All Forum Posts by: Mat O'Grady

@Scott Hollister

Thanks for all the information!

@Scott Hollister Do you know any banks or credit unions that offer 100% LTV on a HELOC? Also, do you know any that offer the 5% down? Thanks!

@Michael Young Is your first loan FHA? If not, you can use an FHA 3.5% down.

I only have experience buying a four family non owner occupied and I found that in CT you need to put 25% down for a conventional loan if you aren't living there. 

I agree with most of the other responses.

It is difficult to find tenants in February.

I tell everyone who is interested in looking at the apartment what I am looking for in a tenant, I schedule a bunch of people to view it at one time, and I have people who are interested fill out applications. I do a preliminary check by calling to verify their employment and references. I chose from the applications the best fit and then I send them I link through SmartMove and they pay for the background check.

I am as upfront as possible about not renting to people with evictions, high debt, etc. Usually, people who don't qualify will not even fill out an application and most don't pay for the background check. I did have one guy apply and pay for everything and I found out he doesn't have a job. When I told him he couldn't rent the apartment because he didn't have a job he told me "I understand. Please don't tell me friends that you denied me because I don't have a job." I said OK, but I was laughing on the inside, because I didn't even know the guy let alone any of his friends. 

In short, keep the application fee and keep looking. You will get someone!

@Harrison A. Bispham

Welcome to the area! Yes newbies are allowed to come. Most of the people who come are fairly new. We just hang out and talk about real estate investing. I am trying to come up with a structure for the meetings to follow, such as choosing a topic for the meeting ahead of time to research so that when we come to the meeting we know what we are going to talk about, ha ha. 

I will send you a colleague invite and you can send me any questions you may have and I will do what I can to help you out. 

@Luke Anderson

Welcome to CT! I think you have the answers you need already, but feel free to ask more questions if you have them.

@Dale Kuhn

Welcome to the site. I have a couple four family buildings in New London and one in Mystic. I started a small meetup of real estate investors in southeastern, Ct. We me at the Groton Public Library and our next meeting is on the 23rd from 6 to 8 in meeting room 4. 

If you have any questions about the area, feel free to ask and I'll do my best to answer. 

@Michael Craig

Just to add something else you could check out. The boiler system creates air and the air can get stuck in the pipes preventing an adequate amount of water flow. 

I have to pump the air out of my system each year or else one of my units will not get the amount of water needed to heat the apartment. 

If you feel comfortable trying it, search for a video that matches your boiler. Here is an example of one. 

https://www.youtube.com/watch?v=z80WspC4Nmg

Hey Everyone,

Next meetup is scheduled for January 23 from 6 to 8 at the Groton Public Library in meeting room 4.

Mat

@Taft Love

Hey Taft, I applied for a unsecured personal loan through Sofi.com and they approved me for the max loan of $100k. It was easy to apply and I called up to verify that I was allowed to use the money for purchasing a rental property and the person I spoke to said it was fine. The rate was 9%. I ended up being able to get a conventional loan to purchase the property so I didn't actually take out the loan from Sofi. I have been investing for about five years and I have W-2 income so I think that helped out a lot.