All Forum Posts by: Mat O'Grady

@Spencer Joseph 

Just got an email from a "wholesaler" and it had this link to a site on it. https://investorlift.com/prope...

@Spencer Joseph

I have never bought from a wholesaler, but they do exist in CT. You can go on Facebook and search for wholesaling groups in Connecticut. I almost bought a wholesale deal, but it seemed too sketchy for my liking. 

@Tom Skulski

I know a few people who have gotten properties, but it is usually not worth it. You can call up the lawyer who is running the bids for the bank the day before and they usually have the starting bid from the foreclosing bank. That's where it starts. If you think that price is good, you can a little more than that bid and if no one else bids, you win. You need to have a bank check in the amount of the deposit stated to bid. It can definitely work, but you need to do a lot of research and followup before you get a good deal. 

@Kevin Scanlon Bought a couple of these types of deals. 

@Nicholas Mangiafico

Some more information to think about is that the duplex will most likely be easier to manage, because there are no existing norms with inherited tenants. You get to choose who lives there and do proper background searches. 

Sounds like it is in a better location, so you may be get more appreciation.

If you have one of three vacant, it is not as bad as having one of two.

Some questions to think about. 

What is the price difference?

How much do you have in reserves?

How much are you willing to take on at the moment?

@Nathaniel Rodriguez I haven't done anything like this, but I would think that the house would be in probate. You can go to jud.ct.gov and look to see if there any pending foreclosures. You can also go to the town hall and look up the property in the land records to see if there are any liens on the property. Some towns in CT have the information on the internet. 

While you are down at town hall, check in with the probate court and see if they have information about the property. 

Good luck!

@Andres Gomez

Welcome to BP and to real estate investing in CT.

I am a buy and hold investor in New London County. I have a few four families and it has been working out well. 

This is a great place to get any questions answered. Put them up here and people will give you what they think.

We have a FB group called "SE CT Real Estate Investors" which mostly focuses on New London County.

@Tim Marshall

Could get some useful information from here. 

@Gary Striewski 

I have gotten one with Chelsea Groton Bank and Eastern CT Savings Bank. They are both located on the eastern side of the state. 

@Account Closed

Congrats on getting into it; Sounds like you are doing well!

Just a heads up, there are rules guiding personal use of the property in terms of whether the property counts as a business vs. vacation home. It sounds like you are within the law, but here is a quick article about it just to make sure.

https://www.kiplinger.com/arti...

@Peter Pierzchala What is your purpose for doing it? I believe the LLC will still need to file and pay taxes for the income from CT to CT.