All Forum Posts by: Michael Doherty

@Caitlyn Richardson as someone around your age my advice is to find out what your good at/like to do and find out what your not good at and don't like to do. Maybe your really good at analyzing deals and bookkeeping given your background. But you hate the Property management side and dealing with tenants/negotiating terms. So you would seek out an agent/ property manager to go 50/50 on a deal. Or maybe you are really good at raising money but cant find a deal. Partner with a wholesaler who is great at marketing and finding deals. All of which you can find here on BP. But first figure out what value you can bring to the table, then figure out what kind of partner you are looking for. I would be hyper-focused on finding the right partner, it will save you time and money. 

It sounds like you want experience in the commercial world but have no background investing there. Offer to take a couple brokers out to lunch or coffee and pick their brain. Or find an experienced broker and offer to pay him X amount per hour for his time to just ask questions. Your best bet is to follow the Commercial Real estate forums and keyword alerts on here and read as much as you can (free). 

@Robert Duncan Just counter back. Offer cash, quick close, ease of sale ect ect. He may be using it to offset taxes and a place to park cash... who knows. The fact that he responded you know he's interested in selling. Even at 85k-100k you would still make money. 

@Tom Rattigan Hey Tom, what numbers are you looking for in COC, ROI, cap rate, Cash Flow Ect? There are some good opportunities in Hartford, New Britain, Middletown, Bristol for larger Multi Family with decent return.

Certainly there are markets down south that can provide great returns as well. Just curious what metrics you are using. 

@Jesus Orbea There have been a lot of great points made on this thread about Hartford so I think you are well equipped with information. However, I will also provide my perspective.

I think Hartford is without a doubt a market you can be successful in, but you really need to have boots on the ground and a solid team. There are some great developments happening around Hartford that are making it more appealing. For example Parkville Market just opened and is doing well. You can read more about it here.... https://parkvillemarket.com/. 

There have also been some popular breweries to pop up around the town. I'm hopeful going forward we will see a shift going forward. I don't see the 'north end' being an area worth investing in anytime soon. The 'west end' is currently the best part of the city with the 'south end' next from an investment standpoint. 

@Account Closed As Filipe mentioned, it is harder to to make the numbers work for a flip in this market. However, should you be able to find a deal that works.... Jon Finman of Capital Three Sixty has a great program for flippers. I am currently doing a flip here in Ct using his programs. They have programs that do 80% LTV and 100% of the rehab costs. That is personally the program I am doing now. For your first flip you will probably be looking in the ball park of 10-12% interest and 3points.

@Jon F.

@Zachary Spade have your closing attorney draft it for you. They will most likely have one ready and you can fill in the blanks. If you want them to alter it I am sure they would do it at a small fee considering you are giving them the closing business. 

@Ryan Allison I think its one of those things that is definitely worth the time (saving) and money to outsource if you have anything other than a simple w2. I switched over after I got my first rental. If you switch early enough your accountant can help navigate your business as you grow rather than switching over later in the process. 

Tax law is forever changing and evolving and unless you have the time and means to keep up with it, definitely something you should outsource. 

@Jonathan Craig if you are also living there you really have no choice but to rent it by the room. I suppose you may find a family who doesn't care if you live there but that may be rather hard. You should use 1 lease if all 4 roommates are related or know each other. Otherwise use just 1a different lease per room. You should be fine just posting a normal rental listing on fb marketplace, I use that mainly as well. 

You should look into a smart home thermostat. I would also recommend including utilities in rent. You will appeal to more renters with washer dryer hookups. Include water/sewer with rent as well. 

@Tameika Craig If the reason you want to get your license is to expand your education and meet like minded individuals it's a great profession to do so. However, what's your end goal? Is your end goal financial freedom and to live off your cash flow each month? Is your end goal to make a career change into a field you enjoy and want to do everyday? I think you should think backwards and ask yourself if you actually 'want' to be a realtor or just like the idea of it. 

You can 100% expand your education and meet like minded people without having a RE license. As others mentioned, it does cost around 1500-3000 a year in fees ect. It's also going to cost more time and money building your network. If your looking for a career change to be involved in RE and helping others every day then definitely go for it! If your looking to build enough passive income through financial freedom you don't need to be a realtor to do that. 

@Kim Freeman if your intent is to move and live in your 'new' primary residence, you can get a 2nd low down loan, but it has to be a conventional loan product not FHA. I just did this. My first purchase 4 years ago was a 2 family home and I used an FHA loan. WHILE still owning that house I moved out and bought a single family house using a 10% conventional loan THIS year. So I have a 3.5% down FHA loan, as well as 'low down' conventional loan.

But from the standpoint of an FHA loan, yes everyone is right... you cannot have 2 FHA loans at the same time baring specific circumstances.