All Forum Posts by: Tony R Fox

Hey there. Tony Fox from CT here. Looking to see how I can buy homes at auction. My dilemma is that I do not have enough liquid to potentially bid +$200k and compete with bids. I've been doing some research but wanted to pose the question:

What is the best way for me to bid at auctions but need more cash? Any alternative solutions for financing this?

Thank you all so much for the insight. This is monumental for me to hear different perspectives.

We all know the struggle of trying to make things work and how hard it can be

Hey Everyone.

Simple question yet very important in all of our journeys... How do you balance all of the ambition and passion as an entrepreneur with your personal relationships/family time?

@Collin H.

Fantastic insight!!! I am new to investing as well and I've had similar concerns.

Part of me wants to still buy as there never is a "right time" to buy and I am afraid that if I wait, I'll miss out--even in an overpriced market in CT that I am in.

Thanks for the thoughts everyone!

I'm not going to immediately raise the rents by $600. That's just asking them to leave. I want to slowly bump them up year by year. I. Thinking from $1200 > $1400 > $ 1500. I at least have to get them up to $1400

Tenant is on a MTM.

@Scott Mac

I really like this strategy. Only thing is that the 1st fl unit us a 2 br 1 bath and the 2nd unit is a 4 br 1 bath. So the existing 2nd fl tenant will not have enough room.

Think I can have the tenant stay in the 1st fl space while I reno half of the 2nd floor unit?

@Jairo Paredes

The previous owner neglected to do anything and the unit should really be updated.

I do need to raise rents because they are under market rent by about $600 so the rehab us a great way to justify

Thank you all for the heads up!!!

Hey team!

I am in CT and I am looking to do a BRRR and have a duplex in contract. However, how do I do a rehab when a tenant is occupying a space? I can tell they have been there for a while and the wear and tear on the unit show. I want to give them a great living experience. Not looking to to crazy with the rehab but general updates the previous landlord did not do.

@Adam S.

That is very fair. I do have some capital raised for my next deal from friends and family.

Do you have any thoughts on how to educate friends/family that are new to real estate so they are comfortable? Aside from showing them the numbers, that is