All Forum Posts by: Karl Denton

See you there!

I just switch to Charlie Smith, it’s all done online and he’s in CT. http://www.innovativecpagroup....

He is also active on bigger pockets and owns real estate himself, he can help your business and be aggressive in making sure your writing off every aspect you can for properties. 

Hello Benjamin, I just looked into Tenant Cloud and Avail. After my own reasearch I choose to go with tenant cloud and pay for there upgraded package to accept ACH payments with no fees and list to other platforms for vacancy’s. It’s been great transitioning my tenants over to that platform. Check it out, it was 144 for the year and does what I need for my multifamily. 

Hey Kyle - I used David Blackwell out of Manchester, he’s very up to date in the real estate world and has been such an asset to my real estate team. Tell him I sent you if you get in touch with his office. 

I think this may differ by town and state however if you own the lot you should be able to offer parking however you see fit. If there’s street parking you can offer that and not guarantee it, you could also charge a premium for parking as well. 

Very interesting plan, I’d believe you can add who you want to the deed of the house after the sale. Just have to go through a little process afterwards using a lawyer. I’m sure it’s much easier at time of sale. However I’m unsure the tax implications when deeding over real estate, I’d think if they aren’t selling it and just taking over there shouldn’t be any capital gains on it. Hope you find more answers I’m curious how this would pan out. Wish I could help more. 

I helped a friend with this recently, he wanted to invest and I recommend using a HELOC as a line of credit to then fund hard money for the right deal and being able to get the money back out of the deal when it was refinanced. This is the absolute goal, he got started by obtaining the HELOC and then talking with HML's, as for protecting your asset you need to run numbers on the deal. Asserts that they will lend on depends on the lender and the value of the property.

Hello Jared, 
So I believe with hard money loans, the lender approves a borrower based on the value of the property being purchased and the lender may check soft credit but most times just wanna see funds of then assets they will need. They lend on the house knowing they can get there money worse case.  This route will be much less rigorous than it is with a traditional loan from a mortgage company. It is also unlikely that hard money shows up on a credit check or report but will appear in a assets search or background check. When using a hard money lender you’ll typically see them run background and asset searches rather then a hard pull of credit. This is one way, I’ll have first hand experience later this year. 

 I’m not familiar with New Jersey law but you can include smoking or other specifics in the lease and state she’s breaking the lease and will need to leave. I would just raise the rent to fair market as high as you can go in hopes of scaring her out if that’s your goal. Good luck 

Welcome Lindsay!

                           Im right in Eastern CT pretty close to RI, there's many local meetups in CT if you consider wanting to look at multifamily in this state. Your right there's many people flooding the market, however you need to be creative to find deals. I know many have enjoyed the app calling "Deal Machine" and also google driving for dollars. Basically drive around in the community you would like to invest in and find distressed homes and contact the owners. These apps help to send mailers in order to help find you someone who may wanna sell. Hope this helps get you started! Please reach out if you would like to connect!