All Forum Posts by: Vinny Lopes

Although we are investing mostly in Connecticut, since my business partner lives in Carteret-NJ,  Middlesex County,  we are looking to getting more familiar with NJ market.  Following.

Hi Jorge, Please add on your buyers list [email protected]

Hey there! I'm a newbie here from Bridgeport-Connecticut area. I'm looking to be more active on BiggerPockets. 

I've been working with real estate for more than 20 years acquiring, developing and selling homes however since I joined Vena Jones-Cox at her Wholesaling Academy in Ohio last year, I'm thirsty to learn and practice more Wholesaling, thus I would like to connect and exchange knowledge with the members, specially the ones in CT.

If you know somebody or any company interested in selling homes in Fairfield and/or New Haven counties in CT, please let me know or refer them to me as I am ready to buy in cash.

Thank you!

Vinny Lopes

Márcia Lopes from tri state realty, she’s a very good agent.

I use Dapulse. It's very easy to use and you can have a clear view of what's going on. Before I was using Highrise CRM but end up changing it after my office staff was getting a little lost here and there.

Hi Javier, I always had a hard time to find a good property management company in Bridgeport, so I decided to open my own PM company back in 2014, today we manage our own properties between multi-families and single families. We had offers from other investors to manage large portfolio of houses that we refused, but for one single family house I'll be happy to help you. I'll send you my info on inbox. Vinny

Thank you all for your thoughts.

Hi BP community, I need some advise here, I have two houses on the market to sell without any offer, I'm thinking in renting instead of sell.

Take a look at the numbers below and help me decide. 

House 1 - SFH 1480 sq ft (completely renovated, 3 bedrooms, 2 full baths, new kitchen and appliances)

Purchase price $85K, repairs $87K , ARV: $220K

SELL: If I sell deducting closing costs I will end up with $26K (before taxes)

vs

RENT: If I rent I can collect $2300 monthly ($27600/y), Tax and Insurance (7500/year), Repairs & Maintenance $950/y, If I refinance at 70% LTV monthly will be $850 ($10,200),

My monthly expenses including mortgage payment, tax, insurance and maintenance will be around $1554, and I'll be receiving monthly 2300, so I'll cashflow $746 monthly ($8952/year)

House 2 - SFH 2360 sq ft (completely renovated, 4 bedrooms, 2 full baths, new kitchen and appliances)

Purchase price $135K, repairs $62K , ARV: $245K

SELL: If I sell deducting closing costs I will end up with $27K (before taxes)

vs

RENT: If I rent I can collect $2650 monthly ($31800/y), Tax and Insurance (8100/year), Repairs & Maintenance $1200/y, If I refinance at 70% LTV monthly will be $900 ($10,800/y)

My monthly expenses including mortgage payment, tax, insurance and maintenance will be around $1675, and I'll be receiving monthly 2650, so I'll cashflow $975 monthly ($11,700/year)

Please Advise: Should I sell or rent this properties?

Looked at the numbers my conclusion is definitely rent in about 3 years those my return will be more than if I sell.

Thank You.

Hi Charles, thanks for your answer. 

The income taxes costs on top of the net profit will be based on a STCG (short term capital gain) here in CT is 25%

About property management I'm use to it, I have another rental properties most multi family and my office has a staff that take care of all calls from tenants, repairs and maintenance. 

I'm still undecided between sell vs rent, but doing some more research.

My only concern is that the houses is very well done and with a lot of finish touches, and when it's a rental you know. We never know how tenants will take care of it.

Thank for your opinions. I appreciate.