All Forum Posts by: Mat O'Grady

@Richard Arden Glad to hear you are getting some leads!

Here are some things I think about when purchasing rental properties.

How are the systems?  Heating, plumbing, electrical, water and sewer.
How are the roofs, windows, siding and foundations?

If all of these big ticket items are good, then I would run the numbers like I would for a triplex. 

I wouldn't treat this exactly like a triplex because there are multiple systems and major expenses because of the two buildings. So, that would be a lower price than a triplex.

On the other hand, the rent for a single family home could be much higher than the rent for an apartment of similar size. Also, all the utilities could be billed back to the tenant of a single family. So that could up the price.

Another thing that could be considered is if it is a double lot. You may be able to take the lot and split it. Maybe you could sell off the single family and keep the two family. 

Make sure to update us all on the situation. This is exciting! We need real wholesalers in New London County.  

@Matt Dabek I have a house that was partly built in the 1800s. There was a addition in the 1900s. Electrical, plumbing, drywall etc was updated. I would say to make sure all the systems are updated and that foundation looks good. If all those are good, treat it like any other property. 

@Allana Alex

I'm curious to hear what happened in this situation. 

@Jon S.  How are these blinds holding up?

@Michael Fowler

Welcome to the site. We have a small meetup for SE CT. We have been doing zoom meetings every few weeks. If you would like to join, you can message me your email address and I can add you to the mailing list. 

@Bode Adeyi

When I am looking at a property, I look up the tax bill for the property. I type in "Groton Taxes online." I find the site and type in the address of the property. 

I believe every town in CT has a site and they all look similar. Here is Groton's site. 

https://www.mytaxbill.org/inet/bill/home.do?town=groton

Hello Everyone,

I am looking at purchasing a five unit property that is being marketed for sale, but they are actually two lots. I spoke with the commercial lender I have used in the past. She said that with the two lots together, it would need to be a commercial loan. She doesn't think I can do it separately.

The property is definitely two separate residential lots. One has two single families and the other lot has three single families. I'm looking to get the best rate possible for financing the purchase of the property. I was thinking that since they are both residential lots,that I should somehow be able to get two separate residential loans on it. 

Any thoughts or strategies? 

Thanks.

@Scott Hollister Hosts a meetup in that area. Not sure what they are doing in the Days of Corona, but there is bound to be someone who knows the information about the market. 

@Julissa Perez

If you have the time and you enjoy learning about rules,it is not too hard to learn the rules when you are dealing with a single property.

If you have no interest in doing it, I know an accountant in CT who works with real estate investors his name is Ted Lanzaro. He has spoken at many meetups in CT. I haven't hired an accountant but he knows his stuff and he invests in real estate himself.

On another note, if your property is located in New London County, we have a small meetup group. We are meeting tonight via Zoom. 

@Jaysen Medhurst and @James Lapp