All Forum Posts by: Rick Santasiere

@Zora Luan congrats! You are in a great market, and Bristol offers some excellent returns in the multi area. We manage a few in Bristol, and they have done extremely well for our out of state investor.

@Marcin Moscicki, I try not to focus on one specific are because I have found that opportunities can sometimes present themselves. Also, in towns with under 40,000 residents, it can limit what's attainable, which increases the farm area. My current holdings are Tolland and Hartford counties at the moment.  All Class A.  We also do some property management for out of state investors, and are considering doing some TK props for the right clients as well. 

@Marcin Moscickicongrats on your desire to achieve financial freedom, or FI (Financial Independence, I think that one is from Dave Ramsey:) Glad to meet you. I would be happy to share my investing experience in CT with you. I got a late start (35) at investing in REI, but always knew I wanted it. Good luck on your new role in CA, and reach out any time.

@Filipe Pereira Saulo further confirms what we know :-) @Saulo Queiroz, thank YOU!!

You are the man @Filipe Pereira.  This is excellent!!

Saulo Queiroz . Newly purchased condo. Replaced some outlets, but in three of the rooms there are light switches that turn on and of one of the outlets. Those switches are not controlling any of the outlets. I assume I should have tested which outlet was being controlled by the switch before I replaced, but did not. Any advice to determine which one? I would also gather that there is a different type of outlet required for the ability to provide power as well as be controlled by that light switch. Thoughts?

Chris Seveney thanks for this post. I often get requests for contracts, or advice on contracts. As a real estate broker (and not an attorney), I stay away for providing this type of assistance, but will give this same advice. Wholesaling is something that, while not illegal, can get newer investors in some legal jams because it is so dangerously close to providing the services you need a license for. As to Filipe Pereira 's point, having the right people in place, at the right time can save you thousands of dollars, and potential for lawsuits, losses, etc.

@Shantal Lawrence, I always give people the benefit of the doubt, and believe in people being honest. Sadly, there are times where rehabbers, flippers, investors (call them what you will:), are looking for the greater margin, and might opt NOT to handle something they should. I have only done two flips (where I cashed out and wasn't planning to hold), both times I made good money, but could have made SO much more, had I cut corners. Hearing your story reminds me of the one from 2015, where I spent an extra $2,000 on drainage due to the 2' of water in the basement when I bought the house. Then I replaced the septic tank (which was fine, but had a crack in it), because I knew I would be selling to a family who was just like mine... If the person who rehabbed your house was truly being dishonest, he/she won't do too many of these successfully, because this stuff comes around.  When people "do right" by the world, it gets around... Maybe, just maybe, they will "do right" now, knowing that you are, in fact, the consumer... I wish you the best of luck. Keep your cool, and don't assume their dishonesty. Give them the benefit of the doubt and see if they will remedy the scenario first, then see where that takes you.

@Shantal Lawrence, I am so sorry you are going through this.  Have you spoken with your buyers agent about this?  Disclosures can be something you can fight (legally) with your attorney.  It depends on how far  you are willing to go.  Just remember, a seller (in CT) can just credit you $500 and simply withhold that same documents that you can litigate against (I am not an attorney, so I have no clue as to how the legal end works) Did you have a home inspection? Did the inspector have anything to say about the dark spots? As a broker, I have not experience this.   I have seen some things over the years where things came up, but, in the end, the "buyer beware" phrase is normally what you will hear, sadly.. Let me know if I can help.

@Robert Lindsley, I have some agents who I might be able to refer you to who would consider helping you.