All Forum Posts by: Mark Avery

Hi @Krystian Kucharzyk, since your goal is passive income, I would focus on the CoC for each property. Leave Cap rate to the commercial world and for when your investing goals change. Best wishes in your search!

@Cody Benedetto I'm and investor/agent in Western CT. Those are all very good questions and well worth pondering.  It was only a year ago that CT homeowners were bemoaning the values of their homes and sellers were happy to get offers within 90% of list price.  We happen to be in one of the areas of the country that was very good to those whose income was based in Real Estate.  Obviously, NY agents would have a different take on the last year.  My 2 cents (not that it's worth that much) is to stick to the basics.  As investors, do your due diligence and then do it again to dbl check.  Make your money when you purchase, whether you're flipping, house hacking or renting.  Rents are very high in Western CT right now and we need to be very cautious if a purchase price (or purchase plus rehab costs) needs this market or not to meet our goals.  We need to learn from 2008 and not fool ourselves into believing that CT home values and rents will continue to rise with no consequences.  

Also, yes, I agree.  The tide will return to the cities for the reasons you mentioned and that prices will dip low enough to attract people to the area maybe just b/c they can't afford to buy in the suburbs.  Also some businesses will see the cost value for themselves of having smaller spaces and more people working at home, paying for their own heat & electricity.  Because of this we'll see a more equal balance between city, suburb, and rural.  As an example, we might see a buyer's/investors rule of commuting time to the city slip down the requirement list and area's internet bandwidth rise on an area's desirability.

All this to say, we should be investors.  Not speculators.  Become intimate with the markets we invest in b/c there will be opportunity there no matter which way the majority of people are headed.  Thank you for starting the thread.

Hi Clayton, Congratulations on moving closer to your first investment! That's a very exciting time and one that brings a lot of questions and hesitations. It looks like you've already gotten tons of great advise in the comments. If I can add one more thing, be very clear and stick to your goals for becoming a RE investor. You may want the benefit to your monthly budget of living in a MF, planning far in advance for retirement income, or looking for appreciation to sell a SF to pay for college. Keeping your WHY in mind is going to guide the areas you look at and how you structure a deal. Don't get sucked into a hot area with numbers and features that don't work for your business model.  I agree with @Filipe Pereira, @Sean T., @James Smith. New England is a mature, diverse market that is easy to get lost in analysis paralysis if you don't stick to areas that fall in line with why you want to invest. New England is also benefitting from the Covid world of the remote/virtual workplace. People realize how amazing the quality of life can be in the Northeast even if their employer is not in the same state where they live.  As investors & landlords, this opens up worlds of possibilities for rentals and potential tenants.  Jump in!  This is a great time to get in to real estate.  

Hi @Melanie King, Congrats on being under contract.  I've had to deal with the underground oil tank issue a number of times as an investor and agent.  I wouldn't call it a deal breaker but it would be a good idea get a couple estimates for removal and see about doing another soil test before buying.  The results could drastically effect your rehab budget. In the end, the best idea is to get it removed.  The two biggest areas it becomes a red flag is for mortgage and insurance.  Unfortunately, even with all the proper paperwork, I've seen mortgage & Insurance companies want it removed.  Which of course could be an issue for your purchase or landlord insurance and definitely something your buyers will deal with when you sell.  Also, depending if the house is on well water be careful of any liability for tenants with a tank still in the ground and even for your own time living there, you may want to have the well water tested.  All in all though, it sound like you're in a good spot as opposed to finding the surprise of an underground tank during inspections.  Hope this helps, Mark

Hi @Wesley Yllanes, I'm a full-time investor/agent in Fairfield & Litchfield counties for both residential and commercial.  I'm happy to connect and help in your search. Feel free to PM/Call/Text/email.  Look forward to hearing from you.  Best, Mark

Here are the lawyers I use and recommend for all my transactions in Fairfield and Litchfield Counties.

1. Larry Reifberg -

2. Mark Pancrazio - 

3. George Cohan 

4. Daniel Readyoff. 

Thanks for that @Jonathan Makovsky.  Always good to know.

Hi @Andrew Sampino, Welcome to BP and congrats on making the choice to introduce yourself and get started with REI. My Wife and I are investors in Northwest CT and first started out with house hacking as well. I'm happy to talk through some of the stories. Feel free to giver me a call or send a message. Look forward to hearing from you, Mark

Hi @Andres Bernal, I'd be happy to refer the company I used.  I don't know if they'll travel to West Haven but they may know someone for you.  Shoot me an email or give me a call and I'll get you their info.  Cheers, Mark

Hi @Andres Bernal, I recently put in a new driveway for one of my downtown CT MFs, where parking is tough but not impossible, and then listed it at top of the market rents with "parking included".  The unit was vacant 9 days and most of that was just getting enough time to get it ready for them.  Tenants love having their designated parking.  Make sure to note in the lease how snow removal will be handled.  Best wishes, Mark