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All Forum Posts by: James McCard

James McCard has started 3 posts and replied 273 times.

I would echo what @David Morizio said and also expand to Granby, Burlington and New Hartford. The problem is that in the valley area there is a limited amount of multifamily units. So you would probably be paying all the money for one. That being said I live in New Hartford and while I do not fall in line with some of the local politics I love where I live and love my house. 

I do think there are plenty of single family houses in the area. While I am not sure now is a great time to flip, to each there own. 

I would not look at WeHa as I believe that market is just insane for anything beyond appreciation (which is not always promised). If you are up to it I am happy to give you a tour of the area that I know well. I have lived in the area my entire life. Just send me a PM! 

Post: In need of Attorney in Hartford, CT area

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

I will second @Filipe Pereira recommendation for Ben Shehu - while I have never used his services I would not hesitate to in the future. 

Post: Is it ok to make lowball offers as an investor?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Joe Villeneuve:
Originally posted by @James McCard:

As a perpetual low ball offer type of person you have to realize something. In todays market you are not going to get a lowball offer accepted with an MLS deal unless you are the only offer, or can close quickly and in all cash etc. So I would recommend going outside of the MLS - if you have no competition on offers you are more likely to get offers accepted.

The other thing is this. If you support the offer with evidence you'll have better luck. I have made offers with agents and said it is a standing offer, or been told no and a few days later have the seller come back with a lower number. If you know you numbers and are forceful in doing so you won't have any issues. 

This is basically a go between on a the last property I purchased: 

Agent: Nobody is buying this house wholesale

Me: Would it be okay if I reach out in a month to see if the seller has changed there mind when it is still for sale?

A few days later... 

Agent: Would you be able to close quickly if I could get you in at 25k? 

Me: No it would have to be 24k... 

A few minutes later... offer accepted. 

This specific instance I was being a pain in the *** just to be a pain in the ***. I almost never accept the first counter offer someone makes me. To me it seems that there is more meat on the bone. 

I legitimately enjoy negotiating and honestly if someone thinks I am an ******* they probably are not wrong... Do I care if I potentially piss off a stranger with a low ball offer? Not really. That being said I also do immediately identify myself as a bottom of the barrel guy when someone asks me do you have an interest in XXX property.  

 I used to take this approach, and as successful at it, until I realized I could be more successful by learning how to get creative in making offers that can be higher than the AP...and make more money now and in the future than those trying to lowball every offer they make.  It's really nothing more than understanding that the power of an offer lies on the left side of the math equation that is the market/property analysis.  That's where all the constants, variables, signs, etc...that represent all the elements found in every deal/offer.  It's like balancing a chemistry equation.  It's just an algebra problem, with dollar signs in front.

I would love to hear more about this. If you care to share. Shoot me a PM or feel free to respond here. Whatever you prefer. I agree that often times there is better way, although I also feel like I have made it this far in my life always buying things right so why mess with what works. 

Thanks, 

Jimmi McCard

Post: Is it ok to make lowball offers as an investor?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

As a perpetual low ball offer type of person you have to realize something. In todays market you are not going to get a lowball offer accepted with an MLS deal unless you are the only offer, or can close quickly and in all cash etc. So I would recommend going outside of the MLS - if you have no competition on offers you are more likely to get offers accepted.

The other thing is this. If you support the offer with evidence you'll have better luck. I have made offers with agents and said it is a standing offer, or been told no and a few days later have the seller come back with a lower number. If you know you numbers and are forceful in doing so you won't have any issues. 

This is basically a go between on a the last property I purchased: 

Agent: Nobody is buying this house wholesale

Me: Would it be okay if I reach out in a month to see if the seller has changed there mind when it is still for sale?

A few days later... 

Agent: Would you be able to close quickly if I could get you in at 25k? 

Me: No it would have to be 24k... 

A few minutes later... offer accepted. 

This specific instance I was being a pain in the *** just to be a pain in the ***. I almost never accept the first counter offer someone makes me. To me it seems that there is more meat on the bone. 

I legitimately enjoy negotiating and honestly if someone thinks I am an ******* they probably are not wrong... Do I care if I potentially piss off a stranger with a low ball offer? Not really. That being said I also do immediately identify myself as a bottom of the barrel guy when someone asks me do you have an interest in XXX property.  

Post: Building in West Haven, CT

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Jonathan Martinez:

@James McCard - The previous owner was running an auto body/ repair shop out of the garages. However, the property is zoned for multifamily housing. 

See that seems to be something to perhaps go after. That is just me though. 

Post: Advice on selling farmland with a ranch house?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

I like Moodus but it is super far from my job. In a few years we probably could of put something together. There is an *** for every seat though. 

Post: Any Tolland County groups?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

Paul I think I may know you are you a regular customer of a garage in Canton CT?

Post: Building in West Haven, CT

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

If it is zoned commercial you may make more renting it out to a repair shop or body shop. That's up to you though. 

Post: Duplex in ct commercial property in mass advice on multi state?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

I think we would need a bit more information on how much is owed on each property vs what they are worth and in general some more details. Let us know and I would be happy to discuss further. 

Post: Buy and hold in Connecticut: what’s working, what’s not?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Jeff Piscioniere:

@James McCard it really is a nice little town! Classic American downtown with lots of good restaurants. Sasso’s is some of the best pizza I’ve had in CT and that’s coming from an Italian who has one of CT’s number one pizza 10mins away. I think if the big city migration continues from NY to CT where their money is going a lot better, that the blue collar service hub of Torrington will be there in the NW corner. And as I mentioned, Hartford Health is getting bigger and bigger. James thanks for the connection too!!!

I will fight you on pizza there is a guy up my way. Bakerville Pizza - he has a food truck and it is honestly probably the best pizza I have ever tasted. Once the world goes back to normal we should link up for a beer!