All Forum Posts by: Rick Santasiere

Great comments all. The seller actually owns the property outright. It's got a little "twist" to it in that she had it listed with a realtor when her father was still alive to pay for his care. Then he passed, and the POA (her sister) is now completely out of the equation because the property was deeded to her (not the POA, which means the listing agreement with the other realtor is void). Apparently the LA didn't hardly do anything to sell the property anyway, and I would be offering 1/2 the listed price anyway due to some major repairs the place needs. Here are some details:

-  Soffit has major hole in it

- There is presence of mold above ceilings in 2nd floor.  

- It stands as a four family (but is a legal two family)

- Roof is newer, septic and well are less than 20 years old

- On a super busy road, but minutes from Uconn (where there is a major shortage of housing)

- One boiler.  Two electric meters (first floor / 2nd floor)

- Monthly Gross income approx $3k

- Expenses are unknown, but I know taxes are $4k/year, and as leases stand all utilities are included in rent.

There will definitely be some headaches. But I am hoping to pick up for $55-$60k.  Exterior will need $3-$4k, then once vacancies start, we will gut ceilings and address moisture issue in attic with venting, insulation, etc.. My guess is that I will be in to this thing all in for $100k at the end (after all four units vacate and turn over)  I like the idea of trying to owner finance, and may try and pull that off (even though I have plenty of capital from HELOCS). Maybe do a 5 year term with a $10k deposit.  Love hearing everyone's thoughts, and I am just doing this quickly without even plugging too many #'s into this thing because this has happened to fast. I welcome feedback and advice, even though this is my 7th, I still know very little in this HUGE area of real estate compared to the old timers :-) Thanks!!

Not so sure you should jab pulled the trigger without funds in place. Someone made some great comments about the order in which to look for money. Worse case scenario a HML can hook you up as long as you can show them that you are getting a place that will have a decent amount if instant equity in it. If it's your first though, be ready for some rejection.. Maybe work with someone who has the experience to ensure you are not in over your head as well just to make sure your #'s are right on. My $.02

I bought $2,000 worth of laminate at Costco in 2012 for 4 different houses (one small SFR, one large MFR, and one apartment) and it was the best purchase ever made. It's clean, wears extremely well, and is easy to or down. It has the look of wood. I would just make sure it has the nice "backing" that should be moisture resistant and provide a slight "cushion" as well.

I listened tony the podcast 21 1/2 tips last week and while some of the tips did not completely fit for me as a real estate broker, one made perfect sense: the posting on Craigslist that I buy houses for cash. I put an extremely simple, quick and clear message that I can close in two weeks, and I got an email within an hour. While I can't share specifics of the deal yet, it might come to something. Women from out of state inherited a home due to her fathers passing and she knows it needs a ton of work and can't sell on the mls. Problem is that it's in an area that i am not that familiar with (but close to Uconn, which is booming due to a major shortage of rentals). My hope is that I can get into it for cheap enough to make repairs and hold for income. Its a multi. Just wanted to share that this stuff works if we work it:) a big thanks for BP and the great knowledge sharing that is happening all over the forums and blogs.

shucks!!! Will be in the Bahamas.  Next time all :-)

@Steve Meekerwelcome!! Say good bye to corporate. A truly smart move.  I did..

Jonathan Pliszka I do service Enfield.

Welcome! We are close. Reach out any time. We do some flips, but and holds, and always looking... Hope to meet up with you soon! Rick

I may come, but it would be a last minute thing.  Not sure what the family is up to.  Put me in for a 50% chance :-) Hope to meet you all soon

Move in fee? That's interesting. Having rentals in CT and managing properties for others, I can't imagine that working for me. A two month security deposit is the best way for a landlord to be secure. If they can't pay two months, they can go to the next rental. I have an attorney who can evict (start to finish) in 45 days. If you do the math, that "two month security" is those two months of non-payment. (45 days plus Day 11, which is the official "get out of my house" date). Then, the same attorney goes after a judgement for any cleaning and/or repairs and potentially loss of rent as well. Two evictions in last two years both done flawlessly. Having a good attorney and staying true to your policies always makes the best business sense. $500 to have working capital is definitely not worth it in my opinion. There is far more than $500 to lose in the end... My $.02