All Forum Posts by: Erik Manley

@Zach White Well When i did mine it was a full gut and was a full 203k not the streamline. The lender does not oversee or manage the contractor at all, that’s going to be all your responsibility. The lender does on the other hand appoint a 203k consultant who is basically just an inspector. He will come and create a scope of work at the beginning and when you call and schedule an appointment, he will come out and take pictures, inspect the work done, and submit the paperwork for the draws to the contractor. As far as the contractor goes all they require is that he is licensed and carries the proper insurance for the most part. It will be your responsibility to make sure the contractor is doing his job and hitting his target budget and timelines. A 203k is a great tool and I couldn’t have gotten started without it, but it is a ton of paperwork and takes about 3 months on average to close, but it can be done in 2.5 months or take longer if the lender or you aren’t on the ball. Also it’s very important to only use a lender that has a lot of 203k experience. Make sure you check with zoning and the building department before converting to a 4-plex since it’s not always allowed. Good luck!

Tonight’s the night! Looking forward to Schuyler’s presentation and networking everyone and with new investors such as @Michael J. Finnegan and others!

Happy New Years Everyone! After taking a month off in December, we'd like to invite everyone to January's Milford Meetup. The topic this month is Business Planning and will go over different ideas and considerations as you start to grow on your real estate journey. After that we can all mingle as usual, hope to see you all there!

Anyone can text me @203-520-3536 for details. Sorry for the inconvience. 

Hello everyone sorry for the last minute change, but since I was unaware that the library closed at 5pm tonight we will be holding the meeting at Colony Grill in Milford, right down the street from the library. My apologies.

30 Broad St, Milford, CT 06460 is the new address. 

Due to the weather forecasted for Thursday evening, we have rescheduled this meeting to Friday at 6-8PM

Hello Everyone! As The weather gets colder, the real estate market is starting to change, but interest rates are still on the rise for the foreseeable future. What does this mean? Do you sit on the sidelines and wait for the next housing correction, or is pushing on and looking for the deal that's becoming harder and harder to find the best plan? We'll go over what it means for banks, the economy, and what you as an investor can do to better yourself and succeed in the current state of the real estate market. Hope to see a couple new as well as familiar faces!!!

Hello @Ginger G., the meeting was on last Thursday, but we have one every 3rd Thursday of each month from 6-8pm at 57 New Haven Ave, Milford. Last month was pretty hectic, but I’ll be posting next month’s well in advance to get the word out. 

Hello Everyone! We invite all investors new and old to join us for our October Meetup at the Milford Library, we'll be going over the Foreclosure process in Connecticut and then networking as usual. We hope to see you there!

Hello everyone! Since we had such another great turnout from our last event, we will be hosting our next meeting on Thursday September 20th. Since a lot of people have been asking me how they should come up with an offer on a flip, the topic this month will be on How to Analyze a Flip, and we’ll get to network as usual. So from calculating hard money, taxes, holding, and sales costs, we'll go over it all . We are also meeting at a new location, the Milford library. When you get to the top of the stairs, take a left and you'll see us in the corner. Hope to see you all there!!!