All Forum Posts by: Kyle Samuel

I agree with what the others have said, I wouldn't back out if the deal all together. Come up with a number to fix the issues that your inspector found during his inspection. There's no harm in trying to get the house for a cheaper price. Every buyer who comes in there and does an inspection is likely to find the same issues your inspector found. If the issues are serious enough, like mold, the pool of potential buyers has been greatly reduced. I do my own inspections on my properties. If anything major comes up that no longer makes the deal financially worth it, I usually come up with a number to fix the problem. I go back to the seller and say something along the lines of "during my inspection, I found a few minor/major issues with XYZ that were not obvious to me during my initial walk through. I value these repairs at $$$$ and am therefor reducing my offer by $$$$" The worst that can happen is the bank says no or counters your offer meeting you halfway or something. Either way, you have nothing to lose. Andy Luck Might be different for your area, but in CT, you have to disclose to buyers that the house had mold in it previously. If you buy a house off the MLS that has obvious, visible mold in it and treat the house to get rid of it, do buyers or inspectors ever have negative reactions towards the house because of this. I'm not one to back out of a deal because of mold, I have put offers on houses with mold everywhere, but I always question what a first time home buyer's reaction will be to a disclosure of the house having previous mold, even if it was professionally remediated.

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@Brad G.

I am all over currently. Originally I was only looking in a few specific towns but I wasn't able to find enough deals to keep me busy. Since then, I have done 2 houses in Hamden, 1 house in North Haven, 1 house in East Haven, and 1 house in Ansonia. The house I am about to buy is in West Hartford. Ideally, I'd like to stay in New Haven County. I should be at the next CTREIA meeting, the last few i've had other things going on and couldn't make it. I've been a member for a couple years now though.

@Geoffrey Murphy

I would definitely like to be part of the CT meetup. Always good to meet others in the trade. Keep me posted

@Raymond B.

Didn't work the first time....

Thanks for the welcoming to the site

@Raymond B,

I see you are searching for rehabs currently, have you found any yet? Do you attend any of the monthly CTREIA meetings?

Hi everyone.

I have been reading posts on this website and listening to the podcasts for a little while now, but finally decided to actually create a profile. I graduated with my bachelors from Quinnipiac University and then got my masters from UConn. My degrees were all in accounting, so the next step was getting my CPA, and finding a good job. Well I got that "good job", and it was everything but good to me. 9 months later, I quit and decided real estate was going to be my next move.

That was a couple years ago, since then I've been involved in real estate full time and have bought, rehabbed, and sold 5 houses on my own. So far, I've rehabbed mostly lower end homes with $175-275k ARVs. My goals for this year include greatly increasing my marketing campaign for rehabs, rehabbing 5 or more houses, rehabbing at least 1 high-end home, buying my first multi-family property as a rental, and expanding my network of associates that I do business with.

I've put a lot of effort into finding a larger, high-end rehab and in 2 weeks I will be closing on my first large scale rehab. The house is close to 5,000 sq ft and has a $500k+ ARV. I can't wait to smash the first cabinet and get started.

I came across biggerpockets.com while searching for information on how to get started in real estate. So far, you guys haven't let me down yet!

I look forward to learning from others as well as helping out wherever I can.