All Forum Posts by: Rick Santasiere

Dom Smith welcome to BP. Great question and really not that bad of a situation to be in. Taking a "loss" certainly has some nice tax benefits (especially if you have a decent W2 job), clear those with an accountant. Every time you make a mortgage payment, the equity paydown you get increases each month. This looks pretty as well if you track your net worth monthly. Ultimately it's a decision that needs to make the most sense for you? What are your short/long term goals? Will the $$ you have in equity be utilized in a better way if you sell (keep in mind today's pricing), or to kick back and let your tenant (and future ones) "pay for" the condo for you. Feel free to reach out privately if you ever need anything. We assist our clients with this very problem, often.

John Mezzoni welcome and hats off to you for clearly working hard to save. Keep it up, and keep reading and learning about REI. There are so many aspects you can get into depending on what you are most attracted to. If you ever have any questions about REI, please do not hesitate to reach out. You can find all of my info on my page.

Matt Oehlsen I would be happy to have a 15 minute chat with you on the phone about the pros and cons. As others have stated already, replacing that income would be a challenge. However, I have heard stories of agents who have excellent technology/marketing skills that have quickly done so. Reach out any time. I am always willing to have an open, direct and transparent chat about this, because I too, was in the same spot a while back.

@Michael Spittler. We are under contract on two 6 family properties in Norwich.  There are some great cash flowing properties. As @Edward Schenkel, mentioned, you should be sure and get into an area where your comfort zone matches your investment preference. There will always be higher cash flows in the lower end areas, and they may be considered "management intensive." If you ever have any questions, please feel free to reach out.

@Christopher Doyle I personally invest in Class A in a different part of the state (Northern CT), and feel that Class A offers the best chance to minimize potential issues that come with lower class properties. I am a huge advocate of sacrificing (some) cash flow for a property that doesn't provide me with any headaches. With that said, as you already know, you will pay for it. My suggestion is this: Link in with a good real estate agent in the area, who has the ability to scour the MLS for you, while also keeping their ear to the ground with potential for off-market deals. Off market deals in Class A always offer a huge benefit. I have an agent who covers this part of the state if you would like help. Feel free to PM me and I would be happy to share our experience with you.

@Mike Adams. I have an excellent multi family expert in that area. @Christopher Reid not only handles your MLS properties, but also has some connections with off market deals as well. Hopefully you both can connect. If you need anything else, feel free to PM me.

@Roman Tomkiv. Welcome to BP! There is so much to learn. Glad to see you are taking action. I have heard that the course you are doing is quite costly, I hope you get a decent ROI! Hook up with @Christopher Reid. He is located in Stamford as well and super motivated as well. Good chance you guys can find some synergies.

@Account Closed. Robert hit the nail on the head. Legally, the moment the property is conveyed to a new owner, the PM Agreement is no longer valid, and they have to abide by the state laws (and terms of their agreement) with deposits, etc. As far as the tenant, you will need to honor their lease, as this typically does NOT terminate or change with the transfer of ownership. You should familiarize yourself with that lease, and create an "addendum" which honors the "terms" of the tenants original agreement, but adds your info about rent payments, etc. As always, check your state tenant/landlord laws to make sure you are following your rules.

@Leo K. Are you looking to be in West Hartford, or near it? Reason I ask is that it is extremely difficult to find a MFR in WH with a positive return on investment. I have seen some of these go for cost to zero (sometimes negative) cap rate. There will always be "deals," but WH is tough to find. There a few areas of CT that have gotten quite inflated with values, with WH being one of them.

@Melissa Gittens, I have one that I used, but ending up hacking it up to my own preferences. Someone created  nice excel sheet, and I believe I got it from BP!! So if you wish, I can pass it on...