Nation, It's about time I introduced myself to the community and get active on Bigger Pockets. I've been reading like crazy and listening to all the podcasts I can. Which are the really best source of real estate investing I have ever come across, so highly recommend. #brandonturner #joshuadorkin My name is Phelim, 28 years old, and I currently co-own four multi-family houses (9 units) in the Black Rock section of Bridgeport, CT 06605. I am a part time investor as I do have a full time job as a CPA. I started in real estate by house hacking without even knowing what house hacking was! I was renting in Black Rock for a couple of years and at that point knew what my neighbors below me and I paid in rent, so one day it dawned on me to put the house value in a mortgage calculator and compare the monthly payment to the rents us tenants were paying the man. Once I saw the income our landlord was making on all of us I was a real estate investor ever since. Six months later after a lot of searching and deals falling through I was ready to give up, that's when, of course, the perfect three family house literally five houses down from where I was renting came on the market. Long story short, after initially being told we lost that house too, we had our offer accepted when the other buyer backed out. Still have that house, and since added a partner and three other properties. Want to connect and meet with as many people as possible, especially people who also invest in Black Rock, or anywhere in Connecticut as deals in Black Rock are not coming up as fast as I would like. I am also very interested in learning about all the different creative ways to finance. Our businesses goal is to add another property or two in the next year and keep snowballing from there. I am also in the data gathering stage of trying out first flip, so any one with tips for a first timer would be much appreciated. As for what I can offer you all in return is valuable knowledge of my market, tips on being a landlord, bookkeeping, partnerships, balancing investing and working a full time job and my past experience with conventional financing. Looking forward to meeting and hearing for you all. All the best, Phelim