All Forum Posts by: Tyler Cote

We recently purchased a 5 unit with strong financials as out of state investors. Recently, we learned from the PM that it's a legal 4 unit. It was represented as a 5 unit on MLS and through conversations with the broker, we used a commercial loan to purchase, yet the tax card clearly shows only 4 units. Apparently the previous owner knew this and had tried to convert to conforming 5 unit but was told there was insufficient parking. Our concerns are 1) uncertainty of liabilities in CT 2) decrease in re-sale value down the line 3) possible loss of income in Unit 5.

Any thoughts, opinions are previous experience with non-conforming unit?

Hi all -- Realtor in RI looking for recs for a staging company and approx costs for a 1800sf condo in downtown Boston. Looking to moving on this ASAP. Appreciate any and all referrals!

Agree with Bjorn. MLS can be a viable source. I think if you're browsing the new-to-market listings, it could well be a waste of time. I'd a) partner with a realtor who understands investments, b) eye properties that have been sitting on the market for 60+ days. c) run the numbers and make offers on a bunch. You'll run into some who are motivated to sell at a discount. The alternative -- setting up a system for finding off-market deals -- is riskier if you're just starting out and less likely to produce results without infrastructure and significant capital to feed it.

Eric -- two recommendations. 

The Metro Boston Property Inspections team was very thorough on a recent inspection on a 3 family in Attleboro. The MOST thorough is a gentleman from Sherman Home Inspections, though he's a one man team and the inspection lasted the better part of the day. But I assure you he'll leave no stone unturned. Lol!

Good advice above. As a realtor and investor in RI/MA, I think the best route to go would be find a realtor-investor hybrid who can give you three prices: 

#1) AS IS off-market- the realtor-investor purchases him/herself (likely 70-75% of market value)

#2) AS IS on-market - the realtor-investor lists on MLS (full market value)

#3) Light touch ups + on-market - the realtor-investor lists on MLS. Based on your description, the property seems livable and in fair condition with some cosmetic and mechanical upgrades needed, but short of a full gut. In that case, it's worth considering putting a some money into paint and landscaping to help with curb appeal. You could even do yourself. These are the the highest ROI and most DIY friendly "moves" you can make.

Good luck!

Good morning Andres, we purchased a 5 unit in Putnam CT last week and found the best rate (by a good margin) from Gerardi Insurance. I've copied his info below for you. Good luck!

Christopher Vaillencourt, CLCS
16 Pomfret Street | Putnam, CT 06260