All Forum Posts by: Mat O'Grady

@Sarah Giffin We have a small meetup in SE CT. We have been doing zoom since the Covid came to town. Our next meeting is on the 29th at 7. I'll send you a message though BP. 

@Rick Bassett

Condition G would apply once you own the property, but you may not get to that point if you can't get a bank to give you the money to purchase the property. I believe that some banks issuing OO loans are requiring a unit to be empty before purchasing the property to ensure that the person getting the loan has a unit to live in.

@Rowan Hallahan Welcome to BP! As others have said, if you are getting an owner occupied loan such as FHA, then the bank might require a unit to be empty before you close on the property. @James Lapp Was looking to purchase a property in CT to house hack and I believe he may have ran into an issue purchasing a property using an OO loan because of this issue.

On another note, we have a small SE CT meetup once a month to talk about real estate meeting. I'll send you a private message about it. 

@CJ S. I would think that it is the date of the closing, so the date the papers are signed. It wouldn't be a dramatic difference either way. 

@Christian Valencia

I mean, what tax advantages are you trying to seek?

@Christian Valencia

What is the purpose? What are you trying to accomplish?

@Dave Grimson 

I would try to make sure he realizes that he could save quite a bit in realtor costs if he sells to you. Also, there are a lot of taxes he will have to pay if he sells them all right now. He could help defer taxes and possibly lower his tax rate by doing seller financing. If he signs a contract with a realtor, he could be stuck with the realtor for a period of time and even if wants to sell to you using seller financing, he will need to pay the realtor. 

@Detra Harris

I'm in CT and I haven't heard about this, hopefully it is just a thought, because it sounds awful. Our current statute allow us to collect up to two months deposit. It has taken me a minimum of 3 months to complete an eviction so the max security deposit still doesn't cover all the missed rent let alone the cost to rehab the unit. 

@Richard Arden

I believe that almost any plan you set up is legal as long as you both agree upon it. I would ask a lawyer to double check. @Edward Schenkel is a real estate lawyer. He may be able to chime in.

I would say that it would be possible for setup an agreement with the seller saying that she will sell you the property with 0% down and a monthly payment of $400 which gets applied to the purchase price of $140k. Obviously, there will be more to the contract than that, but it sounds legal to me. 

Hey @Sunny Rajvansh

Here is a link that may help you. https://jud.ct.gov/faq/landlord.html

There is a lot of information on there for you to read and study that will answer 1 through 3. You can also contact a State Marshall who will be the one serving the paperwork. He or she will be able to walk you through the process. 

As for the current situation, it really doesn't matter if your tenant can prove it or not. The Governor has decided we cannot evict tenants. If you are on Facebook, you should look up CT Landlord Page and CT RE Investors. There are landlords on there who have organized and brought a lawsuit against the Governor. 

Mat