All Forum Posts by: Karin Crompton

@Meng W., what do you mean by "safe?" Are you talking about a safe bet, a low crime area, etc? Whatever the definition, New Haven is too diverse an area to apply an across-the-board description to it. Connect with some people who know the neighborhoods and go from there. But be very wary of choosing a city - any city - on the whole.

Same story in CT, @Jaago Viitkin I'm not aware of any groups here and I think it's probably a pretty small niche. It's not at all popular (which isn't to say it might not be profitable; I don't know).

Our biggest organization is CTREIA, which meets monthly. You can find them online. We also have a variety of Bigger Pockets meetups in several areas of the state. Check @Jonathan Makovskyfor Fairfield County, @Salvatore Rondinelli for central CT, and @Mat O'Gradyfor southeastern CT.

I don't imagine any eviction notices would be published in the local press, mainly because of space and manpower issues (not to mention, most newspapers keep far away from landlord-tenant disputes).

However, the info itself should be public information that is readily available, regardless of state, because it is a legal action and can be found in court records.

Thanks, @Brian Ortins. The buyer would use a local bank, so I hope that helps with flexibility on the 70% threshold. The condo is over 100k (approx 130k range) and I can only sell retail. It's a very desirable town, but condo rents don't command much more than $1,000-$1,200. I've thought about vacation rental (nearby beaches and casinos) or student rental (nearby colleges) as well, tho neither option is very appealing.

Hey all,

I need some help from the creative minds here. I live in a condo that is an entry-level price point in my town but which is not FHA approved. This has proved a big hindrance in selling; we've had at least a half-dozen folks, typically first-time homebuyers, who were interested but who couldn't pull the trigger.

Today we had a showing with a very interested buyer who can actually go conventional. However, the agent tells me the condo building needs to be 70% owner-occupied for them to get a mortgage. We're about 55%. She brought up seller concessions as well. I don't know details yet, and they have a second showing scheduled for tomorrow.

Help.

I'm a motivated seller. We've been here almost 10 years when the original plan was to stay for 2 or 3. I can't take it anymore. We bought in 2005 when the market was high (if I knew then what I know now) and would be lucky to break even. So I can't offer a huge price drop. That's not the main problem anyway - the buyers' mortgage has been. I've considered renting it but probably couldn't get the monthly payment we'd need.

What are some of my options? I'm thinking seller financing, downpayment assistance (and we hold 2nd position? How long does that last?), something along those lines.

And if I did offer seller financing, how the heck would I buy something else myself? I know ... use the knowledge gained on BP to find my own seller financing. But what are the other options?

Thanks in advance for any ideas and help! BP, get me out of here!!

Welcome, @Ravi R.said regarding the Central CT meetup. There's a good crew that meets there.

Hartford, as with most cities, is quite varied. So you really need to spend some time learning the neighborhoods from someone who knows it intimately. It can change pretty markedly within a few streets. That's about the extent of my knowledge, so reach out to those central CT investors!

@Daniel Raposothis is such a quality series with great information. Great points about the siding and windows. We all love the sexy before-and-after photos, but you're taking the time to educate us as well.

If they haven't already considered this, maybe @Joshua Dorkinand @Brandon Turner could look at adding something like these types of instructional videos to the mix. In their spare time, of course. ;-)

@Tom Dever, anytime! I also meant to add that I don't know whether a single family is actually better than a condo, it's merely my experience with it. Good luck!

Great timing as always, @J Scott! I was just plotting how I might approach someone - ok, by "someone" I mean you - for mentoring to reach the next level... ;-) 

Seriously, thanks. Excellent clarification and guidelines. I can't imagine how many requests you and some of the other BPers here get, and I hope this post helps the requesters to focus.

@Tom Dever I would absolutely do it again, and I think I'd stick with the single-family house. Our house was on almost an acre on a corner lot and was pretty wooded, so people liked the privacy and the quiet. We also allowed dogs - and brought our own - which I'm not sure would be the case in a condo.

Spring was certainly a dead time, but that's when we'd head up to check on the house, relax a little ourselves, and see what updates and repairs were needed. I didn't mind it, to be truthful, because it gave us a chance to enjoy the house ourselves and to catch a breather before things got humming again. Summer was quite popular. There's a ton to do up there from June-August between the mountains, lakes, outlets, etc. and we'd get hikers, bikers, rock climbers, and the occasional fishermen. We found that summer was when families would come up to visit Story Land and other attractions, while winter brought the skiers. Fall of course was leaf-peeping.

So the dead zones were April and May, along with late October through about mid-December, though we did always have requests for the long Thanksgiving weekend. Having said that, I think if I was a better marketer I could have run some specials and filled in some of those quiet times. If not, I still believe there's plenty of cash flow to be had between the peak winter, summer and fall dates. If you buy it right, of course. :)