All Forum Posts by: Rick Santasiere

@Asim Sheikh, I have a property in South Windsor as well!  On Ellington Road. I am a broker and Property Manager in Hartford County. Having a rental in a Class A town in CT is a home run. It's the B and C areas in CT that are hard to rent. While the doom and gloom from CT is all we seem to hear about, I am on the optimistic side. To your point, you can actually cash flow here, where you can't in LI. Reach out sometime if you want to connect and share some dialogue. 

@Eric Williams, small local bank, Peoples Bank (First Suffield Bank).  The caveat is a 3% pre-payment penalty if sold in year 1, 2% year 2, 1% year 3.  They don't want flippers, but want B&H LLCS.  I hate debt, but am going to start using more leverage in the next few years if rates stay low.

@Michael Doherty great post my friend. Your numbers look really good and I am quite impressed. I may have just found a local lender offering 75% LTV rehab, at 4.25% for the 30 year for investment property, with no points as long as it's in an LLC. We are picking up another SFR, that I am showing my son the ropes on so he can see the BRRRR process in effect.Let's connect soon and grab some coffee.

@Anthony Hollis

This is a “slippery slope. There is just about no way that you can be providing the best fiduciary responsibility to the consumer if you locked this up in a wholesale deal. My recommendation is to cancel the contract and list the property as a licensed agent. There is a far greater chance you will fetch the seller the most amount of of money with the largest audience of buyers possible. As a licensed real estate agent, that is your PRIMARY goal, not wholesaling for a profit. The same buyers (cash too!!) will still be there on the mls as long as you are listing the property correctly and pricing aggressively enough to get multiple offers. My $.02

@John Clark and that John, is exactly why anyone who is wholesaling needs to align with a local attorney that understands all the laws and nuances of their given state. One of the greatest flaws in wholesaling is that it is not "one-size fits all." Some states it can be (borderline - using that term to avoid the people out here who will ask me to site which states its' illegal in...) illegal to practice real estate without a license. Deception is rampant in wholesaling, yet most of it is glorified here on BP (I know this statement is not going to earn me any friends). The folks who ARE doing this correctly and honestly are the ones who will make more money, build more credibility, and ultimately help me people. If you can make wholesaling about helping people first, and earning money second, then it all falls into place...

If I had my way, wholesalers WOULD be required to purchase the property if they can't assign. This, in effect, would weed out the bad apples and the ones who don't have the experience and knowledge to understand how to make offers, seal up a deal and close. AND it would give more integrity to the field... my $.02

@Charlie MacPherson well said.  A lot of awesome points. The big brokerages do offer great support, but your fees will be high. KW has this great camaraderie and a culture that a lot of people love.  However, be very careful with KW. The numbers favor the people who cap, and the little guy (selling under $4 million/year) ends up picking up the tab. It is a great brokerage and system, but it is the most "pyramid" style business in the real estate business. I am not knocking KW. They are good at a lot of things and if you need motivation and you want others to push you (because you lack motivation or you just like doing cartwheels in a room of a hundred people at the same time), then KW is for you. The other brokerage, Coldwell you mentioned, has good training, lower splits, and much lower fees (and they don't charge you per page on the copier) 

You do NOT need to affiliate with a broker until you are ready to get licensed, so you have plenty of time. I would make one recommendation and that is to look up some smaller brokerages to see what other agents (or even their customers) have to say about them. Sometimes you will find the smaller brokerages who charge zero fees, which can save you a tremendous amount of money. That said, the smaller firms are just that, smaller, with less awards banquets, and all the hoopla that can attract new agents (shiny object!!) Coldwell will pay you a 50-60% split, while KW says they are giving you a 70%. Keep in mind, they charge you 6% on top of that, so technically it's only a 64% split. And while there IS free training sessions at KW, a lot of the good stuff costs money and is why their business model is so successful.

Good luck with whatever you decide and I hope my points gave you some more to think about and to look into more options than simply those two.

@Thomas Kareeparampil, I would suggest that you remove your original post and start over. Your description of services you are looking for simply can't be done by an experienced agent. As @Minna Reid stated well.  Taking this post down and re-phrasing, may allow you to get some other agents to respond that will help you. I have a sneaking suspicion that the agents that have seen this post, will most likely not spend much time sharing their services with you. This is me being pretty direct (not trying to be a jerk) and hope it helps you.

@Dominic R. congrats on having multiple LLC's. 99.9% of the time, a tax professional will save your 10 times their fee by knowing all of this. Not to say you aren't a bright guy who understands all the tax code. A good CPA will always save you money, keep you above board, and is required to be on top of all the rules and regs that guys like you and I may not have the time to delve into. My $.02.

@Dwayne Jelks Jr. CT is not a title state. We rely on attorneys for closings and handling all title paperwork. What type of business are you in and I can make a recommendation based on what type of work you are looking to accomplish? 

@Joseph Ayala, reach out any time. We closed over 70 properties last year for clients in CT and have some great contacts as well.