All Forum Posts by: Richard Arden

I share a duplex with my only tenant. He has an old navigator thats broken and unregistered. No effort has been put into repair or selling. I have in the lease that no abandoned or unregistered vehicles should be stored at the property. I have brought up a few times in conversation that he needs to get rid of the thing but nothing formal or official. I was going to send a 30 day notice for removal. But what actions can I legally take if he fails to comply? A fine, tow at owners expense? I dont want to evict for terms on something like this.

@Melissa McRay Johnson

I just downloaded it. Looks free unless I skip trace or use the auto mailer function. So far so good. Thankyou

When you are intentionally driving for dollars what tools do you use to track where to drive and where you have already driven.

I have been using Google maps print outs and drawing on the to indicate what streets I have already driven. It is very slow and clunky. There has to be a better way.

I have seen some course plotting apps and websites but there not free for long and seem to work best if I were making deliveries.

Does anyone have any recommendations on free tools to use?

I happen to have a little bit of both right now. Thank you

@Jack Orthman

In CT banks dont have to hold public auction. They can just sieze your home and upcycle it to an REO. So auctions are rare. Do you think there is oportunity to negotiate with banks before homes are put on the market?

I was going to market foreclosure lists but the court system is frozen right now and I figured everyone does the same thing.

I am looking for a way to source motivated sellers and I am leaning toward probate. I am trying to decider what little info I get from public notices into GOOD use able leads.

Here is an example of a recent notice.

871049P COURT OF PROBATE, New London Probate Court. NOTICE TO CREDITORS. ESTATE OF David Peikes (20-00313) The Hon. Mathew H. Greene, Judge of the Court of Probate, District of New London Probate Court, by decree dated July 22, 2020, ordered that all claims must be presented to the fiduciary at the address below. Failure to promptly present any such claim may result in the loss of rights to recover on such claim. Pamela M. Rowe, Clerk The fiduciary is: Arlene Winakor, c/o JEFFREY A MCNAMARA, MCNAMARA & MCNAMARA, 100 PENNSYLVANIA AVE, NIANTIC, CT 06357

This is posted in a paper and the judicial website has no additional info.

How do I know if the estate holds any real property? or any real property I would be interested in?

Can I get mailing addresses without skiptracing the fiduciary?

@Kenneth Garrett

Every thing I have read about subject to sounds like the seller wont get anything cashwise until the sale/refi if at all. Is it possible to also put a few dollars in the sellers pocket every month?

I have a motivated seller that owes 140k on a multi-fam. Defiantly has differed maintenance coming due within 2-5 years.

This is a good cash flowing deal with some equity but do not have enough cash to go traditional. 

I would like to do some kind of BRRRR.

I offered to her a lease with an option to buy. She seemed ok with me paying the PITI directly myself and give her a few dollars every month but didn't like that she would be overall responsible for any capex that would come up.

Is there a way we can both get what we want without too much risk? She wants to be relieved of property management and put some money in her pocket. And I want a cash flowing property with some equity (using no money down).

If there was enough equity would I be able to get my name on the deed and almost immediately do a refinance into a traditional mortgage?

I took a look at the building code for Groton and I couldn't find anything about a minimum lot size. Which is the only road block I can reasonable think of. It seems as if it would be in the hands of the (unreasonable) town to decide. They have there own public utilities and are far enough away from each other. There is also plenty of room for a separate driveway. 

The duplex actually turned out to have 2, 2 BR/1BA. each renting for just under 1k/mo. 

The single fam is renting for 1k right now. The owner cut a deal due to a primary income loss due to COVID. She was renting it for 1300.

It is defiantly not in a great part of groton but I believe it is under rented by 1k total at least. 

Both properties are due for new shingles and although I have not seen the inside they were remodeled between 10 and 20 yrs ago. So absolutely in need of a cosmetic rehab.

@Mat O'Grady Thanks for the support. The seller didn't bite when coming down to valuing as a triplex. She thinks the property is worth 300 but will take 275. She acknowledges that there is differed maint and the roof needs to be replaced. She says she is open to creative financing so I am working on something for that. I think this is a great opportunity and follow up will prevail. She absolutely does not want to fork over the cash for major capex. I predict as soon as one of her tenants move out or repairs need to take place she will be ready.