All Forum Posts by: Carlos Velasquez

There is one in Rockyhill Connecticut which is about 25 minutes from where I live, Suffield CT, so I guess another 10 minutes for you. Their next meeting is the 20th of this month. The place is the Wood N Tap at 7pm. You can also get a hold of Stephanie Cabral here in BP as she will host this meeting. It is free, the room is in the back and the only thing asked is to buy something from the restaurant/bar. If I go you can look for me, Carlos. Take care.

The property is in Willimantic CT. I will try to send pictures and attachments of the property in a pm because I dont know how to post this here. Sorry just updated to "Plus" account.

I currently have a property under contract. It is a 6 family 13 bedrooms total and 6 bathrooms. It is a mile from Eastern State Connecticut University. Everything works but it needs some repairs and updates. I have 3 tenants that are being removed and living just one so it is not completely empty so the buyer can start fresh (and not inheret problems). Electrical is already separated. Only one furnace and water heater so after getting this separated and updating the property you are looking at about 30k to 40k in repairs. If interested, I am asking 99k or best offer. I have an analysis of the property based on the location fair market rent provided by HUD.

I am reaching out to bp and see if you could recommend a reasonable insurance carrier for my properties. Please contact me at my email on my profile as I don't know if I'm allowed to discuss this topic. Thank you.

Hi BP community, pardon my ignorance but as many economist are predicting the buble to once again pop (this time with worse consequences), is section 8 safe? or will the government pull that cord as well? This concerns me because as I am planning on accepting more people that receive secton 8, I wonder what would happen if the government stops paying. Any feedback is greatly appreciated, thank you so much.

@Meghan Reed

can anyone attend the meeting at Springfield?

Hi, check out the cash flow bud. 550 right? -taxes, - insurance, -mortgage (unless you a are paying cash), -  vacancy rate, -money saved to repair future damages = cash flow, how much of that will you have left. The other thig is that you actually can do a market analysis and find out how much the property is actually worth. If it is more than the price you're buying it for great you got equity, if the rent is priced under great you can raise the rent (more cash flow). These are the basic things you need to know and please do use the property calculator it will give a better idea o the deasl, good luck.

@Rocky V. @William Hochstedler The house has a mortgage of 1,420 so no cash flow. I do not mind waiting 2 years; it is not the only deal I am working with and this would be harvesting a good deal for the future if possible. I do need to learn more about sub2 though, after talking to my attorney she told me banks in my area hardly ever make a due on sale call and I would love to take advantage of this.

The house is worth actually worth aeound 125K 130K based on resent sales and because I am familiar with the market. Thw house needs repiars and houses similar that need repair are being sold at 90k. I bought the house next door from a REO at 76K and I am now renting it at 1,500 I was offered 120k but decided to kept it as a rental and take an HELOC for 35k. That is how the market is moving in this area. You guys are gicing me excellent feedback. I think that a short sale makes more sense. A sub2 would not work because it would not give me enougj equity or cash flow. I will try finding a short sale agent ASAP and see if we can work something out. Thanks everyone...

I recently finish renovating a house I purchase and the lady next door approached me. She is selling her house for 117K but actually owes 140K. She knows she has to pay the balance and is considering going bankrupt. No offers has come as houses with similar conditions are being sold at around 90K . She is reaching out to see if there is something I could do. Before approaching her, I want to reach out to the bp community and look at some options. I was thinking talking to the bank and do a short sale but what about a subject to? Please give me some feed back as I would like to help this lady and make some profit in the process.