All Forum Posts by: Samuel Eddinger

Hey @Shayvonne Chan.  Welcome to BP!  There are lot of great meetups in our area.  I'm a CT based investor, flipper and property management company owner.  I'd be happy to connect.  DM me if interested in talking offline.

@Melissa Conner - I'd love to reconnect.  Give me a call sometime.

Hey @Michael Klick.  I'm an investor from CT.  

I have used HELOCs for probably most of the purchases of the properties I own. I found it to be a great vehicle while I was working a W2 job as an engineer. I even bought 3 properties in one day using the HELOC to fund the down payment on each of those purchases. I will say that during that time, the HELOC interest rates were very low. Today, you are likely to get a rate at 8 to 10 percent. I'm still using it for flips and other investments but not trying to be long HELOC loans as 10% is still expensive money.

If you want to talk more, I'd be happy to have a conversation. DM me if interested.

Welcome @Wesley Peixoto!  I highly recommend you start going to meetups.  There is a good one in the Stamford area hosted by Brandon Chisholm.  There are others from Brian Almeda, @Stephanie Cabral, @Brandon Rush, @Ryan Luby, @Devin Peterson and CTREIA.  All of these are posted on our local real estate facebook groups.

In any of these events, you will meet like minded entrepreneurs who are also looking to grow.  I attend many of them myself.

I'd be happy to connect.  If interested, send me a DM.

I highly recommend @Devin Peterson

@Marie Thomas - I do not but I have significant interest in learning more.  I'm currently flipping and have found a person looking to sell two properties that are both within an opportunity zone in CT.  

My brother was looking into it years ago.  While I don't see it on the IRS tax information, if I remember from the conversation with him, I think you have to buy properties that need significant improvement.  I was looking to figure out what that meant when looking at the IRS tax information - https://www.irs.gov/pub/irs-pdf/i8996.pdf.  

From this CT information, it looks like it is an offset against your capital gains from other property, so you would have to find investors with significant capital gains and/or have them yourself.  I'd love to connect and each of us can help figure it out together if you are interested.  If so, DM me.

@Dean Gullo - welcome.  There are lots of great meetups.  CTREIA actually has an event tonight in Rocky Hill if you are free.

I like to attend the meetups from @Brandon Rush, @Ryan Luby, @Devin Peterson, @Stephanie Cabral throughout central CT.  

DM me if you would like to connect personally.

As long as it is one of the accredited shops, any of them are fine.  Just take the one that is the most convenient for you.  The course is long and test is difficult so make sure you are committed.

@Sarah Miner - BRRRR is pretty much dead right now. Because of the high interest rates, you have to buy at a higher CAP rate to make any money. Unfortunately, housing prices continue to go up, not done so the opportunities to invest are limited.

I'd advise to flip and if you find something that you can get a lot of equity, than you can perhaps BRRRR that but it is really hard in this market.

I am CT based (central CT).  I know the markets real well here and do a lot of investing, flipping, and I own a property management company.  I'd be more than happy to have a conversation.  DM me if interested.

@Vinny Muli - it is VERY hard but not impossible to get an equity line of credit on a non owner occupied property.  I'm doing one right now.  You can get something called a "Guidance" Line of Credit.  I've found the easiest solution is to have a really strong banking relationship and then they will be able to provide non-standard offerings.  The problem is that they do not usually give this to new people and/or people that do not have big amounts deposited into their accounts.

I'm also CT based.  DM me if you are interested in talking about this more.