All Forum Posts by: Thomas Kareeparampil

This question is for the real estate agents in the CT forum. Are you generally comfortable working with clients who want to make "low-ball" offers? I am considering making a concerted effort to send out multiple offers in the coming months on foreclosed properties but have a specific $ thresholds for each property based on it sq ft, estimated rehab needed, avg list price/sq ft in the town, and what the expected ARV should be. I am looking to work with someone who does not mind travelling to the given properties to take video/photo (travel all through CT), sending offers that are potentially 30-40% below the asking price. I have a set process in place and will be sharing with you (via Google Sheets) how I find the given property and come up with my offer prices. DM me if interested.

If you're not cash flowing on the property, if you're refinancing, will your DTI still be in line with lending standards? Typically you won't qualify unless your total DTI is below 34%. DM me if you need to discuss.

@Warren Juall I haven't gone through an appeal yet; however I do share information with the appraiser prior to the physical walkthrough. What I do is put together a packet of information detailing what was rehabbed on the property including receipts and other supporting documentation, what the property measurements are, what the property is currently cash flowing at (including lease information), as well as comparable sales in the area. This information you'll already have put together as part of your normal operations. This can be emailed over or printed out and handed over to the appraiser. Don't share what value you're looking to get to as they should still be coming up with an independent assessment. I find that this gives off a professional impression and helps support a higher valuation than what she or he would have come up with their own research. Let me know your perspective.

The latest podcast they discuss how to successfully appeal an appraisal, I found it to be valuable advice.

https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-314-find-rockstar-contractors-and-manage-like-a-boss-andresa-guidelli/

Hi there, anyone here have recommendations on a reputable and honest contractor who does work in Ansonia, CT? I have a house under contract which should close in mid-February in which I'm looking to rehab and get on the market by mid-March. Looking for someone who is detail oriented, will fill-out a W-9, will work with me to create contract, and agrees to a draw schedule which outlines the payments. Please send me recommendations. He or she must have previous experience dealing with investors and understand the importance of meeting the agreed to budget and timeline.

I am also looking for an agent who has previous experience working with investors, who will be semi-hands on with the rehab (in terms of visiting the properly weekly), and making suggestions on the rehab based on comps in the area.

@Russell Brazil 

@Lesley Resnick 

@Jason D. 

@Kerry Baird 

@David Fernandez

@David Fernandez@Karen Lindstrom

Liberty Bank Good Neighbor Program in CT offers rate discounts. I rate locked last week at 4.5% 0 points 30 year fixed cash out re-fi. The property needs to be in a CRA area. Google Chris Stokes, Liberty Bank for his contact info or DM me for contact info and website to determine if the property you're looking for is in CRA area. I'm sure other local banks in your specific state has similar programs.

@Karen Lindstrom CRA is short for Community Reinvestment Act. There are Federal zones which define low and moderate income areas. Certain lenders offer incentives to homeowners in these areas. Liberty Bank has a "Good Neighbor Program" which permits investors to get discounts on rates for properties in a CRA area. I am not able to share links or contact info on the forum so Google Chris Stokes, Liberty Bank for his contact info or direct message me. Let him know you found out about the program through me, that'll help me out. You may also DM me to get the website where you can identify whether your property is in a CRA zone.

@Cameron Bock @Jenny Samedy DM me, happy to elaborate a bit.

Hi everyone, below is the contact person: Christopher Stokes - Affordable Lending Originator - Liberty Bank

The property needs to be in a CRA area - I can help you determine whether the towns you invest in are CRA. Let Chris know I referred you. Thanks!

Good news, I found a bank that lends 4.375% (.625 points) or 4.5% (0 points) based on the quote I received this week - the catch is that the property needs to be located in a "CRA" area. Direct message me if you want the contact information and to know if the area you're interested in is located in a CRA area.