All Forum Posts by: Samuel Eddinger

@Anthony Acosta - welcome.  I'm an investor, flipper, and property management company owner in central CT.  I'd love to Network.  If interested, DM me.

@Dan Green - I think it is really hard to do this. Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). You could try a DSCR loan. Perhaps @Devin Peterson can help?

Welcome @Zach McKay.  I'm a investor, flipper and property management company owner who specializes in central CT.  Congratulations on your journey.  If you want to build a large number of properties, get connected with local meetups.  @Ryan Luby has a good one in New Haven already.

If you'd like to discuss anything further, I'd be happy to chat.  DM me if you do.

@Bala Sri - I'm a CT based investor, flipper, and property management owner.  This can be hard for a number of reasons and is generally not worth it.  If the room is more squarish then cutting it in half will generally make two really small rooms.  If the room is long, it could be better.  Additionally, you'll need to put a door in, electricity for lights in, heating in, repair the floor, repaint, etc.  The amount of money adds up quickly.

What are the dimensions of the room you are looking to convert in two.  Maybe you can add in some pictures.

@Unal Baris Kancoglu - if it is an easy switch out, probably $8k right now.  I own a property management company in CT and that is what I'm seeing.  You could get lucky at $6k but I'm guessing the quotes will come in at $8k or higher.  

Please let us know how it goes.

@Valentin Diaz - sorry you are having this issue.  Every year the fire code gets more and more overzealous but that's the way it is moving.  And the elected officials and tenants wonder why rent keeps going up so much.

I have been having to put in a lot of fire systems in properties we manage.  It's costly but that's what is expected.  I agree with what the others said.  Ask specifically what is needed to comply.  If you are interested, I can give you some names of companies that can help.  DM me if that is something you would like.

Welcome to BP @Eric Greenberg.  It may be more helpful to post this message in one of the Vermont forums.  I know that I monitor this CT forum since I am from CT and looking to help people be successful in CT.  I'm sure Vermont people do the same thing.  Good luck buying!

 The rule of thumb is somewhere between 80 and 150 units is when you will need FT maintenance (depending on age and amount of deferred maintenance).  For FT property management, the rule of thumb is between 80 and 120 units (if they are doing everything).

Hey @Beau Wollens.  Welcome to BiggerPockets.  You are correct that there is a lot of variability in prices.  Even from contractors on a project you can get quotes that vary by 50% or more.  The big thing that determines the price is what actually has to be done and the finishes that you select.

I know you said it is a gut remodel but are the floors still good?  Is the layout still good or are you moving lots of walls?  Is the roof good?  Is the foundation good?  If the foundation is good, the roof is good, the floors are good, the layout is good, you are probably saving at least $100k right there in labor/materials.

The other thing that frequents adds a lot of cost is when the unknown occurs.  We had an underground oil tank that we thought was a 270 gallon.  It ended up being about 1000 gallons.  Removing it cost us an additional $5k over our estimate.  When you have things that you do not know how bad they are until you open up pandora's box, it is hard to perfectly predict the cost.

I'd be happy to have a more in-depth conversation if interested.  DM me if interested.  I'd love to share whatever advice I can.

Welcome @Jean Romelus Lisma!  I'm a central CT based investor, flipper, and property management company owner.  I'd be happy to connect.  DM me if interested in having a conversation.