All Forum Posts by: Rick Santasiere

@Rich Thomas, I am a local investor and Property Manager and have some holdings in Bristol. I am also extremely familiar with the 21 unit you are looking into.  You should consider reaching out to me, as I know the area quite well, and can probably give you some guidance.If you are working with a broker on that 21 unit, they should also be well-versed in this area too.  My contact info is public and can be located here or on google. I look forward to hearing from you.

@Jeffrey VanGilder, contact me privately via email and you can come out to my office.  We have agents all over the state, and are opening our second office next week.  Publicly, I would recommend you speak with the Big Box shops as well (C21, Berkshire Hathaway, Coldwell, Remax, even Keller Williams) I have nothing bad to say about any of the big firms, in fact, if you are looking for hand holding stick with Berkshire and Coldwell.  Decent training, all of them are ok.  One thing you will find, is that if you have an investor mindset, the Big Box shops will not truly understand YOU, and your long term plans. KW is probably the most closely related to a small firm that will allow you to do your own thing, and they offer that "power of positivity" attitude (some people find it silly, others thrive on it). I know people who have left KW because they get you "in," and once you are in you have to pay for everything...  So just be careful with who you select.  I am more than happy to meet with you to discuss options with my company, and would definitely steer you away from my firm if I felt you needed more hand holding and motivational talk.  If you are a self motivated guy who wants to truly help people and make a difference in the community, the lives of families, and all that, then you should look at every avenue. Call, email or text me any time. 

@Mark Proctor, I am not a HML, I was offering to share my experience and offer some insight, however, long term outlook, sure, I will do some hard money, just not for a few more years... Or if any investor in CT would consider meeting up with me to talk real estate I'll work for free to gain knowledge and experience. I would appreciate any help I can get! (Connecticut)

Igor Gajic awesome plan. I do have a concern about the price you are paying? Have you done your due diligence with expenses and income? Have you gotten a professional opinion of value? If you are working with a real estate broker, I assume that all of this has been done with the property already. I like your 5/5/5 offer. Keeps it simple and is extremely reasonable. However, most owners are not motivated enough to hold the note on a "new investor" with hardly any "skin in the game." $5K on $240k represents about 2%, which doesn't leave any equity for him to pull out if he has to foreclose. PM if you want to chat. Always willing to help..

Richard Diaz welcome to BP! PM me any time and we can discuss what you are looking for. We may have some opportunities for you.

@Jeffrey VanGilder.  I would be willing to have coffee with you and share my experience. My office is in Granby, and I started part time in 2005, and worked my way out of corporate america. Reach out when you are ready.

@Brittany New, I am sorry to hear of your dilemma.  You provided a lot of information which is good (and bad). Based on all the data, my opinion would be to sell.  However, there are so many more details to consider.  You did not mention how much is owed on the condo.  If you put 20% down, then you should be in an ok position to cut your losses.  However, if you did not,  you would need to sell "short." This has impacts on credit, that last for two years. Some people use the short sale strategically, and it can actually make a lot of sense if you are ok with credit score dropping 100 points, and waiting 2-3 years for repair (if you do what you are told by a loan officer/credit counselor).  Regardless, I say jump ship. If you need any help, feel free to reach out.  We have agents in that area that can help you, and I would be happy to provide you with more information privately.

@Joseph Jarvis PM me, I may have a guy for you (small one-two man show).  No big overhead, and will give you a great rate. Would love to hear about the project in SW and Simsbury too! Give me a shout sometime, you can find my contact info out here or on google.

Welcome @Kathleen Callaghan! You should definitely connect at some of the local meetups. We are always willing to spend time with newer people to discuss REI, house hacking, etc. We have some agents spaced throughout the state, and are a small outfit founded in the Farmington Valley. Reach out any time.

Pat Tyman you sound like a typical investor. It's true that we need to make sacrifices in our lives to make our long term growth plan work. Rice and beans are pretty good, and there are some great spices you can use to "change" things up if you need to. Regarding your portfolio, having equity with a great problem to have. There will always be lenders who are willing to work with you. The key is to not accept "no" as an answer, just keep asking. HELOCS, and commercial loans are an option. There are some commercial banks who will refinance entire portfolios (SFR and MFR) is one giant loan. Feel free to reach out of you ever want to talk shop. I wouldn't get recipe advice from me, but I have some decent REI experience.