All Forum Posts by: Account Closed

I am looking to invest in CT, I am interested in bank REO's but even if i get funding through a local credit union it seems they will only take cash purchases on REO's is that true?

I currently can only get approved for a 54k loan at my local credit union because my income is so low being a server. I do have some cash reserves I have saved up but plan on saving them for the Rehab of the house and also other expenses I can encounter. My problem is with about 20-25% down on property what options can I look for? I know bank reos typically want all cash which would leave me with nothing to pay a contractor or no reserve. I can always finance through an agent and would rather put down only 5-10% but for multi family's that are for investment purposes they usually won't do that. What are my options? thank you

I am sorry for that I think what I meant to say was I will make sure it is positive cash flow after all the calculations, but there will always be better deals and I am excited to just make a move to overcome the fear and maybe give me some inside motivation that I can do it. I won't just buy a property to buy

oh ok I am thinking of sending her a facebook invite and maybe messaging her? If you guys have the time and look on the homepage bank REO website there are properties so cheap that It just seems like the numbers will work. I will be trying to get in touch with Linda to ask her questions about Waterbury. Thank you Raymond. Des I have also read up on all the rules I know the CTREIA website even has a calculation that will let you plug in the numbers and it will tell you if it will cash flow. I know that 50% of your rent will pay expenses and the other 50% should cover mortgage principal, and interest, and the rest would be the cash flow. I am good with numbers so I don't think that would be my issue. Finding properties that can appeal to me as a buy and hold will be tough because I have no experience in what would be a good house in a good location

yea well i figured I know some areas will be rough, but I would think that to get started because I really won't be able to get more of a loan, would be a good idea. I am trying to find areas in which I can afford and still have a good amount of cash reserves if something was to happen. I also want to get into investing and am really excited to try to get a first deal going even if the cash flow isn't as great as expected, but as always I am nervous with the really bad neighborhoods

ok yes, I have also attended the CTREIA meetings and have got a good agent named Michelle who I will be speaking with tommorrow to help. My question to you is if you were to go under the Homepage bank reo's you will see a ton of properties in Waterbury that are extremely cheap. Do you have any interest in some of these or are they all most likely bad areas that will not be worth the stress. One is 50 manhan st. in Waterbury listed on that site along with many others thank you

yes i am located in North Haven, and I have seen tons of properties in Waterbury from 15-30k with rehab involved. I know some people who have houses in New Haven, but I am not sure which areas. What towns do you suggest I look at and yes I will appreciate any advice you can give me ! thank you

ok now my question is how would I check the areas I am not familar with? Local police reports I can have access to ? I have heard of some people having success with lower income but also alot have stress. I know the cities are affordable for me and there are some steals but the areas seem to be bad but how do you determine one from being completely bad to some what bad lol

yea, if i decide to go through another agent I am sure she has some people who I may be able to speak with. I know lower income areas are tough but I have heard if you can screen properly and play no games you can have success. On the flip side I run the risk of them destroying the place and not paying. I just find it crazy how in CT the rents are 700-900 and I may be able to purchase a house and rehab it for like 60k and that would give me about 1500-1700 in rent

Hey everyone!,

I am from CT here and have been looking around at some Bank REO's using this website. I have found a few that are priced really cheap like 15-40k for some multifamilies. The neighborhoods are rough as I expect and the properties all need a good amount of work. My question is that even if the area is rough and has drugs, crime, and should I stay away from those properties because most likely the tenant will destroy the place? What should I look for when investing in cities with low income families ?