All Forum Posts by: Marcony Simoes

Hi @Elizabeth Pare, plenty of good advise here already and i cant add much more to it. However, if you ever consider selling your 4plx in Waterbury, id love to chat. I invest in the area. Best of luck! 

Hi @Ryan Luby 

Please add me as well whenever you start this back up. Congrats on the baby! 

@Tiago Pina I have a few investment properties in waterbury, they have been working out great. Never had issues with tenants, maybe I just got lucky but from

personal experience, I really like Waterbury and plan to continue investing there. I live 45 minutes away. Good luck! And happy to chat in greater detail if you wish.

Hi @Mike Cumbie 

I'm in Connecticut and just found out that we use lawyers here also.

Thanks for the detailed response!

Hi All,

Its time to sell one of my rentals! 

After doing some research on FSBO i feel pretty confident that i can do this on my own. The property for sale used to be my primary residence its also in my town and i'm very familiar with the market.

My questions are the following:

For those who have gone through he process, did you use attorney or title company? 

When you have an accepted offer and the buyer gives you earnest deposit, who holds the cash?

These are the only 2 questions i have so far, i'm certain more will come to mind. Thank You all for your input!! 

Hi, glad to see this post, im in the process of doing the same. I'm experienced with managing rentals and feel pretty confident that i can handle the sale. The one area however i can use a bit more clarification on are the contracts i need to have ready. Specifically, lets say you have an accepted offer and the potential buyer needs to give you the earnest deposit, who will hold the cash? 

@Mathew Allen hi there! I live near the area and I’m familiar with what you are trying to do, one word of caution. I believe the city WILL or has started to put a cap as to how many students can live in one house. Sacred heart has grown very fast! And there is definitely a need for more student housing which is great for us (investors). I have looked at doing the same being that I’m about 5 minutes away from the University. I was told this from an agent not too long ago. I’m not sure how accurate this information is but it’s worth checking out. Good luck!!!

Hi All,

Tax question coming up!

I recently purchased a property with a friend, all the costs were split 50/50 (Purchase, Rehab, closing and etc) However, the property was purchased under my name only.  Considering the property was in my name only; Are we both still able to deduct expenses such as rehab cost, closing cost, property taxes, mtg insurance and etc. ? 

We have since refinanced the property into an LLC which we are both equal partners but i'm wondering if there is a way for us both to take advantage of the tax incentives prior to the property going into the LLC.

Thanks in advance for your input! 

@Guifre Mora, yep! That’s what I’m looking for. 

@Guifre Mora Im looking to do a cash out refi. and secure for long term financing. Here is some basic information:

Purchase Price 85K

Outstanding loan 68

Appraisal 120K to 130K

rental income 1500

taxes 4200

insurance 970