All Forum Posts by: Daniel Raposo

You should definitely have something in writing outlining how and when the contractor will be paid. How detailed you get with this is up to you and also how detailed you've broken down the contractors prices. I would also recommend holding something back to be paid upon completion or receipt of C/O. 

I think this happens more often than you would think. I'm doing this right now with two properties I purchased last year, in one I will be renting out the main house and using the smaller detached garage/apartment for storage and office space and then in a mixed use multifamily building I bought about an hour away I am splitting off a small area of the retail space to use a real estate office for that area, while renting the rest out to stores. This strategy obviously make a lot of sense, as long as the numbers work.

Congratulations on your first deal! Let us know how the rehab and everything goes.

Brian Williams I think the point Curt Davis is trying to make is that while you my have found a bank that will do 75% of purchase before six months or 75% of appraised after six months, there are other banks out there that may have a better option. His bank is one example of that. While his bank might not be in your area, there may be another bank in your area that will do something similar. Keep calling other local or regional banks in your area until you find the bank with the best option for you. So far it seems like you've found a decent option, but they're still not your best case scenario. So keep trying!! You can typically get a list of all banks from the state websites (Dept of banking or something of the sort) since banks are highly regulated. I keep a list of every bank in the state and have been slowly trying to make contacts at all the small banks in my state...

The first thing you need to know about 203k loans is that they are only for owner occupants. You can't use them to buy an investment property that you are not going to move into and live in. While you are supposed to live in them for at least a year, I have seen people who got a really good deal refinance out of the loan after about 6 months and then turn around and sell the property. Just know that if you do this, you won't be able to use another 203k loan for two years unless you can show there was a significant reason you needed to move (like you were moving because of a work change at least a certain distance from you house, or moving into a significantly larger home, etc)

Definitely talk to a mortgage broker/lender who handles a lot of 203k loans to find out more about this.

Welcome to BP. There is a ton of information here for you to explore, just keep reading and asking questions... If you're interested in meeting more local investors the Southern CTReia is great, there is an even better group that meets Wednesday in Fairfield, and then CT Reia is probably the closest for you, they meet in Meriden. There are a few other meet ups in CT that organize here on BP if you search in the events section. Good luck!

It seems like you answered your own question. You're concerned about the quality of the repair work, you're concerned about landlord's honesty regarding his numbers, you're concerned about the condition of the property and you're concerned about the potential tenant draw due to it's condition. I always have to remind myself not to talk myself into a deal, but always try to talk myself out of a deal. You're talking yourself into this instead of listening to your gut...

You've already done the best thing to get started in real estate, joining BP!! 

If you're looking to learn take a look at the education tab at the top of the page, there are some great member blogs, webinars and of course the podcast is great. Spend as much time as you can  going through things as the topics interest you.

Good luck!

There is ton of information about this on the site. Take a look at the rental property calculator under the tools menu, there is also a ton of information about it in the blogs. Good luck!

You could probably have some custom laminate counters made for a pretty reasonable price if you're not looking to spend too much on stone. Home Depot and Lowe's can have them ordered or you may be able to find a local cabinet place that works with laminate.