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All Forum Posts by: Karin Crompton

Karin Crompton has started 34 posts and replied 430 times.

Post: Double Booking Vacation Rentals

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

I agree with what the others have said - I wouldn't allow an automatic booking and would instead ensure that a human has spoken with guests prior to their renting a house. You should still look to sync your calendars to avoid double booking, but I'd vote for staying away from the practice of allowing online bookings.

Post: New member near Hartford, CT

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

Welcome, @David Halprin! You're in a great area ... and I wonder whether I could guess the large media company in Bristol? I have a "ba-duh-dum/ba-duh-dum" theme playing in my head.

@Michael Notoand @Account Closedare two great people for you to connect with in that part of the state. Best of luck!

Congrats, @Michael Noto! Great update about BP playing a key role.

Post: An outsider but great place to invest

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

Hi @Meng W. - what areas of the state, specifically, are you referring to? I do understand the concern, though I believe you'll be fine. Mainly it's a matter of ignorance and simple curiosity in the small towns (population 95% white) around here.

As one small example, one of my best friends is South Korean and she's gotten a lot of dumb questions - including one or two people asking whether she speaks English. (Funny, she grew up in Chile and speaks fluent Spanish so I joked that she should have responded in Spanish and really blown their minds.) The point is, she did fine while living in CT and being Asian didn't hinder her in any way. Yeah, you'll sometimes get second glances that you don't get in Queens. But small towns are also nosier than big cities. haha

And if you were looking to invest in SECT, we have some towns with large Asian populations. But then you'd run into people who might assume you work at one of the casinos. ;-)

Bottom line: make it happen!

Post: NYC Resident | Bought My First Property in CT

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

Great story, @Ben Rutkevitz! Good luck!

If you listen to the podcasts (and why wouldn't you???), then you'll understand the reference in my prop, below. :)

Many, many thanks to @Joshua Dorkin for all he's done in creating this site and community. It was truly an honor to meet you in person. Thank you as well to @Darren Sager for organizing.

Darren said it best, above, but to reiterate, Josh's talk was awesome. And what a privilege to hear him open up about his own epiphanies and admit that he had forgotten his reason why for awhile and simply ground through his 100-hour weeks. Great reminder to us all. And I am so, so glad that Josh took some time to decompress here on the East coast this past week and - gasp - sort of take a few days off!

Post: Furnished or unfurnished vacation rental?

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

@Mark Masiel, @Karen Margrave makes some great points. The only thing I would add is to remember that, should you buy a property furnished, none of that will count toward an appraisal of the property. So if you're using a bank or lender of any kind, they'll only loan you an amount based on the property, not the furnishings. So be prepared to have cash ready (unless you buy it so low and with enough equity that your loan would cover everything anyway).

*I should add that this is how it works for single-family purchases. If anyone understands differently for vacation rentals or other properties, please correct me.

Post: How to stay motivated?

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

On the nitty-gritty side of things: what do you consider "a lot?"  It's hard to say whether you're even sending enough letters. Also, how long have you been at it? Listen to every podcast that deals with wholesaling and you'll hear a theme - it usually takes many months, perhaps a year, and multiple mailings to the same addresses to snare that first deal. Wholesaling isn't for the faint of heart.

Now on to the most important part: WHY are you doing this? Keep that in front of you at all times. There's often a rush of adrenaline and euphoria at the start of a business venture, a rush that quickly flames out. Then what? Then you're into the grind, the daily reality, the realization that you're going to have more things go wrong than go right. If your reason why isn't strong, you'll give up.

A huge way to combat discouragement is to listen to the podcasts, read the blogs, and interact here on the forums. You made a good move by asking a question and seeking some help rather than flailing along alone. Network and meet other investors in person as well. Keep mailing. Keep moving. There's no one step that's going to be The Step. It's going to be thousands of small steps, accumulated day by day until they finally add up to something big.

Welcome, @Devon Nugent! Both New London and Groton are robust rental areas with a range of rents and tenants. It all depends what you're looking for and comfortable with, and as with any area, things will vary by neighborhood, so definitely take some time to research. They're also each two affordable cities in an area of some affluent towns. I'd say they're both worth pursuing. Good luck with the EB interview!

Post: Making the numbers work!

Karin CromptonPosted
  • Rehabber
  • Niantic, CT
  • Posts 443
  • Votes 150

@Anthony Simboli try checking with @Jeff Onofrio for details on the 203k loan. On the surface, sounds like it's potentially the right product for you.