All Forum Posts by: Jim Lally

@Jordan Knight

 Welcome to BP!  This site is a tremendous source of information for the real estate investor as you've probably already discovered.   I would check out the podcasts as well as the weekly webinars that offer real time interaction.  I've found them very informative.

Best of luck with your multi family!

Attention Southeastern CT BP members!  Just to make everyone aware we have an ongoing monthly meetup in East Lyme.  Each month we have been concentrating on specific topics of interest to the group.  This month we are having an outside speaker discuss a unique funding option specifically for those interested in flipping.

We are all about networking, exchanging ideas and of course deals.  Come out and meet your fellow investors!

Location:  East Lyme High School,  30 Chesterfield Rd, East Lyrme CT

Date:        4/13/15

Time:         6:30 PM

POC:         Mat OGrady (provides his classroom for the meetup)

@Account Closed

Interesting chart.  Are we seeing the beginning of another bubble?  Hard to say for sure but the current market conditions don't really support it.  I know the CT housing market trend over the next year is actually slightly downward.  The much anticipated rise in interest rates won't help matters either.

I'm curious to see what the millenials will do over the next few years though. 

@Aaron A.  Let me know if your interested in CT.  I live in New London County not far from the RI border.

@Anne Price  I was not aware of the CIAS designation but it looks interesting.  Has this designation helped you?

@Kim Handelman 

First of all I would highly encourage getting your license. It will pay for itself in just a few deals. Access to the MLS for comps and the reduction of commission costs are very favorable.

However, you should budget for the associated costs involved.  Typical costs in CT can be well over $2k in the first year.  You should also consider which brokerage you will affiliate with.  Many of the larger brokerage firms will require a large out of pocket cost for training which will typically be offered only during the week day.  I am still working full time as my objective was to use the license for my own investing purposes and not to become a typical buyer or listing agent.   Therefore I don't have the time to attend a week long training class during the day.  I ultimately went with Keller Williams as they offer just about all their training online.  Their marketing and tech tools are excellent as well.

I would also attend REIA meetings to network with other investors. Perhaps using @Jim B.'s  strategy to act as a bird-dog for other investors.  We also have a monthly meet-up in East Lyme if your interested.   

@John Blazi 

Welcome to BP!  Great to see another member from CT.  The resources this site offers can not be beat anywhere on the web hands down.  I especially enjoy the podcasts but check out the webinars as well where you have a chance for live interaction.  I also setup alerts for new blogs postings that come out.  Lots to explore here!

Hi @Ryan Bergeron 

 Welcome to BP!  Thanks for your service as well.  I'm retired navy myself.   As @Elizabeth Colegrove  mentions this definitely is an amazing site for the real estate investor.  I really enjoy the podcasts which are both informative and entertaining. 

Are you looking to pursue student housing properties? Something I've considered myself. If your looking to buy a duplex and live in one of the units that is also good way to go. Check out BP Podcast 086 for some good tips regarding that. If you have any interest in rehabbing you may want to consider a FHA 203k loan. This loan provides a means to purchaing a distressed MF property and rehabbing it while living in it. You can also use a VA loan to purchase a non-distressed MF (up to 4 units) to live in while renting out the remaining units.

Let me know if I can be of any further assistance.  I also wanted to mention that we are planning a meetup in our area in the next week or so.  Let me know if you have any interest in that as well.

Jim

Hey @Leslie A. That's good advice.  Just go right to the park owners.  Why not!  The worst thing they could say is no of course but I think it may be possible to convince them otherwise.  I think the main concern may be tenant turnover but as an investor I would still be obligated to pay the lot rent and I would have a vested interest in keeping tenants.  Management would be involved in approving the tenant just like any other owner as well. 

Thanks for the feedback!

Hi

I'm curious to know if anyone has had success with MH investing in Connecticut.  I've heard that quite of few of the MH parks in CT prefer owner occupants vice investors.  Not sure if this is really true so I'm reaching out to the BP community to confirm this.

I see a fair amount of MLS listings in my area at very affordable prices. However, most of them reside within MH parks which of course brings lot rent into the picture. I've seen $258/mth up to $500/mth or more! There's also the issue of finding a qualified tenant. Would they have to be fully vetted by the MH park owners? I'm sure they would! I also fully understand that equity appreciation is not part of the equation here but I think there my be opportunity for decent cash flow in the right area. Which is what I'm primarily interested in.

I do know someone who lives in a MH on private property so I do have some insight into mobile home living just not from a park perspective. 

Anyway, any input would be appreciated!

Jim

@Darrell Boaz I couldn't agree more with what's already been said regarding Zillow. Think of Zillow as window shopping but your not going to derive any meaningful property value from that site. The site uses an algorithm to derive the Zestimate which could be significantly different then what market comps would provide. Relator.com is definitely more accurate since it is MLS based but I would have a realtor provide at least 3 similar properties comps which have sold within the last 30 to 60 days. An appraisal is an option but more costly.

This will give you the ARV your seeking which is absolutely critical before you make the purchase. Of course the purchase price is just as important though.

Best of luck in your investing career!

Jim