Mike Doherty, Realtor

06/25/2024

34 Evergreen Ave, Hartford, CT| SOLD|$500,000

Recently sold this 5 unit multi family in the west end of Hartford through a creative method called, “Subject To” or “Sub 2” financing. I had the opportunity to represent both the buyer and seller in this transaction.

For those who aren’t familiar with subject 2 financing think of it like this:🤔

Sub 2 financing is like buying a car from someone who still has a loan on it. Instead of getting a new loan yourself, you agree to take over their loan payments and drive off with the car. Similarly, when you buy a house “subject to” existing financing, you’re taking over the seller’s mortgage payments and acquiring the house without needing to secure a new loan from a bank. It’s a way to purchase property without the traditional loan process, but you’re responsible for keeping up with the payments already in place.

There are many pros and cons for both buyer and seller in these types of transactions. If you want to learn more let’s chat!📞

06/19/2024

🏡 Congratulations to my good friends and clients and on the purchase of their new home and sale of their old home!

On the purchase we were able to beat out other offers with a little creativity and on the sale side we got multiple offers over asking!

Pro Tip ✔️when making offers in a competitive environment, you can add language in your offer to make it stand out such as, “deposit shall be released immediately to the sellers“. We are seeing many offers now waiving inspection and mortgage contingency so this is just an extra creative step. Rather than the deposit sit in escrow until the closing you are releasing it to the sellers immediately to keep. It all goes towards the sale so no difference to you as a buyer. This is an aggressive strategy and not for everyone so please consult your local agent or attorney.

We used this exact strategy to win the offer on their new house! 🏆

If you are looking to buy/sell/invest give me a call📞

05/30/2024

For Sale: 8 Unit Multi Family Portfolio in Bristol, CT: $880,000
Open House 6/1 from 11-1

3 Separate buildings all located on 1 street. (2) 2 families and (1) 4 family. Can be purchased together as package or sold separately.

Majority of the units have been redone and rented at market rates. Comment your email for full detail of income/expenses and property remarks.

05/28/2024

Closed! 126 S Main St West Hartford, CT| $310,000

This was an off market single family house I represented both the buyer and seller on. It was a creative deal I wanted to share as there are still good deals to be found!

Single Family in West Hartford walking distance to Blue Back.

Purchase Price: $310,000

2BR 1B 800 sqft with finished basement.

**Owner Financing** This means the original owner acted like the bank and held the note. No traditional banks were involved.

Down payment: $10,000... yes only 10k down.
Interest Rate: 6%
Amortization: 40 years
Principal and interest payment each month: $1,650.64

This deal is cool for many reasons:

1. The buyer only had to put 10k down.. that is only 3.2% down.
2. They didn't have to go through traditional lending requirements like underwriting fees, appraisal fees, lender points ect. Getting a loan from a bank is expensive and they were able to save a lot of money.
3. The interest rate was only 6%... right now you cannot secure a loan for under 6.9%.
4. The original owner was willing to amortize the loan for 40 years thus making the principal and interest payment lower. A standard loan is fixed for 30 years.
5. Total time to close this house was 2 weeks! A normal closing is minimum 30 days!

Congrats to both the buyer and seller on closing this awesome deal and having me help structure the terms!

If you are sitting on the sidelines waiting for a deal, comment your email and I will add you to my off market distribution list so future deals like this get sent to you!

05/13/2024

Ryan and I recently spoke on the Joe Fairless podcast called “Best Real Estate Investing Advice Ever”. What a cool experience, especially after listening to his show all these years. We talked about partnerships, the dynamics of residential vs commercial real estate and much more.

You can listen to the full episode (3536) on Apple, Spotify or his website. Links below👇

Apple Podcasts: https://apple.co/44JEEwL
Spotify: https://spoti.fi/3WEBCbb
Website: https://bit.ly/3R6eJdl

04/12/2024

Q1 was a busy one!

Congratulations to all my clients on their successful purchases and sales for Q1! As always we appreciate your trust and support.

Looking to buy or sell in Q2? Give me a call! 📞

04/05/2024

Just picked up my book “Born To Retire Young” written by my good friend and client ! If you are an aspiring real estate investor or someone who already has a couple units, this books for you. There is no fluff and there are tons of actionable steps to take to scale your portfolio A MUST READ!!!📖

Whats even more amazing is 100% of the profits will be given to the Jose Maria Bernard Reyes Foundation which started to help provide these young children in the Dominican Republic with clothes, shoes, medicine, uniforms, school essentials that are truly needed in the one school in this community.

Couldn’t be happier for these guys and what they are doing!!

03/26/2024

Honored to be asked to speak at the KELLER WILLAIMS 2024 SPRING MASTERMIND & AWARDS at Foxwoods🙏

I was joined by 3 other amazing speakers to discuss wealth building and investing in multi family property.

Ended the day with going home with an award for being in the top 10% of all agents in New England.🏆

02/21/2024

🎉 Milestone Alert! 🎉

Amazing to think we hit our first 100k views since launching our podcast! Thank you to all our friends/family and followers for your support!

What has your favorite video been so far?🎥 Share in the comments!👇

If you haven't already, go subscribe to our YouTube channel for all real estate related content! ▶️ Link in bio!🔗

02/20/2024

🏠 87 Amity St Hartford, CT SOLD: $365,000

To say this was a difficult sale would be an understatement. The sale started off with a VA loan but due to permitting and appraisal issues we ultimately had to change course to an FHA Loan and get a whole new appraisal. It’s amazing how much control an appraiser has on any given deal.

