All Forum Posts by: Mat O'Grady

I didn't know what a downdraft range until you posted it and I looked it up. Good information to know. I didn't think much about the extra time/cost the island would take to complete. Thanks for the thoughts. 

Hello again,

We thought more about your ideas and my wife went to Lowe's again and this is what they came up with. What are your thoughts?

Thanks,

Mat

I will have to think about closing off that doorway. I am not sure my wife would approve, but it might be doable.

I didn't think about the picture window idea either. 

Thanks for the ideas!

@Brandon Griffin I didn't think of that. It is not the only way to those back rooms, but I think that would mess with the flow of the house. The bathroom is right beyond that door way and if it wasn't there, you would have to walk all the way around the house to get to the bathroom.

Hello Everyone,

I am working on my first flip and my wife and I are trying to figure out how to design the new kitchen. There is a wall between the kitchen in the dining room that is not load bearing so we would be able to knock it down, but then that would cut down on the space for appliances and cabinets. I put a link the a quick video of the space if you want to take a look at the video and provide your thoughts.

bare kitchen looking for new design

Thanks,

Mat

@Richard Eans

I got a line of credit on a four family from Eastern Savings Bank. There were no closing costs. It was 75% LTV. Nine year draw period where you are only charged interest at 1% above the prime rate. After nine years, it automatically goes to a fixed rate loan.

The branches are in Norwich and Jewet City. Keep calling banks and asking for a LOC on investment properties. You should be able to find bank that will do it.

I bank at Chelsea Groton Bank. I just go in and tell them that I need to set up a security deposit account. They create an account using my information and the tenants information. The only person that has access to the account is me. I just go in and close the account when someone moves out. 

Just from my thoughts and experiences, I do not believe changing the status from a house that does not accept section 8 to one the does accept section 8 would have any affect on the prior leases.

As for the no new lease situation, most landlords have in their lease that after the year lease the lease is automatically changed to a month to month lease falling under the same rules as the year lease. 

Again, I am not a lawyer, but it doesn't sound like there is anything wrong with what you said. Although, I would definitely look to sign a new lease every year.

Just to provide some closure. She didn't show up to her court date. I got a judgement in my favor. I called her the night before she was suppose to be out to arrange picking up the keys. She says she reopened the case. I called the court and they allowed her to reopen int for 18 days later. I went to the court date and she didn't show up. I got a judgement in favor with prejudice, which means the case cannot be reopened. She tried 3 times to reopen the case and they were all denied. She was suppose to be out today and I went over and there was garbage and a few holes in the wall. It looks like she is gone. I called her but didn't get her. I changed the locks. Now I need to fix holes and clean. Hopefully I can get it ready for rent in a couple of weeks. 

Hey @Stephen Bell,

Welcome to the site. It sounds like you have a pretty good start at investing. I am a buy and hold investor in New London. There are a few people around the area that are investing and we have started a little group that meets about once a month in East Lyme.

Let me know if you are interested in joining and I can let you know when the next meeting will be.

Mat