All Forum Posts by: Phil Z.

Bridgeport has some great deals, just keep an eye on the taxes.

Welcome Daniel. Central CT is a sweet spot. :)

Hi Jon, I am also an Agent/Broker in CT. If you don't have a lot of capital it could be difficult to buy a lot of rental properties since you will probably need 20-25% down + rehab costs. Flipping/Wholesaling may be options to help build capital.

How sure are you about $25k in repairs on a house that size? It sounds like your not even sure where the leak is or the extent of the damages. Chances are the mold company could remove a lot of drywall and finish work and you will have to make the repairs to put it all back.

You can have a record and be licensed in Real Estate.

Some banks can give you problems for e-signatures on Short Sales and possibly REOs.

It is very hard to find ARV * 65% - Repairs. Possible, but not easy. I typically landed in the 72-73% - Repairs range.

Also, it depends on how conservative you are with your ARV and repairs. Most wholesalers you find will fluff their ARV and have low repairs to make the numbers work. The good wholesalers don't even advertise their deals though .. they make 1 phone call to their seasoned buyer.

I'm a Broker in CT. I got almost all my rehabs on the MLS. I was at most new rehab listings within the 1st hour. Some I got b/c I was quick, others I got because I knew which properties where overpriced and had potential to accept a quick offer.

I have also purchased from Wholesalers, but a lot of them don't even have deals so know your numbers.

The pay sites for foreclosures won't give you any advantage for buying REOS. It's best for building a list of pre-foreclosure addresses and trying to contact the sellers directly. For the most part you have to send out hundreds of letters/post cards to even get a bite though.

We use Closing Attorneys in CT.

I haven't used this attorney personally, but I think others have.

http://www.lavigne-mark.com

If its definitely only zoned single family, then the 2nd unit has to be removed to be legal (and possibly for a buyer to get a mortgage). I recently ran into an issue with the building department where they wanted the entire unit (basement) brought up to code just to approve removing a 5' row of kitchen cabinets.