All Forum Posts by: Joseph Salzillo
Joseph Salzillo has started 18 posts and replied 53 times.
Post: Looking for Investors in CT
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
As always @Samuel Eddinger, thank you for the shoutout!
Post: 10+% ROI: Investing in Wallingford Small Multifamily Property
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
@Doug Spence Wallingford as a town is a fantastic B-class town with a mix of single fam and small multi properties. The town is actually on its own electrical grid and utilities tend to be the lowest in the state. Additionally, the real estate taxes are relatively low compared to other towns. This was actually an MLS deal; the property was listed too high of a purchase price (don't get me wrong, $585k is still high for the town), but it's in great shape and has strong rental income.
Post: 10+% ROI: Investing in Wallingford Small Multifamily Property
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
@Doug Spence my pleasure! Deal was financed traditionally 60% leveraged. None of the cash went towards initial rehab as the investor wanted a very stable house in a good location with a 40% down payment to increase the amount of cashflow.
Post: House Flip to Myself: $164,000 in increased value!
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $321,000
Cash invested: $95,000
I flipped this property to myself!! This was a pretty big rehab project and took a few months to complete - however, with a $321,000 purchase price, this house is now worth $485,000 and I was able to recover a majority of the cash I put into the deal as well as go from 5% down payment to 20% equity all while owning a fresh new house!
How did you add value to the deal?
Scope of Work:
Land clearing for 20,000 SQFT of brush, trees, a pond, and a fire pit; re-grade the land, add fill, hydroseed, and black mulch the rock wall before the orchard.
Demolition of 1,100 SQFT: 5 walls (two retaining walls), ceiling, flooring, and subflooring.
Installation of two 3 ea. x 12" LVL beams and lally columns supporting the open floor plan where the retaining structure used to be.
Removal of existing oil boiler, oil storage tank, and existing water heater.
What was the outcome?
Installation of Navien combination boiler / tankless water heater, air handler with ductwork for two-zone HVAC, outside condenser, and Fujitsu ductless minisplit in family room on slab.
Installation of 500-gallon liquid propane tank underground and convert from oil to LP.
Installation of 1,100 SQFT of 5" x 3/4" French Oak Pacific Grove hardwood flooring with new OXB underneath.
Lessons learned? Challenges?
New insulation across first floor along with sheetrock, Alexandria Moulding trims, primer, and two coats of eggshell paint (1,100 SQFT).
Installation of 15 ea. 6" recessed lighting cans across first floor with pendant lights for the dining room and over the kitchen counter.
Post: House Flip to Myself: $164,000 in increased value!
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $321,000
Cash invested: $95,000
I flipped this property to myself!! This was a pretty big rehab project and took a few months to complete - however, with a $321,000 purchase price, this house is now worth $485,000 and I was able to recover a majority of the cash I put into the deal as well as go from 5% down payment to 20% equity all while owning a fresh new house!
Scope of Work:
Land clearing for 20,000 SQFT of brush, trees, a pond, and a fire pit; re-grade the land, add fill, hydroseed, and black mulch the rock wall before the orchard.
Demolition of 1,100 SQFT: 5 walls (two retaining walls), ceiling, flooring, and subflooring.
Installation of two 3 ea. x 12" LVL beams and lally columns supporting the open floor plan where the retaining structure used to be.
Removal of existing oil boiler, oil storage tank, and existing water heater.
Installation of Navien combination boiler / tankless water heater, air handler with ductwork for two-zone HVAC, outside condenser, and Fujitsu ductless minisplit in family room on slab.
Installation of 500-gallon liquid propane tank underground and convert from oil to LP.
Installation of 1,100 SQFT of 5" x 3/4" French Oak Pacific Grove hardwood flooring with new OXB underneath.
New insulation across first floor along with sheetrock, Alexandria Moulding trims, primer, and two coats of eggshell paint (1,100 SQFT).
Installation of 15 ea. 6" recessed lighting cans across first floor with pendant lights for the dining room and over the kitchen counter.
Post: 10+% ROI: Investing in Wallingford Small Multifamily Property
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $585,000
Cash invested: $234,000
Represented one of my buyers on this 3-family opportunity in Wallingford. The rents are incredibly strong for this property and is in one of the best conditions I've seen a small multifamily. There are 3 garages on the property rented for additional income, and this buyer is self-managing!
Post: looking for investor-friendly agent in the CT area
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
Quote from @Samuel Eddinger:
@Brandon Rush & @Joseph Salzillo are both investor friendly agents in central CT. I highly recommend both.
Thanks, Sam! @Dan Barnes when is the drop dead date you need to identify properties and where do you want to look? I may have some inventory coming up before it's placed on market.
Post: Vacant Duplex or Below Market Triplex
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
Quote from @Samuel Eddinger:
@Nicholas Mangiafico - as a Connecticut based investor I can tell you without fail that I love 3 and 4 families more than I love 2 families (I actually prefer SFR over two families).
Here's the reasons: The incremental taxes from going from a 2 to a 3 or 4 is relatively small. In general, the price per unit is higher for a 2 family than 3 or 4 family but the incremental rent is not that much (tenants still think of it as a multi family). With a 2 family, you still have to pay for landscaping and snow plow services but now that cost is divided over 2 units instead of 3 or 4.
Two family houses will probably appreciate a bit faster than a 3 family because people priced out of the SFR market would prefer living with one additional family instead of bigger apartment complexes. This causes the purchase price to generally be more costly (less cash flow/CAP rate) since you are competing against people that want this property to be their "forever" home.
Happy to talk further if you would like to discuss. DM me if interested.
@Samuel Eddinger couldn't agree more. We only purchase 3/4 family properties in CT for this same exact reason; I wouldn't get a duplex unless if it were really discounted to the point where it could cashflow after vacancy / management / repairs / CAPEX. If you have one unit that needs to get evicted in a duplex, you're negative every month and at risk of losing the property.
On another note, some single family properties are great if you can flip them or turn them into a medium term rental if you can't get the sale price you want.
Post: Need an agent in Central Connecticut
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
@Samuel Eddinger @David Morizio Thank you both for the recommendations! Always a pleasure to work with you both!
Post: I'm new. Help! Looking for advice and tips on getting started!
- Real Estate Agent
- Connecticut
- Posts 59
- Votes 53
Quote from @Anita Chu:
Quote from @Joseph Salzillo:
Hi Ross - I'm also in CT, Hartford county and invest with partners between MA and CT. I'd be happy to connect with you and talk strategy as we focus mainly on small-medium multifamily. There are plenty of ways to get creative with funding from private money, commercial / business purpose loans, SBA loans depending on the asset class, and there are certainly some long-time landlords that have been in the game since the 70s/80s that would be more than willing to seller-carry a loan.
I’m in the same boat, in central CT, focused on investing multifamilies. So far with a 3 family in new britain. Looking to add more and trying to learn more about additional funding methods. Hoping to connect sometime to hear about which strategy worked for you.
It would be my pleasure, networking with folks already in the game is needed in this industry! Shoot me a message whenever you are available.