Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mat O'Grady

Mat O'Grady has started 26 posts and replied 384 times.

Post: How early should I invest as a 20 year old?

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

I guess it depends on how much money you have. When you said you had some money saved up, I was thinking that meant you would have enough for a down payment on an FHA loan. I believe you should be able to get one for 3.5% down.

If I were in your situation, I would think about where I want to be living and where I want to be investing in real estate. For me, it was easy. I wanted to stay in the same county that I grew up in. I knew the good and not so good areas. I found an area I felt comfortable living in and I bought a house with an FHA loan. I put 3.5% down. I was living with my wife and she didn't want to house hack, but that is a great way to get started.

Find an area you want to live in. Buy a multi-family with 3.5% down. Live in it and rent out the other units. 

If you don't have enough money for 3.5% down, find a cheaper place to live and work hard to save up money. While doing that, you should research places that are good for investing. Make sure you learn the markets. Then when you have enough money for the 3.5% down, buy a place that you can live in and rent out spaces to other people. 

Post: How early should I invest as a 20 year old?

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Austin Brummett

Congrats on graduating from college soon. Just given the information that you provided, I would say buying a house where you can rent out rooms or a separate apartment is a great way to start.

I believe @Gowtham Yenduri graduated from UConn and he is investing in real estate. Not sure how active he is on BP, but you might be able to get some insight from someone who was in a similar position. 

Post: New Investor Looking to Connect in CT

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Alanna Inoa 

What part of CT are you in? There is a pretty big real estate investors group in the Hartford area. They have meetups. https://www.ctreia.com/

Post: Keep or Sell?

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Matthew McCarty At the beginning of my investing career, I was constantly looking at websites like Zillow and Redfin to see what houses are selling for so that I have a good feeling on the market I picked. I have been able to buy houses of the MLS because their list price was good and I offered cash without contingencies. I also contact the listing agent for the showing and to put in the offer. They are more motivated to get the seller to sign with someone without an agent because they get more commission. You can also look at sites like auction.com, homepath.com and homesteps.com. There are also deals that can be find on jud.ct.gov for foreclosure auctions but those rarely work out because the people usually owe more than the property is worth or they get cancelled and postponed frequently.

Post: Keep or Sell?

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Matthew McCarty and @Aileen Ouyang

Investing in anything is specific to each individual's goals. How fast do you want to scale? Are you OK with getting wealthy slowly or are you trying to do it as quick as possible?

If I were in your position, I would look for a bank or credit union that will give you a line of credit against the rental property. They are hard to find, but they do exist. The line of credit will give you the access to the equity in the property without having to pay interest on it. You pay to open it up, but you won't pay monthly unless you take money out. You will only pay interest on the amount of money you use. This gives you the flexibility to find a deal on your own timeline and to act quickly when a deal does come up because you won't need to get bank approval to use the line of credit. 

Post: Buying My First Investment Property at 21

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

Congrats! I am glad that I am not the only one who takes twice as long and spends twice as much, haha. In the end it will all work out.

Post: Investors who have experience with Land Banks throughout Connecticut

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@James McGovern

I am curious what a land bank is and how it is used....

Post: private money lenders/partners wanted

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Michael Nelson What part of the state do you invest in? That might be helpful for people to know. Also, if you provide numbers on your past deals such as purchase price, rehab cost, rents, etc.

Post: Does REO Properties = No Liens on the Property?

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Ralph Bednarczyk

Yes, I believe you would need to pay the taxes. The taxes take first position, so the mortgage is after taxes. 

Post: Connecticut Judicial Foreclosures

Mat O'GradyPosted
  • Investor
  • North Stonington, CT
  • Posts 390
  • Votes 224

@Ralph Bednarczyk It is almost always at least the debt of the plaintiff foreclosing or more. There were a couple times that it was less but then it gets bid up anyway.