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All Forum Posts by: Dean DeMattia

Dean DeMattia has started 4 posts and replied 8 times.

Post: None-Performing Note in Upstate NY

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

Hey everyone,

I’ve come across a unique opportunity. I found an off-market deal where the owner seller financed a commercial multi-family property to someone on a 5 year mortgage with a balloon payment at the end of the 5th year. After 5 years the borrower couldn’t obtain financing to make the ballon payment. The owner decided to extend the mortgage to give the borrower time to obtain the ballon payment financing. Not sure if an extension was met. Supposedly the borrower decided to stop answering and hasn’t made any payments in years according to the note holder. The owner hasn’t taken any legal action. The note holder offered to sell me the non-performing note. I consulted some lawyers and seemed like the foreclosure process isn’t that bad.

The property includes 6 individual one bed one bath cabins. It’s located in a popular Air BNB resort area with a great school district. Was thinking about potentially wholesaling.

Has anyone bought a non-performing note? 

Post: Potential Deal in Connecticut Any Thoughts...

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

Thanks for the advice guys! @Jon Kelly The property is selling for around $116K but I'll try to purchase for around $100K-110K. I compiled a list of comparable condo's that sold in that complex in the past year. I'm getting an average sale price around $128k... I believe it's at a discount because they have a smaller buyer pool due to the purchaser having to be an investor. @Scott Hollister I walked the complex and it very well kept and in a desirable area.(Near Universities and companies) I'm going to inspect the books/records of the condo association prior to placing an offer. 

@Scott Hollister

Post: Potential Deal in Connecticut Any Thoughts...

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

Hi All,

I came across a unique situation and wanted to see what the BP community thinks. I'm currently in a single family house hack(renting 2 rooms out) and stumbled upon a potential new deal. I'm in a high-cost appreciation market so it makes no sense at this stage of my investing journey to invest locally. I'm looking for cashflow so I located a property roughly 20 miles north of me. It's a condo with low HOA fees and investor friendly. A tenant has be living in the unit for 18 years and their lease isn't up till October 2023. It has gotten a ton of views but no interest in my opinion because it's a small deal and most investors would like 3-4 family properties in that area. It's under 1k sq feet and has been kept in great shape just needs some cosmetic touches. It's being rented for $1,175 but one of the same exact units just rented for $1,350. My thinking is this must be a decent tenant since they made it through the bad times (07'-09') and they keep the unit like it's their own. The cashflow after PITI, repairs, and vacancies is almost $200. With an increase in rent it will be closer to $300 a month in cashflow. From personal experience I'd need to do due diligence regarding the condo association, tenant background, and the taxes will go up slightly. If purchased, my options would be:

1. Keep the tenant and raise rents reasonably (like 5% or $50) and have a certain % increase built into new lease.

2. Help tenant move out and do small renovation to bring rents up to market.(get around $1,350ish)

3. Have family members that are looking to retire and might want to rent for a year while waiting. Will allow for renovations while living in the property and can easily afford $1,350 a month.

Thanks in advance for the help!

-Dean 

Post: Stamford, CT - FLOOR REFINISH NEEDED

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

Hi All,

Can anyone suggest a good flooring contractor?

I bought an older home in Stamford, CT that has hardwood floors underneath the carpet. I’m looking to sand down the floors and re-finish roughly 1k square feet of space.

Thanks in advance for the help.

Best,

Dean

Post: First deal in Stamford, CT!

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

@Stephen Pombo Hey Stephen! Thanks man, I’d gladly walk you through the process. It was easier than I thought! Are you still in Westchester?

Post: First deal in Stamford, CT!

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

@Steven Luttman I’ve looked at many places such as: Albany, Troy, Buffalo, Rochester, Poughkeepsie, Syracuse, and Binghamton.

I went to college in Albany so am familiar with the capital region.

Post: First deal in Stamford, CT!

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

@Filipe Pereira Thanks Filipe, really appreciate it! Sounds like you have some good experience!

I’m thinking about buying a 3-4 unit in either CT or upstate New York. I’ve done quite a bit of analysis but yet to pick a town.

Post: First deal in Stamford, CT!

Dean DeMattiaPosted
  • Investor
  • Stamford, CT
  • Posts 9
  • Votes 11

Hello All,

I’m feeling very excited! I have been researching real estate for several years and will be closing on my first deal next week!

My first deal is a single family house hack. I’m planning on living in 1 room and renting the 2 other bedrooms out to family members. With the additional income, my mortgage and taxes are basically covered.

Best,

Dean