All Forum Posts by: Phillip Tutino

Hi Kim,

I can tell you that if the numbers work then a private lender would definitely be interested in getting involved. As long as their money is secured by a piece of real estate they would be OK owning for the right price if the deal went south then it would be possible. Private lenders don't have all of those restrictions that banks do.

That all said, you need to find the "right" deal in New Haven for the private lender to want to get involved. As you know New haven has some really nice areas, and not so nice which also affect the type of rental collection approach you will need to employ, and the amount of effort you will need to put in for collections.

Phil

Thanks Karin! The only reason I was reading into it a little more is that they didn't ask a closing date on my initial Bid, only my counter that met the minimum. But I hear you.. it could be many or just me! lol.. Guess I will know soon enough! 

Hi All!

Has anyone ever done HUD offer on the HUD web site in CT? I put an offer Thursday and it came back Friday telling me I missed the HUD minimum sale amount by a certain dollar amount. My agent re-entered the bid at enough to cover the HUD minimum and it started asking for closing date which it did not ask for the day before. After he entered the date and other info the property now shows three more days to bid till Tuesday Monday being a holiday. I am wondering if this means I will get the property if no one else bids higher after the three days since I met their minimum? Since it asked for a closing date the second time I countered I was thinking I am close to getting it, but don't really know how HUD works. Curious if anyone is familiar with this in Connecticut?

My experience has been they list a property really low to get people interested but then the price gets driven up quickly. Last one I offered on went above my highest price considering rehab costs and ARV.

Hey James.. we should chat one of these days! Phil

The rehab I am doing right now is a homepath deal.. Might be interesting to discuss...