All Forum Posts by: Paul Bergagna

Hello - 

I'm looking to network with various tradesmen: GC's, HVAC, Electricians, Plumbers, Painters, Carpenters, etc - in the Bridgeport, Fairfield Co area.

Thanks in advance!

Well, to answer my own question....I think we're looking at 8-9%.

BP folks - 

What are cap rates for multi in Bridgeport?  Looking for a range for turn-key and value-add properties.  

Also, what are some reasonable expense assumptions (per unit) for Gas, electric, water, sewer and insurance?  

Thanks in advance!

PB

Looking for an attorney to engage for a small commercial acquisition.  Any recommendations?

Looking for a rough costs to separate utilities in an older multifamily home in the north east.  For instance, I'm looking at a 6-unit that is running off a single, electrical, gas, water, hot water source.  Just looking for rough costs, a range, or worst case scenario.

Thx in advance.

Looking for recommendations for contractors/carpenters, electricians and plumbers in Central or Western, MA - particularly close to Worcester, MA.

Thanks in advance!

I know that the numbers aren't yet staggering, but is this trend of concern to you?  With the State's financial condition worsening, do you think that there should be cause for alarm, or caution in investing going forward?

https://www.nbcconnecticut.com/news/local/Study-Fi...

Looking forward to your thoughts in the context of real estate fundamentals and investing.

Perhaps show up in person to your local town hall to seek guidance.  I'm interested in knowing how to obtain these as well.

You need to consider the downside of the bank not allowing the loan assumption.  You might want to ask the Seller to have that conversation with his Lender to see if that's even a viable option.  

I'm assuming that 'gift of equity' means that the Seller would partially down his loan?  I have no clue why this Seller would pay cash out of his own pocket, go thru the hassle of transferring his loan to you, and then offer you 0% financing on the balance.  Something doesn't add up from what I'm reading.

I applaud your outside the box thinking, but I would suggest that you don't get too greedy or complicate things with this old man, or you're at risk of losing a potential favorable deal.  By the sounds of it, you're the only other party in the room; but I'm sure that if anyone else close to this guy gets wind of what you're trying to do, he could be easily persuaded just to sell outright and clean with a broker.  

IMO you should first focus on negotiating the best purchase price on the home; then discuss the financing.  If you can get 0% interest, that's great but why would you pay $200,000 more upfront for it?  What if you decide to sell in a year?  Just food for thought.  

If he sells the home, then he's going to have to pay back his $350,000 loan...how does that figure into the equation?