All Forum Posts by: Mat O'Grady

@Brian Garrett In my area, a lot of houses go through foreclosure and the auction with more than the house is worth. So the reserve is way too high for an investor or sometimes even a owner occupant to buy. Later the house will be sold as reo and the price will go down eventually and will get sold. It is silly to be done that way, but I guess the banks feel like they have a better chance to make money like that.

I always thought it had something to do with not wanting to replace everything at once. Maybe there were windows that needed to be replaced and the siding wouldn't fit anymore or maybe there was damage to part of the building and there wasn't siding to match or to get siding that matched would be more expensive. I agree that houses like that look funny, but I usually see these houses in areas where the renters don't care about the look of the house. 

Hey @Richard Diaz,

There is a group of real estate investors in the SE CT area that have been meeting on a monthly basis. I am not sure when the next meeting is scheduled for, but @Jaclyn P. is organizing it, so maybe she can chime in. 

Hello @Aaron Sizemore

I am still investing the area. @Joe Simmons and @Devon Nugent are investing in the area as well. My baby is due to be coming on Monday, but my wife may be beginning labor right now, ha ha, so my time is a bit short. You can send me a message on here with any questions and I'll do what I can to answer them. Joe and Devon are good guys and may be able to answer your questions as well. 

@Colleen F.

This is a bit old, but I have a property with some space to put garages. What kind of rents do you get for your garages? I never really thought about renting a garage out...thanks. 

@Omayra C.

I just read through this thread and I am interested to hear how this all worked out.

Hello @Augustin Philibert

We are having a meeting tomorrow night from 6 to 8 at East Lyme High School. It is free to attend and no one is trying to sell anything. We just sit around and talk about real estate. 

@Zach Scheer You are right about that one. I wish I had a tenant like that, ha ha. I agree that all the screening in the world would not prevent getting a bad tenant, but it will help lower your chances. 

The tenants I am talking about are the ones that I let move in without paying all of the security deposit up front and the one I let in even though my guy was saying "This guy seems unreliable." I should have said no, but I was too nice. 

@Jim Piety

I have had two evictions in CT. If the tenant extends it out as far as they can, it will take 3 months. If you do the eviction yourself, then it will not cost too much out of pocket, but you do lose a couple month's rent and you have to spend time going to the courthouse to fill out the paperwork. If you have an LLC, you are not allowed to do your own evictions, so you have to pay a lawyer and it will be more expensive.

I agree with @Kevin Hunter do all you can to make sure your tenants are good enough so you don't have any evictions. Both of my evictions, I should have seen coming.

Glad to here you are excited. Hopefully, we don't let you down, ha ha.