All Forum Posts by: Mat O'Grady

Hey @Bernard Braithwaite Tuesdays work best for me, but if other people wanted to organize a different time and place for next month, I would be fine with that. 

@Christopher Smith@Gerard Gonzalez

We are having another meeting on February 21st from 6 to 8 at East Lyme High School. 

Let me know if you would like to come,

Mat

@Myra J.@Jim Lally@Brad Ter Beek@Jaclyn P.

We are going to have another meeting on February 21st from 6 to 8 at East Lyme High School. 

@Bernard Braithwaite@Donna Genovese

Hello All,

We are going to have another meeting on February 21st from 6 to 8 at East Lyme High School.

Let me know if you would like to come,

Mat

Hey @Sourabh Bora

Norwich is a market that I have thought about buying in. There are definitely opportunities there, but I would consider most of the areas D to C. I personally like to manage my own properties, so I decide whether I feel comfortable walking the area the house is in. If you are hiring a management company, you want to make sure you find a reputable one and do your due diligence. The numbers certainly work on paper, but I am not sure how it is in real life. 

If you buy all cash, you should definitely be able to get cash flow, but it may be a lot of work...

I would agree that there are not many jobs in the area and it doesn't seem to have any big increases coming from anywhere, but there are people that live there, so I wouldn't say it is a ghost town either. It is a bit of a gamble. 

Hey @Jaclyn P.

Thanks for posting this!

Hello @Raymond Wu, welcome to the site!

I am not a mortgage broker, but I believe as long as you do not have an FHA mortgage already and you plan on living in the house purchased with the FHA loan, you should be able to do it.

One thing that might cause a hiccup is that your income needs to be able to cover the mortgage on your first property and the new mortgage and I believe you need 6 months of reserves to cover the mortgages. I also believe that the income from your investment property does not help until you have two years of doing it, but that may be wrong.

What does everyone else have to add?

Hey Perry,

Welcome to the site.

There is going to be a meeting next Tuesday at 6. It is currently scheduled to be held at East Lyme High School. The meeting is free to attend and I am not trying to sell anything. 

Let me know if you would like to come,

Mat

Hello again All,

I am postponing the meeting until January 10th.

Sorry if this causes any inconvenience,

Mat