Wholesaling in Connecticut???? HEEEEELLP

34 Replies

To get started in Connecticut is really tough is there anyone wholesaling/investing in Connecticut that's willing to give me some insight?  

Hey @Robert Duncan  I'm in the same boat and I agree, it is very tough. I'm trying to take the advice that's constantly repeated on the podcasts and take action as much as I can. I'd be happy to answer any specific questions I can with my limited experience. Feel free to shoot me a direct message. Good luck!

The hardest part is usually finding a real deal.

To be successful you will probably need MLS access to assess property values and some experience inspecting homes and estimating repairs.

Medium topendlogo gold med2Phil Z., TOP END Properties | 203‑936‑7776 | http://www.rehabhousesinct.com

Thanks guys as we speak I'm making bandit signS and thinking to myself  wth am I going to do once the calls start coming In? You never know if you don't try right. 

Hey, @Robert Duncan  - welcome to BP and kudos for taking action. It sounds like you're in the beginning stages, so I think the best advice is to keep doing your homework. Listen to as many podcasts here as you can, do a search for wholesaling and read the blogs, the forums, etc etc. There are some very successful wholesalers on this site, so reach out to them and ask some specific questions. And best of luck! It's not an easy road, but neither is it supposed to be.

@Robert Duncan - Hi Rob, 

I would like to know how are you doing know and if you are making progress please share your knowledge, thank you.

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Hello everyone. I am also new at this just about to send out my first bunch of direct mail.

I have a question. What is the deal with Bandit Signs here? Are they legal? Illegal, just frowned upon? 

Also I am very eager to know how you all are doing in the CT market.

Everyone say it is tough, but seriously.. is it really easy anywhere else? It is tough everywhere I would think.

Also Can anyone recommend me a good investor friendly title company in the wilton/fairfield area?

Would anyone be interested in organizing a dinner or a get-to-gether just to chat? 

Medium investment properties in connecticut logoJerryll Noorden, Investment Properties In Connecticut | 2035294712 | http://www.WeBuyHousesInConnecticut.com

They are town by town regulated so make sure you ask in the town you are looking at.  Please note that in CT title is handled by the attorney's.  So if you are working with an attorney it is something their paralegal can handle.

@Robert Duncan Welcome Rob! 

The biggest challenge is having a flow of motivated sellers calling you. That is the sole factor in how successful your business will be. No motivated sellers = no business. So in theory it all comes down to how hard and how well you hustle and market yourself. Get your name, your brand, and your word out there for people to hear. CT is tough, but what area is not, there are people doing deals EVERY day and if you are not getting them, someone else is.

I'm in Bridgeport, still searching for my first deal, being consistent and dedicated. The first one is right around the corner. 

Good Luck!

@Robert Duncan

Getting started is not easy in CT but it can be done!

Start networking and take the time to go to your local meeups and REIA...

Read, network, read, network. Build your team of experts and become one yourself! Find a niche and work hard! Harder than anyone else!

Best of luck. I am based out of Fairfield County and I can recommend Bridgeport as a good starting point. It is ripe with opportunity and buy in is low if you are looking to do buy and hold.

Medium paragon logoMichael Kovac, Paragon Commercial Brokerage | [email protected] | (415) 745‑0432 | http://www.paragon-cb.com/

@Matthew Laggis I'm also located in Bridgeport. Would be nice to network and build as we can co wholesale some deals together.

I'm not in Connecticut but I can tell you wholesaling is hard! At times, it seems as if it's a myth.  When someone say they're a "Wholesaler" or looking to become one there's an automatic stereotypical aspect of being a wannabe or having watch too much late night infomercials.

To make these "deals" work you have to secure a contract with a seller at 65% or less of the ARV, minus rehab cost and your wholesale fee, which is EXTREMELY hard to do nowadays. As all the major funds have spent billions buying these properties nationwide already.

If you're still interested I would try to market directly to the owners of off market properties.  Again, this will be hard to do cause why would anybody in their right mind sell you their house that cheap with that much equity in it?  It may be possible with Short Sales but I doubt it with all the red tape and stipulations that the banks places on shorts.

Either way, good luck!

Welcome to Biggerpockets. Bandit signs are not permitted in certain cities/town I would suggest looking at the regulations in each area that you want to do this in. 

Best of Luck to you!

