All Forum Posts by: Ken Quagliata

@Blake Williams , great start, keep it up and don't stop. Get that basement in order and move on to the next one. Question, the Chfa, can you own more than one property using this method? What part of Connecticut are you investing in? I have been looking in a few areas there recently. Good Luck!!

Hinesight is 20/20. Everything is worth more than 10x's what it is now. I would have bought every empty lot in my neighborhood and bought every multi family I could, One at a time slow and steady. Built on the lots and collected income from everything. Looking forward is the only way to live so no better time to start than now. 

I invested a little closer, something I can keep an eye on and still have the opportunity to invest less and get more. I bought a three unit in east stroudsburg PA. I did look in the carolinas and Florida. Even flew up to Buffalo. CT is not bad either. Ansonia Derby. You can find areas within a two hour drive and stay within your budget. 

I personally like to start fresh, screen tenants myself. Check their credit check their income and background. If you have the opportunity to get the property vacant I would. If you want to give him a shot and feel better about it, then communicate through the realtor. Ask for a rental application to be filled out. Treat him like a new tenant and let him know what the rent is going to be. This may put him in a position where he may want to leave and it won't be on you. Definitely screen him. Find out his intensions. 

Buying the home you have the right to know the terms of the existing lease or the expired lease incase it has a clause how to go forward after the old lease has expired, month to month, which old rules apply etc. That would be the place to start. If there is no lease be sure to get it in writing from the seller so nothing gets thrown in towards the end. You can also stipulate the property be turned over vacant at closing. This way it's no longer your problem. Good Luck!!

Trevor Ewen I live in Queens and am currently invested in multi family homes in Queens Long Island and PA. Where are you investing out of town? How did you find your management team and what's the furthest you'll invest?

I try not to play police. If you were living there and your neighbor had an issue with you he would bring it to your attention. If you were breaking the law or an ordinance he would call the police not your mother or father. Bring it to the tenants attention, suggest perhaps installing a camera so the tenant can prove he's not doing anything wrong and suggest to the neighbor if the tenant is stepping over the line he should take the appropriate actions. And let them work it out between themselves or you will always be the go to guy. Remove yourself from their problem and let them work it out.

Go talk to the city and tell them exactly what you want to do. They would be the best resource for correct information.

have him put you on the deed and just refinance. 

I'm sure there have been increases over the years that the assessors office made to keep up with growing value.  I know for sure once you alert them they may want to come in and do walk through of the entire property to see what kind of improvements were made over the years that weren't taken into consideration. I wouldn't waken that giant. But once you apply for permits they may, (like they are about to do to me) take advantage of the opportunity. Some of my neighbors tell me that they have been throwing out their letters (requesting a wakthrough) for years. Each municipality will be different but I would just let nature take its course and take it as it comes.