All Forum Posts by: Jason Arcuri

@William Joseph It probably is extremely doomsday but you basically are a general contractor.  If you're highering subcontractors though, you need to make sure each of them has insurance especially if you're not going to carry insurance yourself.  
The reality is that a doomsday scenario is unlikely but doesn't mean it can't happen either.  How many house fires have happened from new electrical????

@Tyler Hespeler a ton of properties don't pass the 2% rule. That rule is very very unrealistic if you aren't going into harder areas. 1.5% is a good quick indication. I also look at taxes. For example, I have a client selling a home in not a great section and will be asking around 140k 3 units, 800 a unit. Initially it's pretty good. Then, the taxes are ONLY 2400 which is unbelievably rare. Average is usually like 5500 for similar homes. This shoots the ROI way up and makes it a great investment.

@Tyler Hespeler   If you have the cash, I recommend going for as much as you can afford.  You'll be paying down a bigger mortgage and theoretically, your cash flow will be slightly higher.  Find an agent in the area you want to buy that KNOWS investments and can run the numbers with you.  Especially for the first couple, you want someone who has an idea what the numbers look like plus what the potential repairs will look like and cost you. 
I generally look for the 1.5 to 2 percent rule here in connecticut but thats been harder to get lately.  Not impossible but need to be paying attention.  My goal is also to profit 1000 a month on a multi unit building.  That changes depending on factors and cost but is just a general guideline.  Also that does NOT factor in rent loss or much for repairs.  I know with that amount, I'll be able to cover 95% of repairs that come up as they come up.

@Tyler Hespeler

What I ask every investor I work with is, what are your financial goals? What died a property need to make you a month to be considered? What appreciation are you hoping for?

Connecticut doesn't have much appreciation but we have amazing cash flow. If you're concerned with getting high appreciation, consider going out of state but realize your cash flow will probably not be as good.

Personally I buy rentals with the idea that I never want to sell them. Price going up or down doesn't affect my income or bottom line.

@Mike F. Honestly not their problem. Do you meet their guidelines?

What area are you looking in? There are maps out there for the affected areas. Don't get me wrong it could be outside of that but statistically speaking, it is significantly less likely in day the south west area vs the north east.

@Preetinder Singh I have both but don't really use either. My focus is much more fb oriented

@Preetinder Singh as of right now there really isn't much to do other than get through your class. Feel free to reach out to me though if you want to talk about it and what to do when you get your license.

As a rental property, I wouldn't touch this in Connecticut.  That same purchase price can get you 2700-3300 a month no problem.  As far as taxes going up, that's not how it works in Connecticut.  Has nothing to do with purchase price.

I'm in Connecticut and make all tenants remove snow except for my big building that has a huge parking lot.

The reason is money, convenience, and legal. 

I have a client that had a friend of the tenant slip and fall and try to sue.   Due to the tenant being required to remove the snow, the tenant had to be sued.   Of course the injured person never pursued the tenant once they found that out.