i am looking to purchse a small two family property maybe two minutes from the beach it is distressed i am looking to put good money into the

Asked by Osvaldo, West Haven, CT Mon May 3, 2010

property the property is currently 106,900 and i want to put a 203 k loan to owe $166,00 on the property my question is with 60k of work on the property will be an easy flip because it is a good area sq ft is 1,856 with a two car garage and a pretty good sized yard

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Nancy Allen, , Milford, CT
Wed May 12, 2010
In order to answer your questions properly more details are required. What section of West Haven is the property located? While it is close to the water, certain areas are more desirable than other. Additionally, I would need to know the current condition of the property and where you intend to apply the $60k. You also want a market analysis using the details of the finished home. Please also ensure that you have sufficient funds to pay the mortgage during the rehab. The construction usually takes longer than originally calculated and this is where most people get into trouble.

Personally, I have built a house from foundation to completion, and I understand all of the factors and details associated with home construction.

It sounds as though you may be working with an agent to have found this home who may assist you with this detail. If not, I am happy to share my experience with you, and answer any questions that you may have. You may reach me at 203-536-8665 or nallen@prudentialct.com.

I wish you well with your project.
1 vote
John Poulsen, Agent, Milford, CT
Wed May 19, 2010
Hi Osvaldo,
Finding a two family to flip may be more dificult if you have not done it before. You would need to consider that you may need to rehab two bathrooms, two kitchens, two furnaces and so on. This can be very costly. Have you considered a single family? This may be more cost effective and finding the right location would probaly be easier. I have lived in West Haven for over 35 years and can show you the neighborhoods that are in demand for buyers. As you make more on each home you can then expand to multifamilies. West Haven is a hot market if you know where to buy. I know, I will be closing my 4th sale in 6 weeks by the end of the month in West Haven. My office is in Woodbridge but my market is West Haven.

I hope to serve you,
John Poulsen - Coldwell Banker Residential Brokerage - 203-494-9830
0 votes
None, , Madison, CT
Mon May 3, 2010
Is this your first property flip? Do you have any previous experience buying & flipping distressed homes? Do you know what homes in this market sell for in today's market, and how long the average home in this neighborhood takes to sell? Are you going to do the work yourself or hire contractors.

I'm a full time agent on the shoreline, and I've worked with quite a few people who have completed major rehab projects in the area. I can give you some guidance on this property, and other income properties in the area. I can also direct you to lenders who are giving out loans specifically for rehab projects.

Feel free to give me a call at 203-815-9118 or email me at Scott@CTProperty.com - I'd be happy to give you some guidance and information to help you better make a decision.
-Scott Silverstone, Page Taft Real Estate
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