All Forum Posts by: Filipe Pereira

What would you do with the profits if you were to sell @Sandesh Ghodke? If you don't have a purpose for that money then keep the property. If you need that money, or can improve it's rate of return by investing it elsewhere, then sell. 

It's a great market to be a seller in. #ThanksRona

Unfortunately I don't have a fantastic answer for you @Robin Lee, but the one time that I was digging into potentially having to do this with a tenant, the state marshal basically told me they are only going to move items of value. So if things look dirty / trashy / useless they are unlikely going to take it. I really doubt they are going to save every little thing a hoarder has. If I were in your position, I would seek out a marshal that shared that mindset. I'm not sure where in CT your property is located, but the marshal I called serviced the East Hartford area. 

Another option is to seek out the thoughts of an atty. I'd recommend Ben Shehu of Shehu law firm in that case. He's also in East Hartford. 

You lucked out BIG TIME on this thread @Andrew R.! It's not often that a connecticut related thread picks up this much steam all in a matter of a day or two. I think all the major stuff has been said at this point, and your hunch that going off market may be the best solution, is indeed the best solution. Unfortunately, it's also probably one of the hardest. 

You can find small multifamily in West Hartford for under/around 500K, but the problem is that the cashflow often doesn't warrant the purchase price. 

I bought a small multi, house hacked it, and then bought a live and flip in Windsor Locks. Just now getting to the "flipping" part. Happy to share my experience if you'd like to hear it. My phone number is in my signature!  

@James Spinazola great advice ;)

Hi @Margarita Reyes, 

I am a licensed agent, property manager and investor here in CT. As a licensed agent your husband should be careful about wholesaling practices. We are held to a code of ethics that, when someone feels we abused, can get us into hot water. Personally, I don't think you can ethically be a wholesaler and a real estate agent, but that's my opinion and surely others will disagree.

I can recommend some wholesalers and attorneys who have done a wholesale deal or two here in Connecticut that may be able to shed some light on this for you. 

Best,
Filipe

You need to tell everyone, all the time, everywhere that you are in real estate, sure. But more importantly you need to show / tell them why you are different and how you would outperform their cousin's brother's friend who is also an agent and who they have known for 10 years. 

I'm an agent. Truth is, we are a dime a dozen, and some don't charge their worth. 

You have to stick out. How are you going to do that? 

You can do whatever you want that's legal @Vinh Nguyen. Lowballing is legal. 

Are agents going to be itching to work with you knowing you're throwing 100 lowball offers hoping to close on one? Probably not. 

If you develop the reputation of the "lowball guy" do you think people will bring you deals first in the future? Probably not. 

From CT to CA we are in a seller's market. Lowball offers made sense in 2009-2012 then less and less ever since. Good properties out here are going under contract in 2-5 days sometimes over ask. If you're going to lowball on those houses you're just wasting your time if you ask me.

Mike is right. Evictions are definitely happening in CT right now, and small claims court is unlikely going to get her to move out, which should be priority #1.

As to the cars in the yard - that's an easy one. Send proper notice to everyone that effective "X" date any vehicles parked in "Y' locations will be towed immediately without warning. Then start towing. We've had to do this at a few of the Springfield properties we manage over the years. Towing is usually free for the property owner. Owner of the car pays for the tow. 

There's a certain type of people that think they can move 10 people into a 2 bedroom apartment and that doesn't fly with us. 

Just find an agent and property manager you trust and you won't really have to get to know the area if you don't want to. Problem solved? Just do your basic due diligence on the area, and the HOA. 53K isn't a massive financial risk in the grand scheme of things.

I am a big fan of this part of New Britain as well. We filled 2 out of 3 rentals there in under 10 days at full market rate. Tenants had 625+ credit scores, no pets, non smokers, no evictions, and NET income 3x the rent - just to give you an idea of the caliber tenant you can get in the area. 

Try Edward Schenkle at Jacobi Case in Milford, or Ben Shehu at Shehu law firm. I am pretty sure both service Meriden and most of Hartford County.