All Forum Posts by: Jason Arcuri

Hey Ian, I can help.  What are you looking for exactly?

You really don't have to put any money down if the seller is willing to allow this.  For the sake of the contract, put $1 down if you want to keep it technical.

I loved New Haven for years but the prices are getting way to high for a good return.  

Right now I'm living New Britain, Meriden, and waterbury (waterbury is a lot tougher but the prices are still very attractive.

For my first time buyers I recommend meriden over new Britain but they aren't too different overall. 

@Rachel Steenland, I don't run into excessive maintenance because of age.   Realistically you need to look at the mechanicals to have an idea of what your big ticket items will be.    

I usually plan on reinvesting my first two years of profit back into the house though.  I like to make my properties nicer and haveless maintenance in the long run. 

I'm in Connecticut and can tell you that you can find good properties for that 20% down and they would cash flow very well for you.   If you're paying a management coming you should be above 500 a month.  

The hardest part of investing out of state is trusting a management company.  I've had many issues with them not doing their job to find out way to late. 

As far as places to invest in Connecticut, I love new haven and Hamden area but their investment prices have gone up significantly the last couple of years.   Im and around Waterbury has great prices but high taxes so make sure you run those numbers too.   Meriden also has solid properties.

Not trying to be a jerk but the numbers you have there don't make sense.  

58k out of pocket with cash flow of 5k a year is less than 10% cash on cash. I know Southington is a nice area but for 220k or 250k I'd be looking for 3k+ a month in rental income. 

Also, who's going to pay off the difference on the mortgage like Michael said.   Things like this rarely ever work out.   

You have a better shot of "renting" the property from them with an option to buy. Then paying them the mortgage payment every month and managing the property with getting the cash flow from it. 

First off, your realtor didn't know they had an eviction?   Generally a realtor should do a background check and credit check.   Second off contact and attorney that does evictions.  If you're in New Haven for this rental I recommend Ori Spiegel if you're going to be doing the eviction in Waterbury contact Steven Grant.

The longer you wait the worse the pain will be.

Hey guys, I'm buying a property through a wholesaler and it is their first deal and my first deal with a wholesaler.   They got a contract off a guru that says buyer to pay all closing costs minus back taxes, liens, etc.   
In Connecticut we are an attorney state and I'm wondering if this is typical even for our state.  I don't know why I'd pay for the sellers attorney when it comes to closings.  
Thanks for the help.

I may sound dumb for this but Connecticut is an attorney state.   Our attorneys use their title companies.   I couldn't tell you who my attorney uses but can give you his contact if you'd like. 

hey Robert, I've had great luck with local banks for commercial financing.   I can give you some contacts but if you use a local bank, start there.