All Forum Posts by: Mat O'Grady

@Steve Bugnacki

Did you find information about buying tax liens in CT? I know that there are the foreclosure auctions held on Saturdays at the property. You buy the property though, not the lien. You can find those sales listed on Jud.ct.gov. 

@Mat Daussan

Welcome to the BP forums. This is a great place to learn about real estate investing.

There is a FB group called "SE CT Real Estate Investing" 

We have also had some meetups in person and via Zoom. If you send me your email address, I can add you to the mailing list for the meetings. 

@Hamzah Lodge I sent you a colleague request with a message. Groton is pretty good for the most part. The rents have gone up a lot in the past year or so and there aren't too many places available for people to rent.

@Nathan B.

Hopefully it won't be vacant, but in this situation, it sounds like you are going to need to evict. In this climate in CT, I plan for an eviction to take at least six months. So, if you give the notice of termination of lease and they don't move out and then you need to evict, it will take awhile to get them out. 

@Nathan B.

If I were in your situation, I would get the other units ready as quickly as possible. I wouldn't ask them to leave until I had one of the units rented, probably the one in the other building since this tenant might give you trouble leaving. 

Once I can sustain the loss, I would give a 30 days notice for the troubled tenant to move out. I would plan for that unit to be empty 6 months or more. I would write a letter to the tenant stating that you are ending the month to month lease and they need to be moved out before whatever date. I would state that if the tenant is not moved out, then a notice of quit will be served and an eviction for lapse of time will be started. 

Make the letter very simple, state all the dates and the actions. You do not need to provide any reasons for why you are ending the lease. 

@David Wolf

I have a IPLOC (investment property LOC) with Chelsea Groton Bank located in Groton for a four family long term investment. Their rates have been lower, but I am not sure if they will do it based on the income of an AirBnB property. I have spoken to the commercial lending department at Charter Oak Federal Credit Union in Groton about getting a commercial LOC against a 5 unit. They said they would do it, but I didn't end up following through with it.

Good luck!

@Tyler Haanen

Oh, cool. Did you call a special number to talk to someone or did you just call the main number?

@Tyler Haanen

I have been looking into doing medium term in my area as well. If you haven't seen it yet, there is a way on furnished finder to see how many searches and housing requests there have been in a certain area. 

@Steven Correale

I was thinking about starting a medium term rental for nurses in Mystic, CT.

How is it going up in Mass? What did you settle on for insurance?

@Spencer Joseph

I'm not sure, haha. I have spoken to so many "wholesalers" and signed up for so many lists that I don't remember where I have connected to any of them. 

I think @Jerryll Noorden is mostly on the western part of the state. Is that correct?