All Forum Posts by: Filipe Pereira

 I honestly don't know. It seems like anyone with two brain cells to rub together knows that we are in a massive seller's market, so why not take the risk / chance of listing their property first to see what happens? I think your best chance for success is to find someone who is in a unique situation and has to sell quickly or who is OK with leaving money on the table. Short of that, I am not sure why someone would go the wholesale route.  

That said, I'm not sure if there is a market that this happens more or less in. I imagine there is going to be some opportunity in markets where owners are dealing with a high level of nuisance tenants and evictions so I would probably locate those areas and target them highly if I were trying to generate wholesaling leads. In CT that's probably Hartford, Waterbury and Bridgeport. I would focus on the out of state landlords who are going through lots of evictions first. 

This is GREAT @Annchen Knodt! We've installed several thousand square feet of Lifeproof shaddow hickory across our portfolio in Western MA and Central CT over the last few years and it has held up great. I'll also mention that we have been able to get anywhere from 15-25% off the list price by going through the bid room for larger orders. REALLY worth it at that point. 

I know there's probably slightly cheaper (or even better) products out there, but the fact that this stuff is readily available off the shelf at home depot is really appealing!

Thanks for sharing @John Lyszczyk. A couple of weeks ago I needed some PT 2x4s for a firewold holder, walked into home depot, and thought to myself "yeah, $20 should do the job here"....Yeah right! I couldn't believe the price increase we've seen.

I'm about to get started on adding a bathroom to my live in flip here in Windsor Locks, CT and although I don't want to pay the increase in materials, I also don't want to wait a year to do the job, so your post gave me the confirmation I needed to just git 'r done. 

@Hassan Gebril if the tenant chooses to not move out they could potentially lose their voucher, so you do have that leverage there. As far as the max rent, you can ask whatever you want, but they will only pay up to their predetermined rental rate for that market. You can try calling the program / agency and ask what their rent range is for a unit similar to yours. 

Hey @Mike O'Brien, welcome to bigger pockets! 

It's great that you have your living expenses down to almost nothing. Often that's the biggest hurdle in being able to save for investing. 

With the market the way that it is, I would say option 1 or 3 are probably your best bet. In option 3 you're still banking on the market to continue to appreciate, so that does make me hesitate a bit. As to option 1, with the market being as crazy as it is, seller's aren't really inclined to take FHA offers at this time. However, this doesn't mean you can't get lucky.

Hi @Mardochee Augustin, I am not at all familiar with Bridgeport or Waterbury beyond the stigmas that both cities carry in the real estate / investing world. @Craig Bellot is a big Bridgeport guy and I'm sure he can shed a ton of light on the city for you, where to be, where not to be, etc. 

Hey @Matt Kendall and @Sam Punturiero, I am not in the stamford / fairfield area but @Steven Calascione is. He owns / operates New England Property Management down in Southport. I know him and his partner are always down to talk real estate. 

That said if you guys ever find yourselves in the Hartford / north central Connecticut market feel free to reach out. I own and operate CT Property Management and would be happy to grab a coffee. 

Thanks and best of luck in achieving your goals!

I tell everyone in my neck of the woods (CT / MA) about AAA. Yes, that AAA. The one that tows cars. They have incredible rates for multi family. They have been the most affordable every time I have price checked (once every 2 years). I call around to 10+ companies and even tried a few brokers. Nobody can touch them for the coverage that they offer.

Hey @Reece Randall, 
I'm not a licensed lender, but I've got enough experience that I should be able to answer your questions. 

1. FHA Loans have MIP, not PMI. MIP is specific to FHA loans, and is typically more expensive than PMI.

2. MIP stays on for the life of the loan. The only way to get out of MIP is by refinancing into a non-fha mortgage. PMI on the other hand drops off once you hit 20% equity in the property.

3. You can purchase a owner occupant duplex with a conventional 15% down, yes. Pre covid I think it was lower. I believe that's currently the minimum. Non owner occupied is 20% or 25%, usually. 

Always great seeing a fellow Connecticut member on the forums. Hope you stick around!

I can't help you in PA, but I do want to congratulate you on deciding to make the leap. It's a big deal, and if you find the right property manager, you will reap the rewards of more free time and less stress month after month. 

Good luck @Jon Clark and welcome to biggerpockets! BTW - maybe add the town where the rental is located. PA is pretty big!