All Forum Posts by: Kash Chau

@Salim Douglas Can you please resend, nothing came through.  thank you.

I am in the process of closing, I need to get insurance on the property.  I got turned down by a broker already, because the property didn't meet their requirements.  

According to the broker, the roof needs to be replaced (it doesn't) and basement had water in it (minimal water).

Its a 3 unit Property (section 8) located in hartford, CT.  Please share If you know any good insurance brokers who specialize in 3 family.

Thank you for your response.

Hi Tariq Bahay this is an old post, just wanted to see how the electric heat worked out for you? Do you have a higher turnover because of it? Thanks

Hi, I'm looking at a REO property (3fam) in a decent area B- C. I did a walkthrough of the property and put in an offer, the offer was declined. I want to put an offer on the higher end but my agent told me it will most likely get declined as well. His reasoning is that the bank owns the property and they will not go below the L/S. In my new offer I want to include reasonings. Fire damage, new plumbing, leak repairs etc. Do the REO agents have some leeway in the price? Or is it more or less set in stone until the bank says otherwise? Should I submit a multiple page offer when the reo agent clearly states one page state contract? Any advise will help. Thank you.

I saved up enough for a down payment (20%) and took out a conventional loan. If you are buying a multi family consider owner occupant, it's 5% down. Good luck! Post your first purchase on the forums if you are nervous and need advice.

@Victor N. you are right, I was able to track one of the tenants down, and they told me how bad the current landlord was.   I will talk to my lawyer and see if we can add the CO to the contract. The property is near Capital Ave. (Away from north end), but I understand its going to be higher then usual maintenance.

My biggest concern is finding new S8 tenants, I know captial ave. is somewhat of a prime location so it shouldn't be too hard.  One tenant would come very close to covering mortgage/taxes/ins, so its def. a low risk.

Thank you for your suggestions.  

Michael Noto 2nd property is in bristol, that one is going well, tenant placement was easy. You are right I have no experience with S8 tenant placement, and I wouldn't want to end up with the wrong tenant. I am going to look to see if there is a service to help with S8 placement. I have heard of imaginers... Are there any others? Thank you for the advice.

@Michael Noto the current owner has to do all the repairs and get the inspection for certification of occupancy.

I am thinking the building is fully repaired and operational. 

I am working with an agent, I would prefer holding on to the property if finding new tenants is easy.

Hi, I'm in the process of purchasing my 2nd property. It's a 3 family, 4BR ea. Rent is 1150ea, numbers look very good. All tenants are section8. The property need minor TLC and I am willing to do the repairs. I was in the process of obtaining a mortgage, when I received an email from the seller informing that there was a water leak on the 3rd floor which effected all tenants. All tenants had to be temporary relocated. Few weeks later i received another email stating that 2 out of the three tenants are moving out! I'm in a panic now. I know i will not be able to rent this property to anyone other then section8. I have minimal experience with section8. how hard is it to obtain new s8 tenants? Can i add a clause to the contract that all units are to be occupied? Should I try to back out of the contract? Any advice would be helpful. Thank you.

Melissa Gittens for the financing the biggest hurdle was getting the 25% downpayment. I have very good credit, but 25% was tough to collect. With two properties i hope I can decrease the time between properties Rick Santasiere thank you, i will keep you in mind for the future. Please keep me in mind if you come across a great deal in the hartford county.