All Forum Posts by: Kenny M.

Have a bit of a problem here.  I just purchased a multi-family building a few months ago.  There was a previous tenant with a child who's 8 I believe.  They've been in the building for less then a year, and I've owned the building for the last four months.  The child has higher than normal lead levels.  The dept. of health has sent us a notice to remediate the lead paint issue within the next two months.  I already have requested quotes and will be having this taken care of and remedied within two weeks.  When I purchased the home, the previous owner signed off with no knowledge of lead paint being detected.  The renter was given the EPA lead docs and signed off on the notice that since the building was built prior to 1978, there may be lead paint in the building.  

I am concerned with the legal liability from owning the house for just a few months. I am concerned that the tenant may sew.  The house is only worth 52k, so I have no mortgage.  Now, I have no knowledge that they will.  How much liability could I have for four months of ownership?  Plus, I have a signed document from the previous owner that there is no knowledge of lead paint, as well as the tenant signing off on the lead paint notice disclosure.  We just received the notice from the city, and we're already on top of it.  Not sure what else I could had done to protect myself legally.  

Just concerned here.

Are there any rec's of places to go for lenders who write res. buildings (for investment) in Derby & New Have CT markets?  My preferred lender doesn't write in these areas.

Anyone know of some good mortgage brokers or lenders in the Derby and New Haven area?  My lender in NYC isn't too keen on either area.  Didn't think it would be hard to get a mortgage for these buildings which have some nice cash flow.

Just looking for stable rents and cash flow.  Not looking for appreciation.  Most of my investments are in lower income areas.  

Congrats bro!!!

It's for a building with six units.  It's going for around 210k / 6 = 35k per unit.  My realtor found it a couple of weeks ago, but it is in Derby, CT.  I do not know much about that area.  I was told it slowly coming around, but it's not Greenwich.  The one's in New Haven are around 55k - 95k per unit it seems.

Hey all, I am looking at a few families to buy in New Haven and Derby Connecticut.  I am reading mixed reviews, but the apts within the are selling around 35k, which seems about right.  There's one apt building I am negotiating in Derby, and another couple of multi-families I am looking into in New Haven.  

Any suggestions or advice on both cities would be grand.