All Forum Posts by: Rich Tirado

Hello Forum,

How can I shop around Title Insurance to make sure the property that I buy at a tax auction has insurable title so that I can mortgage it later under my LLC?

BTW - It seems like most attorneys only use only one or 2 tile companies exclusively. CATIC and Old Republic seem to be the 2 biggest that come up here in Connecticut.

Thank you

Thank you guys for the responses. I will be reaching out shortly...

@Dan Gamache $148,500 is the purchase price SFH. Buyer has about 4 or 5 buy and holds. No flips under her belt. I will call you tomorrow

Hello Forum,

I need a hard money lender for a HUD flip in Waterbury CT (Bunker Hill Neighborhood). Our current hard money lender can't move forward on the deal because the appraisal ARV ($182K pg 8 of appraisal) value came in too low. the appraiser choose comps from over a year ago and will not used comps after March 2020 when the market shifted (Buyer to seller). This shift is mostly driven by buyer coming up from NY City who do not want to be in the city for the 2nd wave of COVID19.

My buyer also chose to take advantage of the forbearance for landlords that was offered in CT. This is also causing problems with the lender despite an average credit score of 670.

My Opinion of Value
Rent $1300

AS IS $150K

Repairs $20K

ARV $205K
I am an experienced BPO agent and can back these number up with sales and market analysis. The buyer is an experienced investor as well. 

We need to know by ASAP Friday 10/16/2020

Is there any lender willing to take this deal? I have the appraisal report and credit report.
Thank you

Erik from Bridgeport (203)559-1904

@Abel Rodrigues - The owner of Cavanuagh does Sec 8 classes for realtors from time to time at the Middletown Chamber of Commerce. She is amazing. I think her name is Kim Cavanuagh. 

Also what is the average % that a property managers charge a month?

Thanks

@Abel Rodrigues - You can try Robert C White Co. in Meriden Contact Like Elkridge (203)298-4414 not sure if they service that area but its worth a shot. There is also Cavanuagh in Middletown - (860)478-1233  Contact Heather. Not sure if they cover that area either but its worth a shot.

Back when I was doing representing renters (Because I hate myself) these 2 companies seems to have the bulk of income property management in the Meriden, Middletown and Cromwell area

@Craig Bellot - Thank you for the information. Do you know what they charge to tow the vehicle away?

@Michael Noto - I think I meet you at a Wallingford meet up (?) What is the cost of evictions in CT? Do you have any attorney recommendations? At what point is the Cash for keys not worth it? What do you post on the door if there is abandoned personal property in the house? Cars in the yard?

Thanks

@Account Closed - Hello Patrick - I am a realtor in the Midstate area. I usually cover New Haven - Waterbury Area, but find myself in the Valley (Derby, Ansonia and Shelton) and Bridgeport/Fairfield as of late. I work with investors and flippers and I am very familiar with Fannie Mae, Freddie Mac, HUD and other foreclosure companies. I would love to connect with you if your interviewing Realtors.