All Forum Posts by: Daniel Raposo

Welcome to Norwalk!! I also live here and work here and in surrounding towns. If you would like to get together there is a great investor Meetup on Thursday mornings at 7am at Valencia Luncheria on Main Ave in Norwalk. Then there is also always the monthly meetup at Anna Liffeys that was mentioned earlier.

Hi Oliver Noll Congrats on taking your first step into the game. One thing you mentioned that stuck out to me is that you're loan makes up about 20% of the down payment. Also, if there are other people putting up money, how and in what position are you in if this falls apart and you have to foreclose? If your money is part of the down payment, my guess is there will be a first position mortgage and that you and the other "lenders" are going to be behind them. If things go south I'm guessing you will not get any of your money back or be in a position to take over the property because the first lien holder won't let that happen. This really comes down to risk/reward and you should be more concerned with how much the sponsor and other "lenders" are putting in, how and when everyone gets paid back and paid profit, and whether the returns are worth that risk. To me, it sounds more like an equity or mezzanine position than a true hard money loan which would typically be in first or second position, in which case the returns would typically be closer to 18-20+% not 10%.

Hey Michael Kovac Just a heads up this is not in East Norwalk and may be confusing for people familiar with the area.

Hey @Bennett Moore

Welcome to BP! 

If you're interested in meeting some local investors there are a few great meetups and get togethers in Fairfield County. I meet with a group of investors every Thursday at 7am for breakfast at Valencia Luncheria. I know this may be a bit early for a college student, but figured I would throw it out there haha... 

Southern CT REIA is meeting Thursday night, the 14th, at 5pm and this month's meeting is focused what Landlords should know. They meet at Norwalk Town Hall, you can find more information on Meetup or their website.

The third group is organized by @Jonathan Makovsky here on BP. We meet at Anna Liffey's in Fairifled the last Wednesday of every month. 

Good luck in your last semester!

Typically FHA financing is used for owner occupied properties, so I'm not sure you would be able to use this low down payment type loan for an investment property that you and your mom would own in some form of partnership, unless you were both going to be living there. Secondly, typically the funds for the down payment need to be your own, or gifted, and you typically have to state this either in the loan documents or affidavits that you have to sign at closing. You could also look to find a multi-family in a lower cost area than higher cost Fairfield County towns such as Bridgeport, New Haven, Hartford, New Britain, etc. Don't give up yet, there are still many more ways to invest, you just need to keep it up. Good luck!

I'm actually getting prices for my building right now, I'll let you know who I come up with...

Hi @James Annello

I'm not sure about your tax question because I have never used that program, however most towns have their tax bill information online. You could probably look up the tax bill just by the owner's name or property address, and also see if they're paid or unpaid. I think 55 addresses may be good for you to just do some letters yourself, but not necessarily large enough to warrant online printing/mailing services. I typically will print, stuff and mail letters by hand for small lists I put together like my driving for dollars type addresses or random referrals people give me. 

Jerryll Noorden I'm assuming the house is in Wilton where you've been farming, so your numbers are not unreasonable. However, the Wilton Market is slow, especially in the $1M + price points, so houses need to be priced really well to move quickly. The other aspect of this is if the house is already in good shape, why wouldn't the owner just sell it through MLS. If they put it up on there with a 20% markdown it will be a feeding frenzy... Let's grab coffee again and we can discuss it if you want. If your numbers are right, I would be more than happy to put some money together to do this, if the numbers make sense.

Welcome @Brendan Miggins 

Welcome David Senna