All Forum Posts by: Mat O'Grady

@Jay Hinrichs It was the latest bigger pockets real estate podcast. 

Is anyone else bothered by the latest podcast? The story about the woman who was reluctant to sell. The interviewee kept contacting her. She asked if the price he was offering was fair, she wanted to get an appraisal, he got scared because he knew the price he was offering wasn't fair, the appraiser didn't show up, she said she didn't want to sell, he calls her back and convinces her to sell. Then, he says he made over 300k, but had he waited, he could have made 1 million. 

It seems as though the original owner and seller may have been taken for a bit of money. I know that American has a free market and all. She didn't have to sell to him and etc, but is there any remorse for the woman who didn't know how much her property is worth and is trusting that this individual is giving her a fair price, but he thought he could earn $600k off it when he put in the offer?

What are your thoughts?

@Christopher Fusco

Not sure where you you are in the state, but United Bank will do up to 100% of LTV for a HELOC.

I got a HELOC from Charter Oak Credit Union and they didn't even come look at the house. They went up to an LTV of 80%. I didn't have to pay any fees.

American Eagle will do a HELOC up to 100%

You should call around to the banks in your area and see what they are offering. Charter Oak was quick and no fees. If I wanted to go up to 100% LTV at the other places, there were appraisal fees and other fees.

@Benjamin Lemieux Good morning, In my experience with conventional lending in CT, I have had to put 25% down to get a loan from the bank. I have spoken to some hard money lenders in the area, but the charge 12% and 2 points. I would rather save up money then do that. 

Let me know if you find any good low down options!

@Dominique Long

Hello Dominique. I don't know anyone on BP who invests in Waterbury, but I know someone who is on FB who does. His name is David Haberfeld. You can find him on the  "Wholesaling Houses in Connecticut" group. Good luck!

@Jose Leon Bristol is a trek probably 2 hours or so. I have seen posts about meetings in Fairfield that is closer to you. Search the meetups page or type in Fairfield and you will probably find it. 

Hello @Jose Leon, if you are in New London County, we have a small meetup of investors once a month. I'll send you a PM with more information. Also, this site is great for learning. Whenever you have free time, get on here and read the blogs, articles and forums. 

@Nick Frostbutter

Hey Nick, welcome to the area. We have a small meetup that we do once a month. I'll send you a PM with more information.

@Dwayne Jelks Jr.

Hey Dwayne, if you check out the judicial website you can see when and where the live auctions will be. In my experience, there a very few live auctions that are worth going to. If you find one that you are interested in going to, you can find the law office that is running the auction and call ahead of time to get information about the starting bid to see if it is even worth going to. If you have some more questions about it, feel free to PM me. 

Here's the link: https://sso.eservices.jud.ct.gov/foreclosures/Public/PendPostbyTownList.aspx

@Jason Boice I only have used a realtor and the contracts have been on the P and S for Eastern CT Association  of Realtors. You could use that P and S even if you are not working with a realtor. Here is a link to a blank one. 

http://www.easternctrealtors.com/assets/files/ecarTraining/Purchase%20&%20Sales%20Revised%2091808.pdf