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Updated about 8 years ago, 11/16/2016

User Stats

11
Posts
5
Votes
Edward Yao
Pro Member
  • Investor
  • South Windsor, CT
5
Votes |
11
Posts

A novice in real estate investment from Connecticut

Edward Yao
Pro Member
  • Investor
  • South Windsor, CT
Posted

Hi,

This is Edward Yao from Hartford area in Connecticut. I am an actuary currently working in an institutional investment management company. Although I have been working in financial services industry many years, I am a beginner in real estate investment. 

I got interested in this business quite a while ago but never really started. Due to a personal situation, I started to think seriously last year. I have accumulated some cash that has been sitting in the bank, so I used it to buy two apartments as rental properties. I have an agent helping me but so far there has not been much progress. That is the immediate problem I want to solve. 

A few weeks ago, I got a post card from my mail for a real estate investment seminar. I went to the seminar, which raised my interest tremendously. I am a single dad with three kids. I have always wanted to spend more time with my family. So I have an idea of using real estate investment to retire myself from my current job. I came across BiggerPockets from online research and so here I am.

 Certainly I  want to network and find good partners, leads to good deals, knowledge and advice for me to avoid mistakes, and so on. Lastly but not least, I would like to get more friends as well who have common interest.

Thanks.

Ed

  • Edward Yao
  • User Stats

    5,752
    Posts
    3,857
    Votes
    Michael Noto
    Agent
    • Real Estate Agent
    • Southington, CT
    3,857
    Votes |
    5,752
    Posts
    Michael Noto
    Agent
    • Real Estate Agent
    • Southington, CT
    Replied

    Welcome to BP @Edward Yao

    Always great seeing others from the local area in Connecticut on the forums. 

    Feel free to reach out anytime if you have any questions about our local market or real estate investing in general. 

    • Michael Noto

    User Stats

    258
    Posts
    230
    Votes
    Ed Matson
    • Investor
    • Stratford, CT
    230
    Votes |
    258
    Posts
    Ed Matson
    • Investor
    • Stratford, CT
    Replied

    Hi Edward,

    There is a Central CT meet up of RE investors that meets monthly.  If you make "Connecticut" a key word on BP, you will get notified.  I go to the Fairfield County one, which is a great networking event without sales pitches.

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    User Stats

    97
    Posts
    30
    Votes
    Donna Genovese
    • Lender
    • Branford, CT
    30
    Votes |
    97
    Posts
    Donna Genovese
    • Lender
    • Branford, CT
    Replied

    let me know if I can help you 

    User Stats

    9
    Posts
    2
    Votes
    Steve Lima
    • Colchester, CT
    2
    Votes |
    9
    Posts
    Steve Lima
    • Colchester, CT
    Replied

    Hi Edward. I just joined myself. Perhaps we can meet at the next CT REI meeting.

    User Stats

    1,731
    Posts
    1,863
    Votes
    Filipe Pereira
    • Property Manager
    • Windsor Locks, CT
    1,863
    Votes |
    1,731
    Posts
    Filipe Pereira
    • Property Manager
    • Windsor Locks, CT
    Replied

    Hi Edward, we are from the same area. I have a rental in E. Hartford and work in downtown Hartford. What did you mean that you bought two properties but your agent isn't making much progress? Fill us in, perhaps? Or shoot me a message. 

    Either way, if you are looking for an agent, my advice is to find someone with the heart of a teacher and that has investments of his/her own. They will be a great guiding light. That's exactly what my agent, @Rick Santasiere was to me.  

    Have a good one, and come on out to a BP meet up in Manchester some time!

    User Stats

    11
    Posts
    5
    Votes
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    5
    Votes |
    11
    Posts
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    Replied

    Filipe Pereira
    Thank you, Filipe. The apartment is in a complex near downtown, across from Mark Twin house. It has furnitures because I used to have a close friend live there. It is in a very nice conditions and all furnitures are new. The rent includes everything include utilities and a parking space. My agent told me he has posted ads and has had some showing but has not found tenants with good credit. He has been working on renting it since September. My agent is experienced and has quite a few rental properties himself. But for some reason, he couldn't make good progress on this one. If you have other good realtors to work with, please introduce for me. Thanks

  • Edward Yao
  • User Stats

    11
    Posts
    5
    Votes
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    5
    Votes |
    11
    Posts
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    Replied

    Steve Lima Sure, I am looking forward to the meeting. I will check it out.

  • Edward Yao
  • User Stats

    11
    Posts
    5
    Votes
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    5
    Votes |
    11
    Posts
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    Replied

    Ed Matson
    Thanks Ed. I will check it out and hopefully I can meet you there.

