It’s a new year Happy New Year, We have had great weather this December and January. I am sure all of us have gotten out at some point, it was 70 on the 1st Saturday of January, unbelievable.
How many can say they had a beautiful ride this time of year.
Had a super busy fall with work and my 3 family property that seems to be taking forever to finish, 2nd and 3rd floors are rented. Went through Hartford Housing inspection on my 2nd floor, I love getting a check for most of the rent but what a pain in my *#@%^ it was to fix and bring the property up to their standards (some weird conditions), nobody returns a phone call, you never deal with the same person twice. Enough bitchen in the end it is rent that is guaranteed
every month on time. The other stuff is minor, good rent is hard to find, good tenants as well as clean tenants are hard to find. What I am saying is that there is a lot of crap that goes with owning rental properties and if you can deal with the b.s. then I would say for you to do it. With a good return comes a lot of work. Most people don’t want to work any more.
The real estate market is changing right now, prices are dropping, it’s more of a buyers market, more and more foreclosures are happening every day. Mortgage companies are changing there guidelines constantly, commercial properties are going down but not compared to residential. A year ago I had 10 companies that would do 100% financing on a 3-4 family investment property, now I have 2 and that may change again. Now you need perfect credit and some money in the bank (what a concept). If you have these and don’t mind a little work then in the next 6 months to a year should be a great time to find a great investment property that will give you a better return than any stock market ever could.
If you are looking for a great property I know some very knowledgeable people in residential and commercial real estate.
If you have any questions on purchases, refinancing, consolidating debt, home equity loans, land purchases, construction loans, etc. give me a call, if I don’t have the answer I will get it for you.
Drive safe and enjoy the weather, thank you.
Mark Gulino
Loan Specialist
Prospect Financial LLC
641 Farmington Ave.
Hartford, CT. 06105
860-761-6819 Direct
860-989-3091 Cell
mgulino@propectfinancial.com