All Forum Posts by: Phil Z.

(ARV * .7) - Repairs = Offer .. will probably leave you enough room for a wholesale fee if you have the right buyers list.

- The comment about all tenants being month-to-month sounded like a red flag.

- Also, get solid proof of current and prior year income/expenses.

- Do a thorough condition inspection.

You need to get to the market value ball park whether or not that is a small or big price change.

If it was originally a single family (which it sounds like), then it might not be so easy. They might be interconnected pretty good.

Also you might need an additional electrical meter/box for the 'common' areas.

You really need to get 3 quotes from local contractors.

Depends on the bank and wether it is FHA or Freddie Mac/Fannie Mae ..

- To handle this correctly you would need proof of permits for all the work done, or make them get all the permits/inspections prior to closing.

- I would also verify with ZONING that the land is approved for 3 units and verify with BUILDING DEPARTMENT that the construction of the two extra units was permitted.

1. Find out who other investors use

2. Otherwise, a Commercial RE Attorney might be more familiar with assignments.

- Posting online for investors is definitely violating Federal SEC law if you did not register or file for an exemption.

- Any form of advertising or solicitation is a violation without an exemption or registration.

- A partnership LLC or LP is also a securities violation without a registration or exemption.

- Having friends or family invest in a deal is a securities violation without a registration or exemption. (this is the simplest exemption to pursue)

- It's assumed if your investor is not a friend, family or business association .. then you advertised.

^-- hat he said.

Good to know.

Conveyance in CT is ~1% so on a $5000 assignment, I guess $50 is due for conveyance tax. Not too bad.

Connecticut - CHAPTER 223: REAL ESTATE CONVEYANCE TAX: http://www.cga.ct.gov/2011/pub/chap223.htm