All Forum Posts by: Rick Santasiere

@Account Closed Why would you want to call the listing agent to see it in the first place? In my experience, having your OWN buyers agent provides you with an agent who represents you (and not the seller/HUD) I understand that it can be annoying for an assistant to show up up, but that agent should not have even shown you the place without signing some type of an agreement/disclosure. Too many agents out there are"showing homes" without the correct ppwk being provided to the buyers, and this is unfortunate. That agent could face fines, and possibly license suspension for NOT preparing that for you. I would strongly suggest you seeking out an agent who represents you, and you only. Check the agents reviews, and make sure they have experience with the HUD process. There are a few of us out on BP, but please, check those reviews and recommendations from other people. Agents who don't follow the legal (and ethical) process that we are ALL supposed to follow is a red flag for you NOT to use that agency.. My $.02

@cliff t ^^ not sure I agree with some of your thoughts, but I will leave it alone. I think a buyers agent makes sense for someone who doesn't buy and sell homes every day. 

About the 3% being credited to the buyer: As long as there is "appraised value" to facilitate an offer that the seller will accept that will "net" them an amount they would have accepted with out the credit, then it's splitting hairs.  Let's say I have a listing on for $200k, and it's worth EVERY bit of $200k all day. Let's say I can show that similar homes in the area ALL sell for $200k, but I have a seller who is motivated enough to accept $194k. The "buyer" would agree to pay $200k or "full price" for the home, then the seller could "credit" them at closing to be applied towards pre-paids, escrows, closing costs, etc. The buyer would get their 3% back (resulting in $6,000 less they need to come to closing with) and the seller would "net" the amount they felt comfortable taking (or $194k).  This is the easiest version, and one that works in CT as long as all parties understand the process, the contractual language, legal terms, and what lenders allow per their guidelines.

Raumil, most brokers in CT that specialize, are in some of the large (Big Box) companies. CBRE, for instance is one that we all see. They often have higher fees, which can equate to a higher level of expertise. The other thought is to find a hungry CT Broker who can customize the sale based off of YOUR needs. Sometimes the largest company isn’t he best choice. The “little guy,” can sometimes provide you with the raw determination and grind to get it done. Feel free to PM me.

@Michael Doherty, I would keep away from the HELOC (for now), based on your LTV. My advice is to keep looking for deals and find someone you can use for private lending. Sometimes when you have past relationships in your deal estate deals, it opens up opportunities. For instance, I want to do some deals this year, and I have capital. However, I don't have as much time to engage in the activities that result in finding as many deals as I would like (I am working with my customers and their needs come first). With that said, bring someone you trust a "deal," and if it's good enough, I can guarantee financing wouldn't be a problem. Reach out any time Mike.

@Dave Charron congrats Dave! I have heard your market has been heating up, and I love that you shared your story of hard work and persistence.  Great job on landing three deals.  I hope you can get them all and make a few bucks on each! 

@Nicole Grenier as others have stated, West Hartford is a tough market to break into. Most of the property owners know how well that market (especially the multi family market) has faired over the last 25 years. Some of the MFR's I saw sell in the last 2 years in WH have definitely rattled my areas of comfort. Most of my clients have veered away because there is next to zero cash flow. People that have purchased (way above the investor value) bought because they wanted to live in WH, and this was their cheapest way in. Househacking, while awesome, drives properties up even further in these types of markets. @Michael Doherty made a great point in looking outside the area.  We are still finding some value add areas for people, but it is definitely getting a little harder. With interest rates rising, and inventory issues, that will also propel others to act sooner than later, which could also have an impact on the short term horizon for the market. Feel free to reach out if you need anything. 

Welcome @Kerry Carter!  You took an important step. There is so much free information out here on just about anything related to real estate. Continue to take action and spend some time (even if its only 5 minutes) doing or reading something real estate related EVERY day. You will catch the bug. Good luck!

Wise choice!  After you pay it off, contact @Carrie Angyal so that she can help you with building your credit further, and advise you as to the best loan options for your first home purchase.

@Account Closed.  I would take a close look at your car note, the one that you signed, and read through it thoroughly.  Is there a chance that there is some "grey area," yes. Your attitude of just paying it off and moving on makes the most sense.  However, if they are breaking any laws, you should seek some help.  Sometimes, calling the local news station can "pull the covers" on some of these companies, and they could settle with you before hitting the news circuit.

With that said though, you bought a car with those terms for a reason: You were young and had no credit, which put you in a rough spot. If you have been paying the loan on time for 6 months, you will have already built some credit history (hopefully they are reporting to the credit agencies like they are required to by law), which will make this a useful loan (even though you paid through the nose for it) In a few short years, this will be a distant memory because you will have built credit solidly by following a plan. Having a "car payment," can be viewed as one of the worst liabilities to have, and for too many reasons for me to list:-) Feel free to reach out if you want any more help.

@Kevin Gendron congrats! We have offices in Granby and Clinton CT!  Let me know if you ever want to connect for a chat or a coffee. I have been licensed since 2006 and started investing in 2010. Welcome !!