All Forum Posts by: Scott Hollister

@Paul Bergagna I agree with @Minna Reid, the buying pool will shrink. I bought two homes on one lot and had no competition, but it has been an amazing rental property ever since. Typically the value is cheaper, which is a benefit to you as the long term buy and hold investor. 

What is your goal with the property? And do you need the capital back out or can you let it ride? 

@Paul Bergagna I love the value add mindset. And with proximity to NY and the train station, very good long term play. Like Minna said, hard to comp out but not impossible. Your goal should never be to sell it, as long as it cash flows. 

And if the rent is around that 4400 mark, and you're putting 100k into... I would sign up for that return all day long. 
The issue is refinancing if you don't have the capital to sit on, and like Minna said, that could hurt you on the back end. 

What type of financing did you use on the purchase? Rate and term? % down? 

The central Connecticut Investor meetup would like to welcome back Ted Lanzaro, The Tax Smart Landlord.

Ted is a CPA who is also an active real estate investor in Connecticut.

He has written a book to assist others in maximizing wealth while minimizing taxes. (Can download for free on his website)

Ted will teach us what we need to know as investors when it comes to taxes, you don't want to miss it!

The 2nd part of the meetup will be our Christmas Party for the year! Refreshments and light food will be served.

Hello BP! 

The central Connecticut BP Meetup is on for November! 

This months topic will be on insurance and what you need to know to protect yourself as a homeowner and a landlord. Ashlee Racow is a local agent who has been extremely helpful with helping out investors and home owners at our group this past year. 

This event is not meant to sell you or pitch you. The goal is to educate you on what to look for when you're getting insurance coverage. 

As always, the speaker will speak for the first hour while the second hour is dedicated to open networking. 

Hope to see you there! 

Hello BP, 

My friend Andy and I will be out in CA for a real estate financing course!

We both live and invest in CT and would love to network while we are out in California.

We hope to meet some awesome BP real estate investors! 

Location is Carl Jrs on Century Blvd. 

@Dave Van Horn I'll be there! @Joe Fairless first time going, I've heard nothing but great take aways from the past two years! 

@Stephanie Cabral @Bill Couture @Jacob Reilly

@Justin Wotton,

I just switched to eXp Realty for a few reasons. 

1. It allows me to represent my own brand without being a broker. I just have to communicate that I am powered by eXp realty. 
2. Passive income.

• You can and will be able to represent yourself as a licensed agent. You have to hang your license under a broker in CT.
• You have to weigh out the risk, the cost, and the time involved with becoming a broker. 

From my experience and conversations with Brokers, becoming one sounds like a huge burden. Again, I am just speaking from my conversations.(This brings you back to the post above, know your goals) My ultimate goal is passive income streams, everything else is a distraction or a means to an end. Right now I am using my income from being a realtor to place it into passive income investments. Plus I also love helping people become financially free, flip houses, and talking investing strategies when it comes to commerical real estate. 

There is nothing passive about being an agent besides revenue shares and possibly referrals. 

@Justin Wotton,

1. Do you need to be licensed to start investing? No
2. Will it help? Absolutely 

My advice is start with your 10 year goals and work your way backwards, if you see yourself becoming an agent part of that plan, then commit. But there is a lot of work/money involved to becoming and keeping up the license. It doesn't make you any "better" of an investor, education and experience do. 

If you decided to then take the course in Mass. Lots of fun, I paid $135 bucks for two weekends, CT is reciprocal. 

@Elizabeth Susan Ademi I would check with a lender on that one, I have not personally closed one or one as an agent. 

Ya I hear ya! And if you get a good house hack you will be living for "free". Typically its the Cap Ex and maintenance that eat up profits. (Roof, furnace, driveway, structural, etc.)

Great! American eagle is an awesome Credit union, my mother use to work for them as well. I just closed a loan with them last month, they move pretty quick. Just make sure you get a good loan officer. Also if you're in good standing, they have some cool low down payments with no pmi. They do it through a 1st and 2nd mortgage. 

HUD first look owner occ period is an amazing way to get a great property, I closed one 2 months ago for my aunt and uncle. Otherwise we were getting beat out left and right to investors...

I belong to FINEX and Nutmeg for personal, BOA for my business accounts. I have HELOCs and a cash out refi with nutmeg. Very pleased with their banks. 

@Vernon Henry, personally I would self direct in two ways: 

1. Asset based lending. Becoming a hard money lender. Typical returns are 9-12% plus points if you charge them. Money stays "liquid" due to the loan maturing every 6-12 months. 
   1. Downfalls: Must know your numbers on the asset, trust the investor, and have multiple exits if/when the market softens. 

2. Syndications: Invest in other peoples deals, typically large apartment complexes but possible through other asset classes. You get the benefits of ownership, none of the ownership headaches, and passive income. (I say none, but problems impact returns, you just won't get a call from a tenant at 2am)

Downfalls: You have to trust the operator, the market, and understand the investment at hand. 

This advice is for "protecting" your capital from market swings and growing it. I don't know about the tax implications. 

My investment strategy is this: 

1. Asset based
2. Long term debt
3. Underwrite for cash flow
4. Appreciation is a cherry on top
5. Emerging markets 
6. Continuing knowledge through education