  • Edward Yao
  • User Stats

    11
    Posts
    5
    Votes
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    5
    Votes |
    11
    Posts
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    Replied

    Donna Genovese
    Donna, thanks for offering your help. Like I have posted, I need to find a good tenant first for my apartment.

    I also need a good attorney to work with. My last one is not very responsive even though I have given him quite a bit of business. I am also looking for an accountant who is good at working with RE investors.

  • Edward Yao
  • User Stats

    1,731
    Posts
    1,863
    Votes
    Filipe Pereira
    • Property Manager
    • Windsor Locks, CT
    1,863
    Votes |
    1,731
    Posts
    Filipe Pereira
    • Property Manager
    • Windsor Locks, CT
    Replied

    @Edward Yao talk to @Rick Santasiere 

    @Rick Santasiere

    User Stats

    51
    Posts
    19
    Votes
    Corey Spruill
    • New Haven, CT
    19
    Votes |
    51
    Posts
    Corey Spruill
    • New Haven, CT
    Replied

    Welcome in from new haven ct and just joined bp.

    User Stats

    694
    Posts
    315
    Votes
    Rick Santasiere
    Pro Member
    • Real Estate Broker
    • Granby, CT
    315
    Votes |
    694
    Posts
    Rick Santasiere
    Pro Member
    • Real Estate Broker
    • Granby, CT
    Replied

    @Edward Yao.  Feel free to reach out.  I I would be more than happy to chat with  you.

  • Rick Santasiere
  • NREIG  logo
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    User Stats

    933
    Posts
    1,127
    Votes
    David Thompson
    • Investor
    • Austin, TX
    1,127
    Votes |
    933
    Posts
    David Thompson
    • Investor
    • Austin, TX
    Replied

    Hi Edward,

    Admire your efforts in managing a FT job, REI interests and being a single dad of 3. Hats off to you right there. As I read folks stories like this, if the ultimate goal is passive income to allow you to live your life, there are alternative ways to get into larger apartments (scale / forced appreciation concepts) that can greatly accelerate your cash flow and wealth goals by partnering w/experts in syndicated deals. If you are accredited you can certainly have your cake and eat it too. Leverage the talent, time and effort of others but achieve your dreams, that is very doable. You can still have some active REI interests on the side, but you don't have to do it all yourself. If searching for deals is starting to be hard to find and you value your time w/your kids, something to consider. There are better markets out there as well.

    Ultimately, most REI I talk to despite being interested in learning and owning real estate and wanting to be a more educated investor...over time they want to move to a more passive approach to it. I know in my case after owning a handful of SFRs and doing the property mgt, I learned my life and time was more valuable than searching for more properties, dealing w/banks, managing the paperwork and dealing w/resident issues. I moved into larger apartments as a syndicator where we have professional onsite management and asset management oversight that leaves me a ton of time to pursue things I really enjoy. These folks need investors to help w/these acquisitions and you reap the benefits. You put up funds, get to stay up on the project thru sponsor communications and get a check every quarter w/o any hassles.

    User Stats

    11
    Posts
    5
    Votes
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    5
    Votes |
    11
    Posts
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    Replied

    @David Thompson

    Hi, David. Thank you very much for the advice. Passive income is certainly my ultimate goal. I am also all for partnering with experts and participating syndicate deals. But as a novice, I have a lot to learn. I don't know if I am qualified to partner and if any expert can sort of show me the way in. Would you be willing to help me with that? I think I am at the border of being accredited. How do I get validated? 

    Thanks.

  • Edward Yao
  • User Stats

    11
    Posts
    5
    Votes
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    5
    Votes |
    11
    Posts
    Edward Yao
    Pro Member
    • Investor
    • South Windsor, CT
    Replied

    @Filipe Pereira @Rick Santasiere

    Thank you Filipe. 

    Rick, I would like to chat with you certainly. What is the best time to call you? Thanks.

    Edward

  • Edward Yao
  • User Stats

    933
    Posts
    1,127
    Votes
    David Thompson
    • Investor
    • Austin, TX
    1,127
    Votes |
    933
    Posts
    David Thompson
    • Investor
    • Austin, TX
    Replied

    Hi Edward,

    In the United States, to be considered an accredited investor, one must have a net worth of at least one million US dollars, excluding the value of one's primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year.[9] This is the basic criteria.  If you make it, I like to have discussions with folks to determine suitability, review their objectives, share some ideas.  I do this over about a 30d period, may even share past deals that I'm involved in for educational purposes. It's important to vet the sponsor looking at things like track record, experiences, types of deals they have done (you want value add), markets (you want top performing markets - job/pop growth), etc.  Do they have a website, google their names, check on BP for inputs, local MF meetup groups, etc.  I enjoy the education part of this.  Point you in some directions to look.  Reach out to me if you'd like and we can discuss.