All Forum Posts by: Mat O'Grady

@Brooke Lamelas 

Ted Lanzaro is an investor and he is an accountant who works with investors. I haven't worked with him, but I did go to one of his presentations and he seems pretty legit. I believe he is also part of CTREIA. I know he is active on Facebook. 

Hey Everyone,

I currently have four 4 unit properties and one 5 unit property. All the units have long term tenants. There is a property that I have been looking at that is approximately 6k sqft and it is on 7 acres. It is located in a tourist location that is mostly busy during the summer months. The property taxes are 18k and I'm not sure what the insurance would be but, I estimated 8k. The property is in pretty good shape, but it could use some cosmetic updates and the in-ground pool probably hasn't been open in 5 years. 

The asking prices is $1,025,000. If purchased at 1 million with 25% down at 5% rate the monthly payment is $4,026.

I have enough cash flow from my current rental properties to live off of and my wife and I still work part time and will continue to do so.

I was thinking of purchasing this property as a way to grow my wealth as well as hedge inflation. There a few other similar properties that get $1k a night on Air BnB, so I figured I should be able to get that and cover a good portion of the costs from Air BnB rent coming in during the summer.

Any thoughts on my thinking process?

Any thoughts on what to do with the extra land? 

There is an old barn on the property and land that was used for horses at one point. Does anyone know about renting out the barn for other people to keep their horses?

There is also an unfinished basement that is about 2800 sqft. I thought about setting up a game room, arcade, movie theatre, or virtual reality stations.

Any ideas are welcome!

Thanks!

Mat

@Lukas Michenka

Wow, sorry I missed this and I am responding so late. We are still doing a meetups. We have virtual one on the 21st and an in-person one in Griswold on the 25th. I'll send you a PM.

@Jonathan Hudak

I would rent it out. If you wanted to get into REI anyway, this looks like an easy deal for you to get into and see what you think. If it is not working out and you want to sell, do it before three years is up and then you can still use the capital gains exclusion for primary residence. Since to use the exclusion, you need to have lived in it for two of the last five years.

@Christen G. 

Well, glad to hear you did indeed win! There is some sense in the world. 

@Yahir Amat Sounds like you will need to do an eviction in order to get the tenants out. In order to serve a notice to quit (first step) you need to have a UniteCT case number. You can't get a case number until you start the application process. Also, I have heard of people who have been able to evict during Covid. Bradford Mahler, Michael Clinton and Yona Gregory are attorneys who have been getting people out. 

@Yahir Amat Did you apply for UniteCT yet?

@Benjamin Hoisington

We have a small meetup of investors in New London County. If you are interested in our area, I could point you to a few realtors who work over here. 

Congrats!

@Yahir Amat 

Yeah, the whole situation in CT is not the best, but it is supposed to bet getting better. Governor Lamont said that he plans on July 31st being the last extension, but who knows.

There is going to be a free Zoom conference with people from Unite CT, an eviction lawyer and landlords. It is going to discuss what the process will look like after the moratorium is over.

Here is the link to register for the conference: https://r20.rs6.net/tn.jsp?f=0...