All Forum Posts by: Mat O'Grady

Hey Everyone, I am talking to an owner of a building who is looking to sell. He disclosed to me that he has been reporting his income and paying taxes in the state he lives in, not the state that the rental property is in. He has owned the property for a very long time and he has been doing his taxes the same way.

Has anyone run into this? Anyone know the repercussions for the seller?

@Hassan Gebril I sent you a PM. 

@Tajanaye Taylor Long time, no see! I hope you are doing well.  Welcome to the world of real estate investing and to BP. I have never worked with Alan Messier in New London with wholesaling but I have heard he does untraditional deals. I don't wholesale, but if I was looking for an attorney to work with, I would call the attorneys in my area and simply ask if they work with wholesalers. If they say yes, then you can ask for guidance. If they hesitate and then say yes, continue asking questions about the process to see if they know what they are talking about. 

On another note, we have a small meetup once a month via zoom. I'll send you a PM with more information. 

@Arian Hoxha Good morning and welcome to BP! I have two four families in New London and a four family and five family in Mystic. Real estate has been a great way to develop more passive income then my job. 

@Joseph T. Williams Welcome to BP. New London County can be a great place to buy a house hack. We have a small meetup once a month via Zoom. I'll send you a private message with some more information. 

@Ethan Max I believe if you are looking for a bank as a lender, you will need to contact the commercial department in the bank. I was able to get a commercial mortgage from Charter Oak Federal Credit Union. It was 20% down and it was a higher interest rate than a conventional loan. 

@Randall Suggs I send you a connection request with more information, but here is a link to the P&S That is usually used around our part of the state. http://www.easternctrealtors.c...

@James H. Hey James welcome to the business of real estate. It sounds like you are really motivated to do this right. As you stated, in CT you have a 9 day grace period so you cannot charge a late for or start eviction until the 11th of the month. Before the moratorium, my evictions usually took an average of 3 months. One was much longer and one was 2 months. During the moratorium, who knows how long it would take for the evictions to go through and I'm not sure you can even evict for lapse of time. I know that they need to be 6 months behind in rent to evict for non payment. All that being said, I wouldn't push hard on increasing rents or demanding they pay on the 1st. It sounds like both of your tenants are receptive to you taking over the property and they informed you why they cannot pay by the first. I would tell them that I understand that rent needs to be later than the 1st and I would follow up with them on the day they said they can pay by. I would do what I can to prevent any of them getting angry and deciding not to pay. That being said, I would let the May lease expire and go month to month. Keep them both on month to month and when the eviction moratorium expires, give them the option to pay a higher rent or move out in 30 to 60 days. This gives them time to think about their choice and find another place. If you really need to increase the rents now, you could offer to improve something in their unit and raise the rent in exchange. 

@David Constant I know there was a meetup in Manchester hosted by @Scott Hollister

@Justin Brown 

Welcome to the site! We have a small meetup once a month via Zoom. Most of the people who attend are investors from New London County. If you are interested in joining, feel free to PM your email address and I will add you to the email list. Our next meeting is this Tuesday at 7:00.