All Forum Posts by: Tyler Hespeler

Congratulations @Brandon Rush sounds like an excellent deal! I'm a fellow investor myself and own 4 units in Mystic area. If you are looking to explore southeastern CT I am happy to chat and am also a real estate agent and can show you some properties. 

Hi Steven , welcome! I am a real estate agent as well as a real estate investor. I own three units in the Mystic/Groton area. I currently have listed a two family home that may interest you. Let me know what I can do for you. 

Anyone looking to live in one unit and rent out the other? I have a very motivated seller who is looking to get rid of his 3 bed/2 bath property in Mystic. Message me if interested!

@Michael B. We recently used what was on sale at Lumber Liquidators which was the laminate click-lock planks with the fabric built in so it was super easy to install. I believe it was $1.69/sf. So far we are very pleased with the cost, look, and ease of installation but we haven’t yet furnished the rooms we installed it so we don’t know how it will withstand the test of time. I would avoid going the adhesive route if you are going to be installing it in any room that may see water. The guy at the store said he would recommend vinyl over laminate if you were to do a bathroom or kitchen.

Hello @Benjamin Storrs, welcome! I am also a new investor in Connecticut, focusing on where I live which is in the New London County. From what I have heard from several other investors, just go ahead and buy properties and worry about the LLCs later, IF you are putting low/no money down and don't have a lot of cash. After all, an LLC isn't worth much if there isn't a lot of value that it is protecting. If you have high equity then it would probably be a good idea to get one. Where abouts in Connecticut are you looking to invest?

@Jonathan Bombaci thank you for all the help I appreciate it!

@Jonathan Bombaci yeah the $800 would have to be confirmed that it would include everything.  He said he wasn't really sure.  So it is a safe/common practice to seek written permission from the seller to speak to the bank?  I just don't want to be overstepping my boundaries even though he is allowing me to contact them.  Yeah I'll definitely consider the layout more and get a better feel for what I'm working the next time I swing by.  Since we have a good relationship and he isn't really looking to sell immediately, would it be a good idea to have an inspection done?  He was in need of a new furnace and dryer but for now that was the only issue I had seen.   

@Mason Pagan wow I'll have to check that one out!  Because based off my numbers, the rent would be $1100, and the mortgage plus hopefully the taxes/insurance would be $800, then I'd set aside roughly $250 for maintenance, repairs, and vacancy, it would be barely cashflow positive.  I'll for sure run the numbers again once I get a solid answer from the bank.

Thanks again!

@David Kramer @Jonathan Bombaci @Mason Pagan

Just and update:

After meeting with the seller, he informed me be would be happy to just simply get rid of his mortgage even if that meant no money in his pocket.  Without getting too much into his personal life, he is a disabled veteran and simply can't maintain the property.  The grass is 3' tall and the house wreaked with leftover food all of the floor and flies buzzing around all throughout.  I seriously couldn't see the floor and the smell was horrible.  He said if he could leave tomorrow for a one floor apartment in NC that he would rent, he would.

The house itself really didn't seem to be in that bad a shape and it looked like all the kitchen needed was a refinish of the cabinets. 

He said his mortgage alone was $800/mo and at the local rent being $1100, that would eliminate my potential for buy and hold, correct?  He gave me verbal permission to speak with his bank but when I called they said they would need something in writing.  

I think it would still be worth it for me to reach out to the bank and explain the situation and somehow negotiate the terms to get the property to cash flow. 

There did seem like there was a ton of potential in the walk-out basement as I could see an extra bed/bath being converted to it.

Ultimately I would just like get him out of this mess.  I guess the next move would be to have him reach out to his bank and for me to start contacting some attorneys.  As for a timeline, he said he would be happy as long as he didn't have to face another New England winter.  Thanks guys!

@Jonathan Bombaci thank you those are great points. When I asked him he said he was current but how would I find out for sure? Ask for a current statement or contact the bank?

What do you think of me offering to pay his tax lien as his “little bit more than is owed”? Thanks again

@Jonathan Bombaci my numbers are showing that at the very most if my total purchase costs were no more than $30k and I could get this thing to cash flow at $200/mo then it would be do able. It’s just going to all depend on what he is currently paying. If assume the loan would I be able to get on the phone with the bank and renegotiate the terms?

I went to the town hall and the only lien that popped up was the tax one. Would this mean he is free from any utility liens?

Thank you!