All Forum Posts by: Rick Santasiere

@Brian Pulaski Welcome!  That's great that you are a handy guy AND an investor!! I have a hard time using a screw driver, let alone messing with millwork and remodelling.  Great combo!!  Please share your success stories.  Always love to hear about CT folks doing a good job.

@Baron Keel Good Luck and welcome to BP!  Keep us posted for sure with your first property!

That's a pretty loose statement:  "wondering how to go about getting properties under contract." What do you mean?  There are a multitude of ways to get a property under contract my man!!  PM me if you need any help with something specific; be happy to help.

Welcome @Rason Lockhart! Congrats on the first deal! MF or SF?  Good luck!!

Welcome @Mike Beaudry! We are close.  I am a broker in Granby, CT.  Let's touch base some time!!

@Roy N. So, while I could have references to each, there should not have been a "link" to both, I think I follow.  So I should have structure it as a straight up lease (not mentioning the option at all), and the lease option, not mentioning the lease portion at all?  

@Brian Gibbons, Can you provide some more detail on this risk exposure difference between having a standard lease (with the ROFR) or having a lease, along with a lease option to purchase?  My attorney had advised me that I have two separate agreements.  He created a boilerplate for me on the lease option, and I simply used my personalized lease for the rental side, referencing the "option terms" next to the monthly rental amount:

". $125/month will be applied to down payment if purchase option is executed. If rent payment is not made on or before the first of each month, this will be reduced by $10/day."

Basically, my lease makes no reference to the option except for the above statement, but the lease option agreement states all the "meat" of the deal for the lease option.  You also mentioned the IRS, and I always try and work within all the parameters provided by my accountant, but I don't think my accountant is a true real estate guy either.  Any info on this would help as an audit is not something I want to be part of.  I really like my accountant, and would rather stick with him because he has been with me since I started investing in real estate in 2010.. Thanks in advance.

Welcome Scott! All our lives are in Gods hands.  Great story, and keep plugging away.  Hard work is a requirement to live an honest life with integrity, and it sounds like you are on your way to figuring it out. All our challenges ultimately give us strength we never knew we had; I learn this every day more and more... Having three kids :-)

Thanks Brian!  I have heard the term, glad you mentioned it was an alternative.  I assume I will be able to tell the differences. Thanks again!

Sounds too good to be true @Bob Green. I have some fantastic credit, own 6 homes, but due to my wanting to pay my mortgage down sooner than later, my DTI's are hovering close to 50%. I have a net worth of over $600k, and have multiple credit lines already with access to close to $200k in cash, but if I wanted to get a commercial loan from a local bank, it would be difficult simply due to my DTI's. Any thoughts on that angle? I do not want to refinance three loans (that have ridiculously low APR's) and are paid off in 8-12 years either.. That just doesn't make sense. Maybe we can offline sometime..