All Forum Posts by: Chris Merchant

There are deals out there, try to look towards the "mill towns" the towns that started around a mill most of them have mill houses which a 2-4 family properties. DM me if you have other questions regarding the area.  CT native here.

@Michael Feuerbach Exactly, when in doubt just ask the local building officials if you need a permit for the work you're about to do.  

I could be wrong but I wouldn't be surprised if unpermitted work leads to damage in the future it seems that is something the insurance could use against a claim if they can dig deep enough to figure it out. 

Check with your local smaller community banks, savings and loans lenders they generally are the best route and it can lead to endless possibilities of a great team member especially if they know you're serious about investing and you invest in their bank by holding an account with them.

@Matthew Paul I do agree with you, but this would all be relayed to the client and included in the bid/contract.  It is also what would make it a case by case basis situation.

@Ron White Anytime, by no means am I saying my plan is the best/right or only plan but it has worked so far with me, I am curious to see others replies as well.  That is the best part of this whole journey it is very fluid and can/should change along the way.

@Eric Sharkey well I am happy for you in your endeavor, education is a great thing you can never have enough of and there are many great books and resources out there.  The fact that your son has showed an interest is also awesome, it is amazing how many people around his age are showing such strong desires to get into the RE world.  And along with the knowledge he gains along the way and bond/relationship you two build and/or repair what better gift could anyone give their child than the gift of future financial freedom.

If you have any questions or ideas you want to bounce around feel free to DM me.

I personally love multifamily properties. 

Quote from @Alex Hart:

@Yuqiong Li

Because a lot of us are in the wholesaling business, not the rehab and sell business. We can flip our money over a lot faster and not have to deal with all the challenges that come with rehabbing.

Took the words right out my mouth, it is no different than why some people flip houses and why other by and hold.  Or why some prefer single family homes over multifamily, why do some realtors only sell homes and other also partake in PM... each and everyone of us have things we do or enjoy to do more than others.  I honestly thought wholesaling was a great pathway into REI with using very little capital to start and it may be but I have chosen a different route since then.  I am however curious to know more about wholesaling, it seems that is what you specialize in Alex?

@Christopher Luksa another great book, I read (though not a BiggerPockets book) is: Money Hacks Everything you thought you knew about money by Larry Stienhouse it is a great book not only about RE but just money in general definitely a high recommendation along with How to Invest in Real Estate with No (or low) Money down by Brandon Turner, in fact I have yet to read a Brandon Turner book that I didn't like or find loads of knowledge in and the same goes for any of the BP published books I've read to this point.  Another book I strongly recommend to get and keep in your vehicle, briefcase and or desk is Estimating rehab costs by J.Scott

@Bruce Woodruff Yeah I'm guessing every municipality is different, that just seems to be the norm in Ct. even when we do excavation on a property where a structure already exists we just have the occupant of the building slap it in the front window along with the crew on the job usually having a photocopy with them as well (which is just our company's protocol).

Another caveat around here, homeowners can pull some permits without a license for some tasks generally as long as it isn't major structural work, major electrical work and possibly major plumbing work (those require licensed contractors to pull).  Some contractors will even offer pretty nice discounts if the homeowner pulls the permit.  I however am not sure if the owner of a non-primary residence could also do that, they may require a license to pull any permit on investment properties, I have never tried as I always have my contractor pull or coordinate the pulling of permits.

Quote from @David Malik:

Quote from @John Morgan:

I have 9 tenants with felonies on their record and they’ve been my best tenants. I’m all about second chances and it’s been rewarding getting to know these people over the years and watching them make a come back in life.

 This is very positive information going forward on our journey. Thanks for what you are doing and for your post.

 No, thank you for what you've started.  A small stone can cause a ripple in the water.