All Forum Posts by: Victor N.

CT future is currently bleak but Im one of the few who still believes in the state. There's a lot that must be done to make the state competitive for small and large businesses but despite the problems I see a lot of small businesses opening.

I own properties in different towns and see that the rental market is very strong.

Also, the value of the properties that I acquired in the past few years has increased significantly, all have at least doubled because I purchased right ( granted prices could only go up from the lows of the 2008 recession- you still need to buy the right property at the right price!).

Im not happy with the state's fiscal situation but that's not a reason for me to move because things are currently working for me here and I dont see better returns anywhere else when everything is taken into consideration.

@Scott Hollister i just had a BRRRR success. I usually dont like to post numbers because it is very easy to get lost in them so Im purposely not posting the details But here are the basics. Duplex purchased for $50,000. Rehab about $20k. Appraised for $165,000. Got Heloc for $123,750 or 75% LTV.

I will continue to invest in CT...

@Charles Wiegert if it's a short sale, then your friend needs to hire an agent who has experience dealing with those. The agent will usually have an attorney they work with who will contact the bank for all the necessary short sale paperwork and the minimum amount the bank will accept for the sale of the property.

Also, if it's a short sale, then it means that there's no equity and most RE investors would not be interested specially when it's a small property ( 1/1 and 2/1) which will not generate a large rent/ cash flow.

You can always learn something by helping your friend through the process but it may not be exactly what you are looking for because an agent needs to be involved.

@Ben Wenger Yes this is normal. For example, if you have a section 8 tenant ( local housing authority pays entire or portion of the rent) you are required to fill out the W-9 form. 

At the end of the year, they will send you a 1099-Misc tax form showing how much you were paid for that year

@David Noskiewicz my Atty is very responsive ( responds to emails or calls usually same day but definitely within 24 hours. He is friendly, knowleageable, works fast and reasonable in price. His name is James Rock out of Cheshire. PM me and I will give you his contact! You can also google him. Tell him I sent you. 

Fyi You should consider hiring an Atty not too far from the towns where you usually buy because it will be easier for them when it's time to record your purchases! For example it's not convenient for an Atty in Stamford to drive all the way to Enfield to do the recording after you close on a property in Enfield!

@Account Closed I am probably the only one to think that the amount your landlord wants to charge is excessive! After 30 months, a landlord is expected to repaint the unit ( at least in CT) so no judge here will grant the landlord the full cost to repaint the entire unit. It simply won't happen here! Not after 30 months which is 2 1/2 years.

Same thing for the carpet. You are expected to make your landlord whole but not "better off" meaning you should only pay for replacing the damaged carpet in one room but not pay for new carpet for the entire unit. Plus most courts will depreciate that cost too. It wouldn't be fair to ask a tenant to replace a 5 to 10 year old carpet with a brand new one. Landlords simply can't get "free" carpet !!!

You definitely caused some damages which you already agreed to pay for but you should not have to give new carpet and new paint job to the landlord. I'm not sure about AZ but the landlord will not get the amount she is requesting here in CT. For  the tile damage you have no excuse. So be fair and pay her but don't overpay just because!

@Adam Juodis it is good to have an "idea" of your net worth even though owning real property makes it difficult to have an exact value ( properties values fluctuate). 

I was in a similar search a while back and found Personal Capital. They have the desktop and well as mobile versions/ app. It is a fantastic tool!!! 

You can track all your assets and liabilities. You input all your bank accounts, credit cards, personal or car loans, mortgages, retirement or investment accounts etc basically you can enter every single account you have and their software does all the calculations for you to arrive at your net worth. 

The only problem I see is the value of your properties. They use the zestimate values from Zillow... and we all know how that is not necessarily accurate. Then again no other free site can give you a perfect value. 

They track your spending, cash flow, tell you how much or less you have spent at a certain point each month and compare it to the previous. They tell you if your stock market investments are up or down etc. They also do a good job telling you where you are spending your money! 

The info is automatically updated daily! Try it and you will be impressed. Just keep in mind that because of the Zillow estimates your networth number is just approximate but totally worth it!

@Atwan Kwan Don't listen to anyone telling you to start an eviction now, specially AFTER they have complained about the bed bugs. Most judges will look at it as a case of Retaliatory Eviction and you will be in big trouble! Know your state landlord/tenant laws.

Though they might vary in the details, all states have this law. It took me less than a minute to find some quick info on Maryland's. Check the link below:

https://www.peoples-law.org/retaliatory-evictions

@Wayne Brooks If you have a contract signed by both parties and one side comes back after the fact and demands in writing to change something that was not part of the original contract, then it is similar to rejecting the original contract...call it a counter or an alteration but that is the seller's attorney position: they have the right to back out!

I had a similar situation happened to me recently. Seller cancelled contract because I was asking for a credit to repair a damaged exterior door frame ( that they did not want to pay for). My attorney was able to convince/ prove to the seller's attorney that the damage occurred AFTER the contract was signed so seller was legally responsible for it. Seller's attorney put the contract back on the table and we agreed to a credit ( much less than what I wanted) for the repair.

Also, I forgot to add that your floor drain line might be a little bit clogged. A roto rooter can take care of cleaning it for you!

@Matt Rasich When washing machines drain, they discharge a lot of water at high speed all at once and since you have no problem when you run the water yourself directly into the sink, then your problem might be poor venting which does not allow the water from the washing machine to drain faster. 

Also, it looks like the drain lines under the sink are 1 1/4 or 1 1/2 ( probably 1 1/2 but I cant tell for sure) which is small for a washing machine .

They sell under sink mount vents at the big box store which might help with drainage speed but I would recommend you talk to a licensed plumber to take care of it the right way.