All Forum Posts by: Michael Doherty

@Jesus Orbea There have been a lot of great points made on this thread about Hartford so I think you are well equipped with information. However, I will also provide my perspective.

I think Hartford is without a doubt a market you can be successful in, but you really need to have boots on the ground and a solid team. There are some great developments happening around Hartford that are making it more appealing. For example Parkville Market just opened and is doing well. You can read more about it here.... https://parkvillemarket.com/. 

There have also been some popular breweries to pop up around the town. I'm hopeful going forward we will see a shift going forward. I don't see the 'north end' being an area worth investing in anytime soon. The 'west end' is currently the best part of the city with the 'south end' next from an investment standpoint. 

@Account Closed As Filipe mentioned, it is harder to to make the numbers work for a flip in this market. However, should you be able to find a deal that works.... Jon Finman of Capital Three Sixty has a great program for flippers. I am currently doing a flip here in Ct using his programs. They have programs that do 80% LTV and 100% of the rehab costs. That is personally the program I am doing now. For your first flip you will probably be looking in the ball park of 10-12% interest and 3points.

@Jon F.

@Zachary Spade have your closing attorney draft it for you. They will most likely have one ready and you can fill in the blanks. If you want them to alter it I am sure they would do it at a small fee considering you are giving them the closing business. 

@Ryan Allison I think its one of those things that is definitely worth the time (saving) and money to outsource if you have anything other than a simple w2. I switched over after I got my first rental. If you switch early enough your accountant can help navigate your business as you grow rather than switching over later in the process. 

Tax law is forever changing and evolving and unless you have the time and means to keep up with it, definitely something you should outsource. 

@Jonathan Craig if you are also living there you really have no choice but to rent it by the room. I suppose you may find a family who doesn't care if you live there but that may be rather hard. You should use 1 lease if all 4 roommates are related or know each other. Otherwise use just 1a different lease per room. You should be fine just posting a normal rental listing on fb marketplace, I use that mainly as well. 

You should look into a smart home thermostat. I would also recommend including utilities in rent. You will appeal to more renters with washer dryer hookups. Include water/sewer with rent as well. 

@Tameika Craig If the reason you want to get your license is to expand your education and meet like minded individuals it's a great profession to do so. However, what's your end goal? Is your end goal financial freedom and to live off your cash flow each month? Is your end goal to make a career change into a field you enjoy and want to do everyday? I think you should think backwards and ask yourself if you actually 'want' to be a realtor or just like the idea of it. 

You can 100% expand your education and meet like minded people without having a RE license. As others mentioned, it does cost around 1500-3000 a year in fees ect. It's also going to cost more time and money building your network. If your looking for a career change to be involved in RE and helping others every day then definitely go for it! If your looking to build enough passive income through financial freedom you don't need to be a realtor to do that. 

@Kim Freeman if your intent is to move and live in your 'new' primary residence, you can get a 2nd low down loan, but it has to be a conventional loan product not FHA. I just did this. My first purchase 4 years ago was a 2 family home and I used an FHA loan. WHILE still owning that house I moved out and bought a single family house using a 10% conventional loan THIS year. So I have a 3.5% down FHA loan, as well as 'low down' conventional loan.

But from the standpoint of an FHA loan, yes everyone is right... you cannot have 2 FHA loans at the same time baring specific circumstances.

@James Mcsweeney like Filipe mentioned, check FB marketplace and craigslist. Rooms for rent around Hartford, County Ct are renting anywhere from 500-700 per room depending on size and location. Keep in mind that you should build in your price to include utilities ect. It would be very difficult itemize water/sewer and electricity and wifi. 

@Anthony Hawkins Spend some time and money to send out direct mail cards to property owners. Dealmachine is great for that. Set up ringless voice mail and leave messages. Drive for dollars. 

@Saurabh Verma how close to NY are you trying to stay? If you are willing to venture out 1.5-2 hours, central Ct has some decent opportunity specifically in New Britain, Hartford, Meriden and Bristol. As Filipe mentioned, you may find yourself if some tough arears at that price range but for multi fams, so a single fam may be your best bet in those towns.