All Forum Posts by: Joe Almeida

My search on local MLS shows an average of $1,080 for a 1 bedroom unit ($950-$1200). The higher the rent the more sq ft.

Rent average for 2 bedroom is $1,160  ($1000-$1200).

Hope this helps.  I'm a broker specializing in investment properties so reach out if you need anything else.

That's a very weird response by your lender.  Mike is right.  All the lenders I work with and sometimes do valuation work for would release the draw after inspection within 24 hrs.  Don't understand why they would need to speak with note buyer if they are servicing.  Money should be in place for you from the time you signed loan docs.  

Good recommendation on using wholesalers, but please don't rule out the MLS and a good investor agent. I know the market is tough when trying to get something off the MLS. But there are ways of finding deals such as going after properties that have been on the market for more than 30 days. If a property doesn't take a deposit in less than 30 days, most likely it's overpriced. If the seller is motivated, and the listing agent as well, a reasonable lower offer may get the ball moving. Try it and good luck!

You either have to do a 1031 Exchange which means you will need to purchase another "like kind" property that throws off rental income, and do so within the IRS allowable time frame, or you may want to consider selling the property and holding a mortgage for a few years (3-7).  You would want to speak with a good accountant (preferably a CPA) and discuss the money up front from a buyer.  Now you let the new owner take care of management, repairs, etc.  You get your payment and pay taxes as you receive the income.  Since you presently don't have W2 income, you may be in a good tax bracket to make this a great move.

Check the City's on line Tax Collector site.  Put in the address and see how much is owed and how far back.  If too far back the City may be getting ready to sell the tax lien in bulk sale which is what they do in Bridgeport.  Get an exterior broker price opinion.  Put the numbers together and make an offer in writing as previously suggested.  Just ask your contact for the names of his siblings and where they live.  Then send everyone your offer.  Tell them that it's subject to an inspection and Probate approval.  If you get them to agree, Probate can be worked out by hiring an attorney that will wait to be compensated at time of closing.  If you search hard enough, you will find an attorney that will do it.

Well said Jorge!  In the Northeast, my location, inventory continues to be low with demand still high.  Interest rates have had little impact, but let's see what happens after the next 2 rate hikes.  Affordable housing in our area is scarce.  Basically little to no new construction in this arena.  I've done consulting work for a Hedge Fund and couple of Lenders over the past few years.  One of the Hedge Funds has been lending on residential lot acquisitions in FL for builders who already have the house under contract to other funds that hold for rental income.  The fund that I do work for and the builders have little to NO risk!  They are buying 80-100 lots and sometimes more per month. 

The builders are putting up what we would consider affordable or entry level housing (1400-1800 sq ft).  Due to inventory shortage these houses would be gobbled up immediately if put up for sale to the general public.  Unfortunately the public will never get a chance.  As we all know, this has been going on for awhile now, contributing to the lack of new construction housing for sale.  This situation is starting to concern the powers that be.  Let's see what develops.

I agree with Jonathan.  Lots of investors or starting investors have jumped in during the past 18 months making it difficult to purchase potential "deals" for the right price.  Having seen these cycles repeat themselves thru the years (I've been a broker for over 40 yrs), we may be reaching a top in the single family class.  So it's extremely important to purchase potential flips/rehabs at the right price and not overpay because everyone is bidding on the same property.  Don't get me wrong, you can still make money flipping as long as you get your rehab numbers correct and don't overpay.  But it's at this time when you look for other classes of property that have lagged behind the "boom".  I suggest you pay attention to the multifamily group, especially 2-3 family houses.  There is lack of inventory in certain areas and that includes the entire state!  2-3 family houses, renovated, rented or not are flying off the shelf.  Pricing for these properties has moved up considerably over the past 6 months. 

I have been representing most of the Tax Lien companies that do business in CT.  It is very difficult to purchase single liens in CT as you have done.  Most municipalities only sell in bulk and go to bid when doing so.  The companies I represent have millions invested.  I question who you were able to purchase a couple of liens totalling only 4k.  If you wish to contact me directly I can share an asset mgr and or attorney that is managing most of the liens.  They may be able to assist you.