All Forum Posts by: Ryan Plesz

Hey guys was a great Meetup very informative. Are the Meetup's usually on the same day each month. Just wondering when the next one is so I can put it on my calendar. Thanks! 

Hi Brandon,

I'm not sure about Bristol, but I recently started a forum on if I should invest in a State with a budget crisis. I would love to hear your thoughts on investing in a state with budget issues as it looks like you are interested in CT? I know everyone says if you buy right, manage right and diversify it will increase your chances should more employers & residents leave CT and they raise taxes  and not fix the long term issues.  More info on the budget problem.

https://ctmirror.org/2017/09/21/gop-dems-both-lack-solution-to-cts-cycle-of-budget-deficits/

Thanks

Ryan Plesz

Hi Filipe, 

What type of meetup is going on today at Right Trac? Are there specific topics being discussed or just what ever people bring up?

Thanks

Hi Everyone, thanks for all the posts. 

Mike, I will definitely look into different types of financing. As a matter of fact just before I sent this out I was reading about contracts for deeds. Thanks!

Kim, I'm still trying to get used to BP and moving around the website. I'll have to look into why I can't be pm'd and get back to you. Thanks!

Filipe, I just found that recent posting and I will follow that discussion as well, funny how someone had the same thought on their mind...but then again you can't really miss what is going on with the budget here in CT unless you don't have a TV, radio or internet. From talking with agents that I know it does seem that for now rents are still in demand. I do think keeping employment steady will be a main factor as I don't see subsidized housing increasing because CT does not have the budget. I wish there was a poll to see how employers felt in CT, if they feel at all like the residents than that is not good as many of the residents I talk to want to leave and I've sees some leaving...mainly those that have retired. Thanks!

Chris, I was looking at visiting Jax in the coming weeks. I will look you up before I get down there. I would love to hear your thoughts about the market. Thanks!

I'm going to look for the latest moving van statistics as they can usually show the most current trend. If I find them I will post the results. I guess we will soon see what Malloy is going to do as he is supposed to start cuts now and the final budget debate must be done by Oct 13....kind of strange that lies on a Friday...good luck maybe?

Thanks everyone!

Question for BP Members about what I should Do Now, is my state (CT) dying?

Hi BP crew! I'm trying to get started in long term rentals and looking for some opinions, since I live in a declining state?

I’ll start with my dilemma, then give more details of my situation. I apologize for the length of the post. 

I currently live in central CT. Daily we have news of how bad the state budget problems are and I am leery of buying in a state that is losing jobs, loosing population and who’s future is not bright. I have done research and the situation is grim for the state. If you would like to read more I’ve included a link to CTMirror. https://ctmirror.org/2017/09/21/gop-dems-both-lack-solution-to-cts-cycle-of-budget-deficits/ We have such a ballooning pension problem that I fear the situation may escalate and I could be holding rental property that has increasing vacancy rates due to decreased demand, increasing property taxes to pay for CT’s budget problems and very little or negative appreciation. Every book I read states to buy in areas that have a diverse employment base (not really CT), employment growth (not CT), population growth (not CT). Each day I talk with more and more people who are leaving CT for more tax friendly States. I like the area but we do have relatives in Jacksonville FL and it may be possible for me to move my current job to Jacksonville and my Parents may be interested in moving to this area. I have visited Jacksonville and like the area and like other areas of FL and GA. My other option is to buy rental in Eastern MA (I have started to go to Meetups in that area and it seems much more stable than CT), or RI as both areas are within a 1 hr drive. For me to start in CT would be easy as I have a lot of current contacts for contractors, have my CT real estate license and know the area and my parents currently reside here. My Parents did say they are considering moving south.

My Situation: I have a full-time job (finance)…make around 50k a year and must get out of the Corporate world, I would be amazed if I can make it another 6 months but I will try for the purpose of W2 income for loan purposes. I have no kids, no debt. 80k in cash to invest, 35k in Roth and 200k in 401k. I also have financing options through my parents whom I can either barrow money or can go into a partnership with. I have done a fix and flip in the past with my father and it worked out well and now he is looking for ventures on a larger scale like apartments or mobile home parks, but can start on smaller multi families….combined we could do 800k cash with higher financing. My parents have been in the apartment business on a smaller scale and I would like to do something where we could work together. I have been educating myself with tons of blogs, and books. Considering taking 1 or 2 seminars, like the mobile home academy course or maybe Jake and Gino’s course on multi investing, nothing over $700, but just something to get me motivated enough in myself so I can take the leap.

My Goal:

In 5yr to have 8 to 10k / month in passive income (It would not be completely passive as I do not mind working 10-20 hours a week for this income but I will try to get systems in place to bring it down to 5 to 10 hrs a week. I would still be active in real estate looking for deals to increase my income because I enjoy the search, crunching #’s and even the physical labor part. I would look for C+ to B+ long term rentals, primarily multi-family. I could start with 3 to 4 plex’s and mover to apartment or there may be some mobile home parks in the area.

I appreciate any feedback.

Thank you VERY much!

Ryan

Thank you John, Bruce & Ned for posting great responses. I had my reservations on taking the class. It was expensive and I'm glad I can find a lot of the information on tax liens on BP. I did go to the 1 day $30 class and there was a lot of good info. You were right in that they try to get you to subscribe to a $30 or $40 a month site that is supposed to have links to the auctions, calculation and tracking tools and other info and tools....which to me does not sound bad if I'm using it and finding value. They also have a 1 day money back guarantee on the 3 day class.....but I'm sure they really have a good persuation to stay in. They also assisted in finding 2 to 3 good locations to focus on which to me would be very valuable since I'm looking to get out of CT and move down south. I just hope BP has some tips on how to pick a good buy hold investment market and really does not have to coincide completely with tax lien sales.....im sure I can find info. Thanks again!

Hi BP Community!

I am looking at taking a 3 day class from Fortris for around $1,400 on how to invest in tax liens around the country. I was wondering if anyone has taken the classes or knows if the classes are a good investment?

I appreciate the feedback.

Thanks!

Ryan

Hi Dell, just wondering about that septic contingency. I 'm looking at a property offered on Hubzu...and I"m not sure how to put in a contingency. Would you say contingent upon inspection and passing of septic test? Also have you ever bid on a property where it is as is..like an auction or foreclosure....and if so do you add in a septic repair factor if you can't put in a contingency and if so how do you do it....(%) etc?

I am just wondering if anyone has thought of the ramifications to the rental market should one, two or possibly 3 of these (Aetna, Cigna, The Hartford) major employers leave the state of CT? I am looking at rental property in the surrounding Hartford area, but am concerned that if these companies leave it could have a profound effect on my success with my rental property. Both Aetna and Cigna are in the process of merging with companies in much more tax friendly states and now I am hearing rumors of the Hartford. What would happen to the vacancy rates, pool of very qualified renters, housing prices, tax rates? It would not only have an effect on the immediate jobs, but the jobs of those businesses that rely on these companies and employees. If Aetna left it could be 6,000 jobs, all three 12,000 jobs. Could it open the door to more companies leaving? Please leave any of your thoughts or comments. Thank you