All Forum Posts by: Glenn Mayo

Thank you, Paul. That's an EXCELLENT idea.

@Sherrie Stokes

Hi, Sherrie. I'm from Southeastern Connecticut - born in New London, raised in Groton/New London/Norwich. I am intimately familiar with the area, and I still have a lot of family and friends there, and I keep up with the goings on in SE Connecticut. Here's the thing:

The real estate market in SE Conn is really, REALLY tough. People are fleeing the area faster than they are moving in, and so are businesses. Jobs are scarce, and the state's tax and business environment is brutal (hence the migration). I moved out of Connecticut 10 years ago, because it was so hard even then, and it's only gotten worse. At the height of the market, my brother bought a house in Taftville for about $250,000, and the ONLY reason he hasn't left Connecticut yet is that the value of his home has plummeted to around  $150,000, and he can't sell it without losing a LOT of money. My advice to you is, if you can, invest somewhere else. It's not that there aren't deals to be had in SE Connecticut, it's that, if you're investing in rentals, your market for tenants is drying up, and if you're buying and holding, you're going to lose money because the market is in free fall. Just my opinion, but we're here to help each other out, right?

Here's a question. Hope y'all can help:

Let's say that i want to buy a small multifamily - say just a duplex. I apply for preapproval, and I get told that I am eligible for $135,000. Problem is, to buy a duplex in my area, I'm looking at a minimum of $150,000 and up, so they'd be priced out of my range. In this situation, what should someone do, if their only chance of getting into real estate is a duplex, and they aren't approved for enough to buy one? 

All your help is greatly appreciated.

There are a lot of good deals to be had down that way, but you have to be careful; those areas change block by block, and sometimes street by street, in terms of crime and how good the neighborhood is. Also, the homes there tend to be somewhat older, so you should watch out for issues that come with older homes, particularly foundation issues and issues with lead paint, if the home was built before 1978. Otherwise, dive in! It's a great area that hasn't been completely picked over, near a major market, and very beautiful.

Speaking strictly for myself as a new investor, I think it best to stay not just within my own city, but within certain defined areas of my city. The reason is that it's easier to learn the market when that market is right outside my door, and the lessons I learn in my own market are easily transferable to markets further away from my home later on when I have more experience. Plus, when bad things happen - and they will - it's easier to deal with them when they aren't that far away from you.

Just my two cents.

Noooooo. Stay AWAY from DFW, ESPECIALLY the I-35W corridor! There are NO opportunities here. NONE. ;)

LOL

I can't speak to Dallas, but I'd STRONGLY advise you to avoid Southeast Fort Worth (inside Loop 820) LIKE THE PLAGUE. Remember "Cops: Fort Worth"? Yeah. Stay away. Other than that, Fort Worth is pretty decent.

 Do you know what law firm he's with? I'm hoping to get several recommendations, talk with lawyers, and see which one is best suited to what I'm trying to do.

Although asset protection and tax minimization are important, I primarily need a lawyer to help me set up my company to purchase. I'm looking at apartment buildings/complexes, which will require me to have partners/investors, and I need to know how to properly structure the business to minimize problems and so that everyone is happy. With as much money on the line add it takes to buy a complex, it pays to have a really good lawyer help you set everything up.