All Forum Posts by: Mat O'Grady

Hello All, sorry I haven't been updating this. Our next meeting is next Tuesday August 21st from 6 to 8 at the Groton Public Library. Meeting room 4.

@Adam D.

Wow, a $500 a month jump? That would be pretty good. You are right that the increase will scare off your tenants, but in order for you to make money in real estate, you are going to have to do things that people do not like. 

Most real estate agents do not know how to do a least option. If you are interested in doing the lease option, I would research on this site as much as you can and see if you can find a lawyer who can help you draft up an agreement. 

@Adam D.

Are you going to make a profit if you sell the house?

Check rentometer.com to see if your rent is lower than market. If you can't get any money out of it, I would sell it.

It doesn't sound like refinancing is an option. If your house went up 12%, I don't think you will have any money to take out. When I looked around for a HELOC, I was able to go up to 90% LTV on my house which would get you only 2% out. I guess you could look to see if you could get a refinance for 100%, but I haven't seen one of those.

If you think you will benefit from some appreciation, you could keep it, but if you are looking to make cashflow I would sell it. You may be able to get the current tenants to do a lease option, where they basically give you a deposit for the opportunity to buy the house in the future. If you do this, you get some money you could put towards purchasing another house and you continue to get the income from them as they rent from you. They are also likely to take care of the place better if they think they will be buying it. 

Next meeting is May 24th at the Groton Public Library from 6 to 8. 

I believe the law in CT states that there needs to be legal representation for properties that are owned by a company. 

Hey @Andres Bernal

I have done my own evictions. If you have the time and can deal with the stress, you can do it yourself (as long as you don't own the property in an LLC).

If the tenant drags it out and does all the steps, it averages me 3 months from when it starts. If you get a lawyer, they may be able to convince the  tenant to leave earlier, at least that is what I have heard lawyers say. 

If you want to try it on your own, you can go to https://www.jud.ct.gov/faq/landlord.html to learn the process.

@Catherine Delgado

If the property is held in an LLC and a lawyer needs to do the eviction.

If you hold the property in your own name, you can do the eviction process yourself. 

I believe the law states that the person serving the Notice to Quit has to be a third uninterested party. I would find a state marshall to serve the notice for you because you are most likely going to need to do all the other steps anyways.

I would second @Jonathan Makovsky. If you mess up, the process could have to get restarted and that would not be fun. 

Hello All,

The next meeting is scheduled for March 22nd from 6 to 8 at the Groton Public Library in meeting room 4.

Mat

Hello All,

The next meeting is scheduled for March 22nd from 6 to 8 at the Groton Public Libary in meeting room 4.

Mat

Hey @Ryan Valenciano welcome to the site! This is definitely a great place to learn about investing in real estate. If you are interested in meeting some people in the area, I arrange a meeting once a month at the Groton Public Library. Our next meeting is on March 22nd from 6 to 8 in meeting room 4. It is low key; we just hang out and talk about investing.