All Forum Posts by: Jonathan Makovsky

 Hi Brian, I spoke to the person that approves the brokerages in the Connecticut licensing division and she was very helpful in explaining the technicalities. My understanding is that:

1) The person holding the Broker license has to hold over 51% ownership of the Entity - is there any way around this? DON'T BELIEVE THERE IS ANY WAY AROUND THIS.

2) Is it OK that I hold the brokers license as 51% or does the entity need to hold the license? IF I'M NOT MISTAKEN YOU CAN BE A BROKER AND YOUR ENTITY CAN BE LICENSED AS WELL (WHICH YOU WILL NEED TO PAY TWO SEPARATE FEES TO DO THAT). HOWEVER, YOU CAN JUST HAVE YOUR ENTITY LICENSED AND YOU CAN ACT AS A REPRESENTATIVE TO THE ENTITY, WHICH WILL ONLY COST YOU ONE APPLICATION FEE. (YMMV.)

3) If 51% ownership of LLC needs to be held by myself (person holding brokers license), is it still possible for "back end ownership" to be held as an equal 33.3% ownership amongst the 3 partners (would this be considered the stock interest rather then % of ownership)? CONFIRM WITH THE LICENSING DIVISION AND AN ATTORNEY, BUT MAYBE THE STRUCTURE OF YOUR BUSINESS CAN BE DIFFERENT. AS AN EXAMPLE, MAYBE YOU CAN RETAIN 51%+ OWNERSHIP OF THE ENTITY, HOWEVER, OTHER ITEMS ARE SPLIT 33.3% LIKE PROFIT/LOSS, BUSINESS DECISIONS, ETC. 

Originally posted by @Will Biestek:

Jonathan Makovsky thank you for the post! I have been trying to find meetings in CT for a while! Do you always host in Fairfield County?

 Yes, last Wednesday of every month except for Nov. and Dec.

Real Estate Investment meet-up is back at the end of each month.

We have been averaging about 45+/- people each month and quite a diverse group in the real estate industry. Many real estate investors (flippers, buy-and-hold operators, etc.) and other service professionals (lenders, brokers/agents, wholesalers, insurance agents, attorneys, etc.) so it will give you the chance to network with lots of people in all different specialties and a variety of experience from brand new to well seasoned professionals.

Date: Wednesday, Feb 28th @ 7pm! (FYI: We have a non-compete with the holidays for the last Wed. in Nov. & Dec. and therefore don't meet then.:))

Location: Crave, 52 Sanford St, Fairfield, Connecticut 06824

Time: 7PM mingle. At 7:45pm we go around room to introduce everyone so you can let everyone know what you do and who you would like to meet at the event (brokers, lenders, wholesalers, investors, attorneys, insurance agents, and more.)

No Cost: It's FREE! Okay it's almost free - please make sure to buy (lots of) drinks and food from the bar.


Happy investing!

@Nick Selca no need to mention anything - you can just come right in. We usually meet in the back room and bring anyone you'd like. Just buy food from the restaurant/bar, there is no cost of admission or any sales pitches.

Thanks @Elio Campiolo Jr!

@Michael Malkowski we do have a Connecticut meet-up bordering Bridgeport (in Fairfield) and we average about 45 people - would be great if you want to post on meetup and if you want to take over that role too would be a huge help!

Here are the details and hope to meet you if you can make it: https://www.biggerpockets.com/forums/521/topics/522760-jan-31st-connecticut-real-estate-meet-up-at-crave-in-fairfield-ct

Happy New Year!! 

Our Connecticut Real Estate Investment meet-up is back at the end of each month!

We have been averaging about 45+/- people each month and quite a diverse group in the real estate industry so it will give you the chance to network with lots of people in all different specialties and a variety of experience from brand new to well seasoned and from all areas too (Fairfield County, New Haven County, Hartford County, etc.)

Date: Wednesday, Jan. 31st @ 7pm! (FYI: We have a non-compete with the holidays for the last Wed. in Nov. & Dec. and therefore don't meet then.:))

Location: Crave, 52 Sanford St, Fairfield, Connecticut 06824

Time: 7PM mingle. At 7:45pm we go around room to introduce everyone so you can let everyone know what you do and who you would like to meet at the event (brokers, lenders, wholesalers, investors, attorneys, insurance agents, and more.)

No Cost: It's FREE! Okay it's almost free - please make sure to buy (lots of) drinks and food from the bar.


Happy investing!

@Account Closed while the drive is not too bad from Massapequa to Connecticut, I wonder if you are going to find better deals here than in Long Island. Without having much knowledge to your situation, my recommendation is not limit yourself to your monetary restrictions ($100K) and instead focus on finding an amazing deal and partnering with someone to hit a home run. It's very likely that within a short distance of where you live and in an area that you know you can find some pretty beat-up homes that no one has reached out to yet. You might also know local contractors and Realtors to help you in the process. You also might know about a home situation where someone needs to get out and have an inside scoop.

However, if you think investing is out of state is better, give it a try. No harm in calling a local agent and seeing properties and putting numbers together.

Best of luck.

@Rama Motwani 

as @Mario Bellavia and @Filipe Pereira alluded to the small state of Connecticut is wildly different. It definitely has its struggles, like big companies leaving the state and fiscal issues, but also has a lot of pros (being close to NYC and Boston) and still has many Fortune 500 companies. 

Some of the other cities you mentioned are rapidly growing and Connecticut is growing at a small clip in Fairfield County and is stagnant in most other parts of the state. I think something to think about is what size property you are looking at and your situation. For example, if you don't have any ties or connections to the other cities you mentioned and you would have to get on a plane to visit them to learn more then I would not do that for a 2 or 3 family. However, if you are looking at 200 - 300 units that will change the equation.

Best of luck!

@Timothy Jacobson also a good idea would be to call local banks and ask them what is best - lots of good ones in CT.

Just a head's up for fellow Connecticut investors that the interest rate for the security deposit will go up [slightly] in 2018 from .08% to .09%. Source below:

http://www.hartfordbusiness.com/article/20171213/NEWS01/171219970/1004?utm_source=enews&utm_medium=HBJToday&utm_campaign=Wednesday