All Forum Posts by: Will Biestek

I'm currently researching on a few city/town (Stamford, New Haven, Waterbury etc..) in CT where I can invest 1st one. If anyone has insights, I'd be greatly appreciated it! :)

Welcome Yoshi! I'm happy to share the experience of investing in your target markets. DM me and lets talk!

1 Vote

Quote from @Yong Park:

Thank you Ryan. I did use the Find an Agent button. I do need to find an investor friendly lender as well. I'll PM you.

Hello Yong,

I am currently working with multiple clients from Bigger Pockets, including looking at multifamily in Stamford, Norwalk, Greenwich and other towns in Fairfield County. How can I help?

0 Votes

Stamford, Connecticut

Quote from @Hansel Gunawan:

Hey @Will Biestek

Thanks for reaching out!

What time are you available to talk? I just sent you an invitation to connect. Let's start from there.

Thanks!

Awesome, thanks!

Just sent you a message with some time slots for tomorrow.

0 Votes

Quote from @Hansel Gunawan:

Hey, I'm planning to buy a property in New Haven, CT area. Anyone?

Hello @Hansel Gunawan,

happy to help in any capacity. Currently have a few clients buying in New Haven.

Please reach out at your convenience.
860-245-1816

Look forward to speaking with you!

1 Vote

Quote from @Account Closed:

Hello!

I am potting this out there to see if anyone has had a similar experience or has any advice!

I am 26 and I have a mountain of student loan debt (230,000 ) Yikes! I currently live at home, and have been learning all about real estate investing and currently saving up to purchase and house hack my first property. I make around 55-60k with my current job. I have two main questions. My why is that I want to use real estate investing to earn passive income and use that to pay off my student loans over time so I was curious as to which strategy someone recommends based on my scenario! Also, my girlfriend and I are going back and forth on if we should each buy our own properties first or if we should go in our first one together. Just putting this out there to see if anyone has had a similar experience or has any advice, thanks in advance!

@Account Closed,

Great to hear your drive for using real estate as a wealth building tool. I am helping a handful of others in your exact scenario (I was just like that as well!) find their first house hack /investment property in CT. If you're open to it, let's hop on a call and drill down more on your specific goals and see if we can get you going on a clear path forward.

Regards,

0 Votes

@Manuel Salce,

I found this link about 'Rooming Houses' in Bridgeport. At quick glance, it would appear you'd need license to operate https://www.bridgeportct.gov/f... but definitely clarify with the City.

I may also being taking this too literally and to the extreme, but as a Landlord in CT I don't recommend rocking the boat or getting on the "bad side" of any housing regulations.

However, if you own the property and live there yourself, then no. I'd assume you can do as you please since it's your primary residence.

0 Votes

New Haven, Connecticut

Quote from @Mike Downey:

Quote from @Will Biestek:

Quote from @Mike Downey:

Quote from @Will Biestek:

@Mike Downey,

Thank you for sharing, makes perfect sense.

I would not use the $206,000 number because your mortgage payment has not changed. Unless your expenses or mortgage payment change, it seems like you are at negative $30 cash flow. In general, here is simple pro forma:

Income: $2000 (market rent)

Expenses: Repairs, utilities, maintenance, management fees, etc (anything that you are paying for regarding your property)

Net Income: The difference between Income and Expenses

Then you still have to subtract your monthly mortgage, insurance, and tax payments.

What ever number is left is your cash flow (positive or negative)

You can do this on an annual basis as well, but for now breaking it down by 1 month will give you a pretty good idea if you can cash flow.

Hope this helps!

Thanks Will.

That makes sense. I used the BP calculator for that and with all the expenses and Net Income mentioned above, I am at around negative $30 cash flow. Thank you for clarifying the $206k. Very helpful.

Given that negative cash flow, would you recommend selling and look to reinvest the $30ish k that I will profit?

Thanks.

The answer is definitely personal to your needs.

If it were me, considering you said you don't really need the $$$ from a sale, I would first look for ways to change the negative $30 in monthly cash flow to a positive number. Preferably at least $100/month.

If it's absolutely not possible, or you just don't feel it's worth the minimum cash flow, then sure, go ahead and sell and put the $30,000 to use elsewhere. However, don't forget you are still "gaining" in the form of equity as your tenant pays down the mortgage for you even if you are putting little to no money in your pocket every month.

There are also tax implications to consider for both holding and selling the property, though I am definitely not qualified to discuss the tax topic.

Will,

Thank you for that perspective.

My ultimate goal is to generate passive income and eventually wealth through real estate. The gaining in equity makes sense and this condo could be profitable in the future if I'm able to raise rent prices based on the market.

I will keep looking at the calculations and see if there is anything I can adjust to get to a positive.

Thank you for all the help.

Best of luck to you @Mike Downey! Happy to help anytime and hope you keep us updated on your progress.

0 Votes

Virginia Beach, Virginia

Quote from @Mike Downey:

Quote from @Will Biestek:

@Mike Downey,

Thank you for sharing, makes perfect sense.

Income: $2000 (market rent)

Expenses: Repairs, utilities, maintenance, management fees, etc (anything that you are paying for regarding your property)

Net Income: The difference between Income and Expenses

Then you still have to subtract your monthly mortgage, insurance, and tax payments.

What ever number is left is your cash flow (positive or negative)

You can do this on an annual basis as well, but for now breaking it down by 1 month will give you a pretty good idea if you can cash flow.

Hope this helps!

The answer is definitely personal to your needs.

There are also tax implications to consider for both holding and selling the property, though I am definitely not qualified to discuss the tax topic.

0 Votes

Virginia Beach, Virginia

@Mike Downey,

Thank you for sharing, makes perfect sense.

Income: $2000 (market rent)

Expenses: Repairs, utilities, maintenance, management fees, etc (anything that you are paying for regarding your property)

Net Income: The difference between Income and Expenses

Then you still have to subtract your monthly mortgage, insurance, and tax payments.

What ever number is left is your cash flow (positive or negative)

You can do this on an annual basis as well, but for now breaking it down by 1 month will give you a pretty good idea if you can cash flow.

Hope this helps!

1 Vote

Virginia Beach, Virginia

All Forum Posts by: Will Biestek

Will Biestek has started 2 posts and replied 32 times.

Post: Looking for a Wholesaler to find a lightweight flip?

Post: New Intro - NY/CT

Post: I need a Real Estate Agent who knows Stamford Connecticut

Post: Need An Agent In Connecticut Area

Post: Need An Agent In Connecticut Area

Post: Student Loan Debt and REI

Post: By the Room Rental Bridgeport CT

Post: New to R/I. Looking for advice on whether to sell or rent my condo.

Post: New to R/I. Looking for advice on whether to sell or rent my condo.

Post: New to R/I. Looking for advice on whether to sell or rent my condo.