Originally posted by @Tim S. :

I'm not in Connecticut but I can tell you wholesaling is hard! At times, it seems as if it's a myth.  When someone say they're a "Wholesaler" or looking to become one there's an automatic stereotypical aspect of being a wannabe or having watch too much late night infomercials.

To make these "deals" work you have to secure a contract with a seller at 65% or less of the ARV, minus rehab cost and your wholesale fee, which is EXTREMELY hard to do nowadays. As all the major funds have spent billions buying these properties nationwide already.

If you're still interested I would try to market directly to the owners of off market properties.  Again, this will be hard to do cause why would anybody in their right mind sell you their house that cheap with that much equity in it?  It may be possible with Short Sales but I doubt it with all the red tape and stipulations that the banks places on shorts.

Either way, good luck!

signs are town specific. some towns especially Fairfield county are very strict about signs. so strict in fact that if a property is for sale the real estate company can't post their sign. it has to be a generic looking one with just a phone number to call. to research a quick call to town hall could answer your question about whether or not it's allowed. 

I wholesale in ct. Fairfield county and bridgeport. It's bad out there, I've been doing it for over a year and find very few deals. So far I have spent a lot more then I have made. It's nice to hear I'm not the only one going crazy out here.

@Ken T. what have you been doing for your few deals? As in how you been locating your deals & what seems to not be working for you & what kind of cash buyers do you have ....

Hi Jerryll.

I am a newbie and just building a team.  I hope to get rolling in wholesaling soon.  My attorney is Thomas Pursell in New Haven.  He does a lot of real estate law in New Haven. If you are wholesaling he can help you with drafting the contracts you need.  He can also handle your real estate closing.  If you need his number, connect with me and I will give you his contact info.

Good Luck and keep me posted on your success.

Sincerely,

Art Ledford

@Jeremy Rivera  Finding buyers and sellers is a very big task so what i did was find a partner who has buyers, my partner has built such strong relationships with buyers that they don't even need to see the properties.  I take care of the marketing and my partner negotiates the deals, Something I definitely recommend for anyone starting out in CT.  I'd rather split money then make no money at all.  

Locating deals in CT is the hard part, the strongest leads I've had were actually referenced to me from friends and agents.  My mailing campaign of HIgh Equity has had very poor results so I will be changing that up.

Sorry I couldn't be more helpful, it's still very much a learning process for me.

If you do find any deals, my partner and I can get you buyers that will close in a week.

Best of Luck!

Thank you Ken.  

I will contact you when I get a deal ready.

Thank you,

Art Ledford

@Robert Duncan

I am a Wholesaler in CT and have been for some time. I am not sure of your background but this is what I can share. Go out there and search out deals but the best advice I can give is to read every book you can about wholesaling as well as rehabbing (considering you should now your buyer needs well). I bought and read every book I could get my hands on at Barnes and Noble when I started. This site is an awesome tool and a wealth of information. Also go to open houses in your farm areas, in the beginning this will give you a hands on view of what houses on the market look like and what they are selling for. You can also speak to realtors to find their opinion of how the market looks from their eyes - also networking, let them know what you're doing and what you're looking for. You can also look at the completed real estate transactions in the weekly paper to see what houses are selling for and who's buying them.Find contractors in your area that have worked for investors in the past (from a REIA meeting) and ask them to come and give you a free estimate on the first houses you go look at - until you feel comfortable with repair estimates on your own. You can also market that contractor with your wholesale deal. Meet some hard money guys and then you can market them with your wholesale deals - make it as easy as possible for your future cash buyer's needs. This is not easy, it takes time to build the correct way, but very achievable, good luck.

No one should be disappointed in todays market regardless of where you are located. Deals are much harder to find even for experienced guy. Inventory is at a low in most markets. Or on the other hand the prices are not making sense. I would be hammering away attending as many local meeting. Find the buyers then farm their areas. A lot of folks over think this business.

Wholesaling, flipping, selling  it is funny they all equal the same thing but different terminology.

Alex

Bare with spelling and grammar 356 am. Trying to be up earlier each day

Hello!

I am an active Realtor in New Haven. If you guys come across some properties you can't sell let me know! Also I can get you lists from town records to help find motivated sellers. Lets make some money people!! Let me know if you need anything!

Also does anyone know if Hamden and or New Haven allow Bandit Signs?