All Forum Posts by: Jorden P Dupont

Whats up Christian! Welcome to BP!

A lot oh hostility in here, Shessh.

Okay, so... A couple of things here. Getting these contracts signed for every property you see is a recent thing. August 17th is when this all went into effect. Most brokerages did a poor job of educating their agents of these changes so please bare with the agent. I will however shake a finger at the agent for not reviewing this document with you and teaching you what youre signing. Ill take the lead on this one.

Not sure where youre from but in the Greater Hartford portion of CT we use 2 different buyer broker agreements. One is for a single property. I use these as a one and done deal. I don't like trapping clients with me that may not be a good fit. Especially if we're meeting for the first time. We sign before entering the property and i have it set to expire the next day. After that they're free to use whatever other agent they want. I'm comfortable with the value i provide as a buyers agent so it doesn't bother me.

The other buyer broker agreement is a standard one that people sign usually for 60-90 days and it includes land, multi, mixed use etc etc.

Your document may differ slightly but ours is

Section 1. Property Address

Section 2. Agency. Just means youre a buyer, I'm a agent and we're agreeing to work together

Section 3. **Length of Agreement** - States when this contract ends. This date is important. Find out what date is on that contract

Section 4. **FEE**- Explains what the buyer brokers fee is. this is not set by law and is always negotiable. The thing you need to pay attention to here is how many days following the termination of this agreement are you responsible to pay that first agent. Usually agents opt for 60-90 days. This means if you buy a property that they show you within that time frame...you still owe them their 2.5 or 3% or whatever they charge. They did their job. This is similar to a carpenter building your deck and you saying eh. i don't like it. I'm not paying you.

Section 5. For Best Experience

Section 6. Additional Terms

Section 7. Other buyers/tenants.

I don't think i need to spend time explaining 5 6 and 7 as they're not super important. Its fine if you and the agent want to cancel the contract but that line in Section 4, where it states how many days following the termination of this agreement is what you need to worry about. Hopefully this helps. Id be happy to help more if you have any questions.

Oh man Sherry, Thanks for sharing! That hits home hahahahah. I'm in the same boat. I discovered BiggerPockets in my mid to early 20s. Got my real estate license a few months ago and dove in. I sometimes wish i bought a duplex as my first property instead of a SFR but hey. What can ya do

What's one piece of advice you would give to your 20 year old self about Real Estate?

I agree with everything these gents said above. Its frustrating dealing with difficult people but you MUST treat this like a business. You must do everything you can to cover your arse. All it takes is for you to slip up once and somebody to hire a predatory attorney. Everything you've worked for goes down the drain. You'll never know who youre dealing with. The professional tenants are everywhere and in CT, they'll win. Stay by the books

Hey Will! If I'm being honest! I don't think i have much advice to offer since I'm not at this level yet, but its comforting seeing people with large portfolios in CT. 

I think from the outside looking in i would say "it depends." What is your end goal? What makes you more comfortable? Cash Flow or appreciation? If it were me. Yeah i personally would pull the 500k out and put it right back into more residential multi families.

Hey Petra. You can try one of the following. These are all attorneys I've used in my different real estate transactions over the years. 

Not exactly sure if any of them are familiar with Short-term/mid-term rentals but i do know they're excellent Real Estate attorneys that my team uses every day.

Greg Demanche 860-674-8230 ( located in Avon )

Katie Carey 860-532-0101 (located in Rocky Hill)

Keith Hathaway 203-288-1333  (located in Hamden)

Keiths Paralegal Time Enright 475-227-0298

Matt Mancini 860-863-5811 ( located in Southington )

Tom Kane 860-633-3651 (located in Glastonbury )

Hope this helps! Let me know how it goes! 

I agree with what Tim and Sam said. Can you do this alone? Yea probably. The cool thing about the RE community is that everybody is willing to teach. If you could find a solid business partner, network, make connections. It makes a world of a difference

I'm an agent in CT and i happened to join my mentors team, The amount of stuff that I've learned by just being in the same room as these guys is crazy. Not to mention trying to figure all of this our on your own. You can lean on them, ask questions, and figure out things so much faster. A small slice of pie is better than no slices of pie.

Hey Sathya, Unfortunately i don't know too much about the RI market so i couldn't really give you a good answer on that one. I do know that New Haven CT is a very strong cash flow market currently and has been for a while. Not sure if you've used this feature on BiggerPockets yet but on the top of the screen theres a tab for "Pick Markets"

Picking a market worksheet, Top 100 cash flow markets and Market insights are all free to use. Make sure to give those a look. I found the Top 100 cash flow markets by Dave Meyer super interesting. Hope this helps! goodluck with your search and keep us posted!

Hey Sathya! Hope your Sunday is relaxing as well! 

I'm an agent in Windsor Locks, CT which is about 10 minutes from Mass. Since MA has a pretty high price point I would suggest house hacking. This is a great way to start out for a million reasons. This is what I'm currently doing and its a nice way to ease into being a landlord. Even if your tenant isn't covering your entire mortgage or rent...that's still money youre not spending on bills right?

Depending on your situation and comfort level can dictate what kind of house hacking you want to do. You can rent out your rooms. This isn't ideal if you have kids and a family. You can have your own separate space with a side by side or up/down duplex. 

You can also often get some pretty cool loans by being an owner occupant as well! 

IF house hacking isn't the move, i would suggest staying local as well. Look around in your neighborhood since you know it the best. You should have a pretty decent idea of what homes are worth/what places are renting for and you can make an educated decision from there. I'm making some assumptions here but you could move out and rent out your current place. There's a million things you can do and it can quickly get overwhelming. The biggest thing is just do something. Take action and the rest will fall into place Hope this helps!