All Forum Posts by: Phil Z.

    Since your new, and don't even know if you can secure financing .. go ahead and put a mortgage contingency with 2-3 weeks.  99% of the time the banks only care about the net purchase price, not the financing type if it means more money.

   The going rate here in CT is 20% down (total loan) plus 3 points (3% fee) and 12% interest (1% monthly).  However, they reimburse you on repairs after they are complete, so you need another $20k to get work going.  Then you need ~$1500 mo for carrying costs, plus your closing to purchase.

  In the price range you mentioned, you would usually need about $50-60k to get in and out safely.

I sell most of my investment properties to Buy & Hold Cash Buyers.  Most of the numbers wouldn't  work for flips.

Recently in New Haven, CT ..

1. 4 Unit: Sold $77k
2. 6 Unit: Sold $167k
3. Commercial (Grocery Store): Sold $120k
4. SFR: Sold $110k
5. SFR: Sold $61k
6. Condo: Sold $66.5k

I sell a lot of Distressed, REO (Bank Owned / Foreclosure) properties in New Haven, CT.

It's a great city once you've spent enough time around different areas and get comfortable.  I encourage everyone to invest in New Haven, CT.

I hope to see this New Haven, CT form grow! ..

Hi Kevin,

  Message Me.  I know a few guys who run big management companies that specialize in the New Haven, CT area.  I don't want to post names in case tenants go looking for trouble on Google..

- Contractors should always be licensed, and insured with general liability and workman's comp.

- A W9 ensures you claim income at the end of the year.  It sounds like you are confusing this with sales tax.  You should know what jobs require sales tax and which do not. If you charge sales tax, then you should actually be paying the tax to the gov (usually monthly).

- You should also know what jobs require permits and pull them accordingly.  Any electrical, plumbing, bathroom remodels, kitchen remodel, removing walls, siding, windows, roof, just to name a few.  If your not sure ask the building department .

- As far as a deposit, I never pay upfront.  The most I would do is pay for large material costs like siding or a boiler.  Other than that the contractor should have some cash flow to cover upfront costs.  It's part of being a business.

Its its not 6 months on market, I would expect your offers will need to be very close to list price.

Why don't you just get a Real Estate License and make offers for your clients?  If they are loyal they will use you again to sell.

Don't get involved with banks .. that's really the goal in wholesaling.  Cash Offer, assign to a cash buyer. No banks.. no rules .. no problems.

- FaceBook

- Neighbors

- Letter to mailing address (if different)

- Letter to possible relatives

I would stay away from Sheriff sales in most cases.  You may be responsible for liens, taxes and title defects.

Seeing how most foreclosure properties are grossly underwater, I would not be looking to purchase properties at what they owe.  You want to purchase at 70-80% of current market value (but you dont tell them that).

You just tell them you want to purchase their property, and it is ok if they owe more than it's worth because you can negotiate a Short Sale with their lien holders.  IF you can get them out of debt, they wont care about much else.