All Forum Posts by: Mat O'Grady

@Carey Lilly@Jaclyn P.@Bernard Braithwaite@David Wolber

August meeting 24th 6 to 8 at the Groton Public Library meeting room 4. 

@Robert T Bell Welcome to the site. We have been organizing REI meetings here and there at the Groton Public Library. I put in a request for a meeting in August. If you are interested in coming, I can let you know when it will be.

@Randy Wilson I have been told by a few lending institutions that 25% down is standard in CT for investment properties. I went with a mortgage broker on my first investment purchase and they told me I had to put 25% down and I was skeptical and called a few other banks and they concurred. You may be able to find a bank that will take a portfolio loan and keep it in house for less than 25%. If you do, let me know!

Hey @Randy Wilson

I put in a request for a meeting room at the Groton Public Library for the date of August 24th from 6 to 8. I will let you know if that date works for the library.

Mat

Hello Everyone,

I have been looking for my next project and I have seen a couple of warehouses that I have sparked the idea of converting the space into apartments.

Did you or someone you know do this before?

Thanks!

The insurance looks a bit low. My fourplexes are around $300 per month. Maybe mine are too high?

Wow, thanks for all the suggestions! 

Hopefully, one of these will work. 

Hello Everyone,

My friend's parents own a house free and clear with 100 acres of land. He father built the house, he is getting old and they can no longer afford the taxes of 10k a year. Does anyone know of a way to lower the taxes? They don't want to subdivide or anything that would have other people build around them. Is there a way to turn the land into conservation or something?

Thanks,

Mat

@Brian Pulaski I am looking for some counters for a class A rental. Do you know if your local place serves Mystic? If so, can I get the name of it? Thanks.

@Jeffery Waicak Thanks for the mention of the PMI.

I didn't think about the mortgage insurance. That probably does have something to do with why it goes to auction and then they sell it afterwards. The bank may need to show that they tried to get the total amount covered by PMI through a sale. After they have proved that they tried to get the amount and don't, then they can apply to get covered by the insurance and then sell it for more money later to cover any other losses. That is purely just me guessing at what happens.