All Forum Posts by: Jason Arcuri

@Timothy Jacobson have you thought about quickly switching them into your name for the mortgage and then going back to an llc?

@Christopher Kolasa if the home is in an llc, you cannot do an eviction yourself. You need to pay an attorney for it.

As mentioned before, your corporate veil is what protects you but is easily destroyed in an llc

The key is to pay yourself as an employee.

Never pay for anything with that bank account that isn't for those properties in that llc.

@Craig Rich yeah you definitely would need to modify it some how butthere's no way to know who uses how much. ... electric heat is actually a phenomenal option. I didn't even think about it.

@Craig Rich im so sorry you're going through this. Your realtor should have explained this to you.

I see 3 options for you. Unit in the attic, mini splits, or super efficient gas unit that runs whole house and charge higher rent.

All of them will probably be pretty similar in costs though.

Personally I'd do an attic unit.

@Jason Appel I highly suggest you drive through it and check out the various neighborhoods in person.  It isn't the greatest of areas and it has a nickname of hard hitting new britain for a reason.  However, it's def. improved and I'm all about numbers working.  You get the best returns in the worst area but trade that for the most headaches.  I try to shoot for the middle unless theres a superb deal on the really bad areas or really good areas.

I will take cash flow all day over breaking even on a mortgage and planning on appreciation.

Zero interest in having to sell my properties when they put money in my pocket every month and are paying off their mortgages.

Will there be times when tenants don't pay? Absolutely. This current situation is like nothing that's ever happened before though. So using the first time countries gave shut down to make yourself feel smart is extremely stupid.

Also you seem to believe you're immune from what's happening.

What happens when your BAM tenant isn't paying and you can't sell your property because luxury buyers are pulling back?

I hope this doesn't come to fruition but you should be at least concerned about what's happening.

@Jason Appel so im on the opposite side of the spectrum for waterbury.

I absolutely love it as the deals there have been great for years. I own in war zones and in nice sections. It definitely has a stigma but isn't nearly as bad as people believe.

Unfortunately investors have began realizing this the last few years and have driven up prices like crazy. It's actually outperformed the average of the US the past few years and that's been mainly due to investors.

Still a great place to look but I would keep my eyes open. New Britain is a favorite place for me right now too with numbers and future prospective

@Stephen Sobota not all closing costs but a good portion of them.

The reduction in cash flow is minimum. 5k is like 20 bucks a month right now. Having 5k more on hand imo is worth so much more.

Also, if you seriously want to become a bigger investor, stay away from the 2 families for your first. Too many eggs in 2 baskets.

If you'd like to have that full convo, reach out to me. Just too much to type right now. Way easier to talk on the phone or meet

@Stephen Sobota I love new Britain right now. A lot if my investors are looking that way.

Personally I like to be closer to 1.5% instead of 1% rule. 1.3 is pretty much the going rate from what I've seen recently though.

Also check out Meriden too.

I would also add that you should ask for closing costs back from the seller. This may drive up your purchase price but you'll have less out of pocket and with such low interest rates, I think you're better off saving more for your next purchase

@Derek DiPrete after losing tons of time and money due to handy man specials, I just bring in pros