All Forum Posts by: Carlos Velasquez

@Kristopher Kalieta Hi, I live in CT and I started investing in real estate around 2010. The houses were very affordable back then because of the resent market crash. I had no experience and wanted to start flipping. I bought a house cash for around 20k. Everything went wrong and this was a heavy costly loss. Only then I started getting educated on real estate and a year or so after I tried again. Based on my experience I would recommend to buy a sf house and rent it. Here in the northern part of ct nowadays you’re getting around 2k per month. If you buy a distressed house and fix it for a rental you will spend a lot less money than a flip. You will collect rent and the equity will build. After 6 months you can do an appraisal and either refinance the property or do a Heloc, which is what I did and bought another and so on until I had enough to start flipping houses. I do both now and I only wish I would have started when I was like you in my 20’s. I’ll try to help you as much as I can. Good luck.

No title companies in CT everything is pretty much handle by attorneys you just have to make sure they are used to working with real estate investors and wholesalers because of the creativity on deals.

@Melanie King, I just saw your post. I had a similar problem ad the sell fell through. But this is what I learned. The test are not accurate because the oil can be leaking through the belly where they cannot take samples. Also, if the tank is big (I forgot how many gallons) is better when removing. The companies that I contacted for removal told me that the bigger the tank the easier it was to remove because the frame will be able to stand the pressure when removing. But if the tank was small it would the risk of breaking when removing was much greater. Just ask those questions, if you haven’t, to the companies planning on removing the tank. I was also told that to clean an oil spill could be very expensive (over 100k sometimes, specially it there’s ground water) so be careful. Last, if the tank is working and this is for a rental you don’t have to remove it right away. Please post the outcome if possible; I am very interested in finding out how it went. Have a great day and good luck.

@Preetinder Singh, I know a broker owner of a real state firm that may point you into the right direction. Please send me a pm if your interested.

@Account Closed Hi and congrats!! Just want to make sure you have run numbers and know how much you will be making. Include taxes, insurance, a percent separate for vacancy and repairs. Also if possible include 10% for property management. Still run a background check on the tenants you have inherited. Other than reading contact people that are renting around your area. It would help if the utilities are separate. Put in place a lease that make sense to you sine tenant is in a month to month. I can give you a contact for a property manager if you need advise or consider hiring a PM.  Good luck.

@William Collins I had a tenant who destroyed my apartment and the city condemned my place (so no one could enter inside). I had to move them into a hotel and pay for it but now they were required to pay rent and when they stopped paying I started the eviction process. Also, my insurance cover the damage and paid me the rent as well. I did this with the aid of an attorney. But the main thing is to get them out of your property. Hope things work out it is a horrible story.

@Mack Bailey Yes closing costs can vary in price but 5K is typical. There are a bunch of fees by the bank and bills including taxes that have to be paid.

@Mack Bailey I will use actual numbers on this buy and hold I have. Bought it for 63K had to put 20% down 12,600. Plus closing cost 5K and repairs 13k. Rehab wasn’t fancy because it was a rental . Rents for 1,500 

@Mack Bailey I am an investor from Suffield and have recently bought in Granby. There is opportunity here still just have to be good with numbers. Any questions just ask me, happy holidays!!

@John Sheridan I am from CT and can tell you the type of tenant would make a big difference. Enfield is a great town to start specially if you don’t have much experience as a landlord. New Britain will present challenges as there are many experienced tenants that know the system better than most landlords. I also saw your profile and I need a roofing contractor so please pm me for future projects.