All Forum Posts by: Carlos Velasquez

Hi Dave send me a pm and we can talk.

I have found good deals here in CT but unfortunately one of my bad experiences was in Waterbury. I had a big lost but I was also new and was not educated in real estate investing. With the experience I have now I would not mind doing Waterbury but from what I've seen houses here tend to stay posted on the mls for long periods of time. Which is why also you can get great deals. I would rather buy and hold. Most likely buy it cheap fix it and refinance ( Brrr) and do it all over again. I would also recommend to have an experience property manager. No manager, no deal.

I have a great guy who finds me the best insurance deals. He is a broker of insurance companies out of Glastonbury CT if you don't mind. Pm me and I can foward you his info, you may want to mention my name.

@Dmitriy Fomichenko The property was purchased in the LLC name. To be clear, can withdraws be made from the self directed Ira to the LLC account? I will still check with the lawyer who created the entity. Thank you.

I just used a self directed IRA to purchase a house. I had to create an LLC and the money was deposited to the LLC bank account. Now the IRA company tells me that further payments for repairs need to be made directly to person doing the job. I know someone else created an LLC and made all deposits to his LLC and was able to self manage from there. I know it is possible, could anyone familiar with this situation explain how to do it? Thank you for your thoughts.

@Patrick Ducat Welcome to BP, this is where a lot of people became educated in real estate without the assistance of "Gurus". Listen to all the podcasts (yes all and look for more similar), become familiar with the real estate lingo and what it means, otherwise you'll be lost in conversations. Read books recommended by investors, reach out to other members because most people here like to help out. Mrs. Melisa has invited you to the BP meeting, go! most people like to research about how to invest in real estate but do not go forward with the most crucial step which is to actually do it (Don't be one of them). I wish I would have known about BP before starting, it would have saved me from making horrible mistakes but at the same time I know now that failure is part of success so it was a well invested hardship. Know that you will never know it all but be like a general doctor and know a little bit about everything and surround your self with the experts at what they do, such as: mortgage lenders, insurance brokers, real estate agents, property managers, contractors, lawyers, cpa's and other investors. These people will make your life much easier trust me. I only have a few years of experience but the rewards are incredible and you would not believe why more people are not doing this. Wish you best of luck and please reach out if you have any questions, you can send me a pm or send me an email, call, or text; my info is on my profile. Take care.

Hi, I am looking for a good property management company in Willimantic CT. If any one can please recommend me one I will appreciate it. I have already spoke to a few but would like to know what the BP community can recommend. Please PM me to get the names or send me an email (Is in my profile) thanks.

@Matthew S. I agree with most of the advise. Here is some advise for future headaches, I have in my leases that when a person who is not on the lease starts living in the apartment, I will need to do a background check and an additional $300 will be increased per month in the rent. I did this because in my state (Connecticut) a person who stays for more than a certain amount of time (sorry forgot) becomes part of the lease. Thus, if the person "has" to stay then he or she has to go through the same process as everyone else (fair housing right?). If they do not comply then you can evict them. Your post is almost a month old so I hope that thinks worked out for you.

Hi Tarun, check with a broker about the 6 months. I just had an offer to refinance a building 3 months after being bought. A mortgage broker should be able to find out the best one for you. I would suggest concentrate in building a team that will help you. An attorney, an accountant, a mortgage broker, an insurance broker, if you are not a realtor find one that is motivated, a property manager, and project manager. These people can make your life much easier and prevent you from making mistakes. I can recommend some if you want or aks people here in BP. Many people have helped me get in the right track just reach out and you'll see. Congrats...