All Forum Posts by: Steven Clark

@Scott Hollister Sorry for the delay I was on vacation with no cellphone services but I got the house for 226

@Jason Boice I was looking in CT for 6 months before I finally went under contract. I am currently under contract in Manchester for a 3 family that will be owner occupied with a 7% cap rate. If you dont already own a home cfha is great with rates as low as 3.25%. I did see a few months ago also a deal in East Hampton that was a 4 family that need some major TLC but would of been a candidate for a BRRRR. The deals are out there just slim pickings

@Scott Hollister Do you have a mailing list or just always posted under events? I would be interested in attending one of these!  

Hello,

I am under contract for a 3 family house that will be house hacked! Is it worth getting a scope inspection done? The quote I got was $300 first hour plus $90 every 30mins seems pretty expensive. House was built in 1847

Thoughts? 

@Michael Noto Manchester 

@Victor S. I did re run the numbers without principal and makes my cap rate to 6.7% before renovations. Have been in negations with the owner getting it 30k less then asking price (it was way over priced). Buying in CT which is not a growing area but staying steady. Its also where I am employed/living.  

Thank you @Tim Herman and @Michael A. for the insight your insights really helped me feel more confident going forward with this deal. 

@Tim Herman This is the spread sheet that I had made myself. Very good point on how some areas just dont cash flow

@Michael A. I am going to live in one of the units so at end of the day It would be living for free and once I finish renovating would be getting a cash flow.  

@Tim Herman Ah thanks Tim I was calculating cap rate bases of

(rental income) /(principal+pmi+home owners insurance+10% for repairs/capx+Lawn/snow removal+Landlord electricity)   

The property does cash flow very slightly just has potential. Im worried i am starting to become an emotional investor as I am tired of living in my parents basement.  

Hello,

I've been searching for a 3-4unit multifamily home in CT as first time home owner taking advantage of the CFHA program. Great interest rates (3.375%) and low down payment (5%). How ever the market is in a very short supply and finding a deal is hard been looking for 9 months now. Finally in negotiations with a 3 family however the cap rate is really low 1.0%. However the house with a renovated bath room and kitchen could probably get about 400$ more a  month per a unit. Which would put my cap rate at ~4.5%. Whats your thoughts BiggerPockets? Is this a good deal or am I get tired of living in my parents basement while I search for a home? 

Thanks!

Looking into buying a 3 family home owner occupied. Looking at the condition of the place If I put 8k/unit into the other 2 units I should be able to get 300-400 more per a month and better quality of tenants. Whats your suggestion on the best way to generate this kind of money? ROI is roughly 2 years. What kind of loans should I look into?

Thanks in advanced