All Forum Posts by: Daniel Raposo

Welcome to BP Rick Hupalo Definitely take a listen to the podcasts, there is a lot of great info in there. Also, there is a BP meetup next week in Fairfield at Anna Liffeys. Check out the events section for more info. Dan

Welcome Steve Quesnel I'm also in CT, mostly I'm the Fairfield county area. Definitely check out the BP blogs and podcast, there is a lot of great info there. Dan

It seems by your post that you're talking about wholesaling and if that is the case the high purchase prices in your area shouldn't really matter for you, as long as it lines up to be a good deal with the investment costs and ARV. Wholesalers are not finding deals online because everyone is already seeing them too, they are finding sellers through marketing and networking. If you want to to flip deals to investors I would suggest starting in your backyard with marketing to motivated sellers and networking with investors. Once you've built up a good flow then look to expand into other areas. Just my thoughts...

Marina Wong I don't think the builder would be amenable to you taking title to the property and holding the financing with a tiered structure like mentioned above. I just don't see that happening since he is finding the deal, finding the rest of the financing and doing the work. If you are going to be putting up all the deposit money and getting a percent of the profit at the end, my thoughts are that you would have to have an equity interest in the property to make everything legally sound. This is probably what the bank would want to see as well, even if the ownership structure strips you of any decision making ability or control you could have it so that you're first money out after the bank. If you are getting a fixed return on your money then it could also be done as a second position loan. This would be the riskiest because if something were to go wrong the builder would be getting paid as he goes from the bank so he would be fine and then the bank would be in first position leaving you at risk for the deposit. I don't see this as a bad deal necessarily, it would just depend on the builder coming through and structuring it properly. Good luck!

Hi Syed Firoz First I will say I am not an attorney but from the sound of it you should speak to one in your area. Second I think it would helpful to clarify the timeline of events for people if you want to get some good advice on here, so I will attempt to do so. 1. Tenant agent shows the property to the husband tenant for inspection, gives him the keys and he signs the lease. 2. The next day the wife tenant signs the same lease but handwrites a change to the rental amount. My questions at this point is who drew up the leases, are their two agents in this deal or just your agent, have you signed the leases at this point? If you can answer those questions I think people could probably give you some better advice.

@Michael Noto

@Kay Lee

@Vonetta Booker

Hi @Kay Lee Chris L.

I hope you don't mind me responding to all of you at once, but I thought it would be easier this way. I would be more than happy to get together, I'm always looking to meet new people in the area and real estate is one of my favorite topics of conversation... haha

@Michael Noto I am actually trying to put together a deal in Hartford right now, but the lower prices up there are leaving me kind of shell shocked and messing with me. Are you familiar with multi-family/retail properties and/or the Hartford area? Let me know what you think.

Hi @Lucius Sadler

Welcome to BP!

Definitely take a look at the forums, you can easily search for topics or keywords using the search bar in the upper right corner of the screen. You should also take a listen to the podcasts, I have found them to be very informative but also a great listen while in the car.

Good luck!

I'll be there.