Experienced Investor/Rehabber, New to the Forums!

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Experienced Investor/Rehabber, New to the Forums!

Michael Noto
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes

I am a long time lurker here on the forums and thought it was about time for me to become active.

Currently I own 4 rental properties here in CT: 2 condos, a 3 family, and a 2 family.

In addition to the rentals I also have done 5 rehabs so far as well. I am looking to expand the rehabbing side of my business and hope to make some connections with some local wholesalers because the MLS deals are drying up a bit in my neck of the woods.

Looking forward to learning from everyone here on the forums as well as offering help to people as well.

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Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
13y

Hey Michael Noto welcome to the site - great to have you! I love when experienced guys join up and can help share stories, advice, etc.

How have the condos worked out for you? I know there is a lot of debate on their worthiness as an investment. Thoughts?

Podcast Guest on Show #92
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  • Mary B.
    Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
    13y

    Hey Michael,

    Glad to have you as a participant on BP. Sounds like you're a cash buyer looking for good deals in your market from CT wholesalers. Happy networking for profit.

    Kudos,
    Mary

    0Reply
  • Michael Noto
    OP
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    13y

    Thanks Mary!

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey Michael Noto welcome to the site - great to have you! I love when experienced guys join up and can help share stories, advice, etc.

    How have the condos worked out for you? I know there is a lot of debate on their worthiness as an investment. Thoughts?

    Podcast Guest on Show #92
    1Reply
  • Michael Noto
    OP
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    13y

    Thanks Brandon! The podcast is an awesome listen. You, Josh, and your guests do a great job. Wish they were around when I started investing because learn a lot from them.

    One of the condos I now have as an investment property is a 1bdrm, 800 sq ft and it is a condo I bought as an owner occupant in 2006. So although the plan was to be able to sell it, the market dictated otherwise. I only make $85 per month positive cash flow, one good thing is that my HOA fees on that property are not that high and I have not been hit with any assessments. Nice area though with stable tenants being that the condo is within 1/4 mile of ESPN in Bristol, CT.

    The other condo is 1bdrm, 600 sq ft and is in a little bit of a lower income area but while the purchase price was very low, 35k, which in CT is as low as it gets, the HOA fees are very high. That unit cash flows $205 per month and I have gotten lucky with some pretty stable tenants in it (only 2 tenants in 6+ years).

    All in all I have had an OK experience with condos, like with any other buy and hold the numbers either work or they don't. The thing at least in my area that turns people off to condos as rentals are the outrageous HOA fees and assessments.

    1Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    Michael Noto,
    Welcome to the Best Real Estate Site on the net!!!

    It is always nice to see another Ct., resident on the site.

    Raymond

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  • Philip Sample
    Rochester, MN · Member since 2013 · 12 posts · 0 votes
    13y

    Michael Noto welcome to the site!

    0Reply
  • Michael Noto
    OP
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    13y

    Thanks guys.

    Raymond B. I grew up in Wallingford. Live in Southington now.

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  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    13y

    Michael Noto welcome to BP.

    [email protected]702-349-9175
    The Adams Team at Rothwell Gornt Companies4.970 Reviews
    WebsiteView Page
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