My biggest take away is, not all appraisers are created equal. For all homeowners out there, it’s ok to order a 2nd appraisal or even challenge the first one if you have supporting comps. Moreover, If we had just accepted the firs appraisal this house would have never closed. Ultimately, I was able to represent both the buyer and seller and get this to the finish line

02/05/2024

SOLD! 🏠 💵

Bittersweet to see this office building go. It was located right on the Farmington River and we purchased it with a 1031 exchange and the seller held the note via seller financing with great terms. Ultimately it was time to move onto the next project. 🙌

Learned a lot of lessons on this one, like always have enough reserves, always run municipal reports during your title search and get enough in security deposit (max 2x rent).

01/24/2024

Amazing way to end 2023! Heartfelt thanks to all clients for your unwavering support. Excited to see what 2024 has in store for us all! 🏠

12/22/2023

Happy 29th Birthday to my favorite human and dog mom‼️Unbelievably lucky to have spent the last 9 birthday’s together with you❤️
Cheers🍻to more adventures around this world😛

12/19/2023

🏠 Just Sold: 124 Washington Street, Norwich, CT
🏠 Just Sold: 362 Westchester Road, Colchester, CT

Congratulations to both my clients on their recent closings last week. 🎉

124 Washington Norwich, CT is a 9 unit multifamily that was very well kept and had upside potential in some below market rents. This will be a great addition to his portfolio.

362 Westchester is a beautiful single family in Colchester that my buyers can now call home!

Whether you are buying or selling a single family house or multi family investment I would love to help! 👍

12/18/2023

‼️Just listed! Prime Downtown location on Main St in Middletown.

👀A lot of development currently taking place in the booming downtown and surrounding area. Priced at an 8 CAP with more value add potential. Many Cap Ex improvements have been made by ownership and strong leases in place including 10 year 'Salad Bar' and 5 year 'Escape Room' in former social security office.

🏢 Building Highlights: 40,000 SQFT of Retail/Office 90% occupied with long term leases, 3 year old roof old with 25 year warranty, 🚨 New Fire alarm system/Fully Sprinklered building. 💰Over $750,000 spent in tenant build out and building renovations last 3 years including completely remodeled 2nd ,3rd and 4th floors, all new brick facade, and new HVAC. Building comes with 14 Parking Spots in rear of building. 🚗

Message me for a private tour or a copy of the income and expenses! 📲

12/15/2023

‼️Priced to Sell! Beautiful 2-bedroom 2.5 bath condo steps away from the beach 🏖️

🏠 The condo features gracious Living space, in unit Laundry and a walkout basement connected to your garage. The unit has all new carpets, tastefully re painted, a new central air system and on demand/heat/hot water. Corner Lot, Off street parking and a public park across the street. Minutes to train 🚂, vibrant Fairfield town center and scenic Southport village & harbor. Waterfront community 50 miles from NYC 🏙️offering coastal charm, wonderful dining, shopping & arts 🎨. Experience all the Sound has to offer! 👍

12/13/2023

‼️ Just Listed: 34 Evergreen Ave Hartford, CT| $525,000

For sale as a very well maintained 5 unit with a bonus 6th unit in the West End of Hartford. Property consists of 4 studio’s and 2 (1br 1b) units. 🏠

All units have been updated within last 10 years and some within the last 2 years. ✨ Roof is approximately 15 years old and there is 1 central heating system and all utilities are landlord paid. Some rents are below market and can be raised without any renovations needed. All leases are month to month. A lot of value add by adding additional bedrooms and raising rents. 💰

Message me for a private tour or a copy of the income and expenses! 📲

11/28/2023

In this week's Sky's the Limit Podcast, Mike and Ryan sit down with full-time property manager and real estate investor Sam Eddinger to uncover his insider s...

11/27/2023

Thank you to my client for this glowing review! It was a pleasure to help get this one to the finish line!

11/26/2023

11/25/2023

Learn the secrets to scoring a significant tax discount on your dream car! Join Mike as he shares his journey of buying a luxurious BMW and unlocking substan...

11/24/2023

I almost couldn’t believe it when I heard this story from Mike Baldwin on this latest episode of our podcast…

11/21/2023

Dive deep into the world of real estate valuations with Mike Baldwin on the newest episode of Sky's the Limit Podcast! From curb appeal to cap rates, discover strategies to boost your property's appraisal value.

Don't miss out!

👀: https://www.skytreeinvestments.com/podcast
🎙: https://youtu.be/yek29xBJ848

In this week's Sky's the Limit Podcast, hosts Mike and Ryan interview appraiser and real estate investor Mike Baldwin. Mike shares tips for investors to incr...

11/18/2023

It’s been a busy couple months! Thank you everyone for your support and trust!🙏

We not only help facilitate the sale in investment properties but single family homes and condos as well.

Not sure what your home is worth? Give me a call 📞

11/17/2023

Calling all investors and real estate enthusiasts! Dive deep into the financial strategy of multi-family property investments with Ryan. This real-life case study reveals the tax and mortgage information behind a $200,000 investment sold for $300,000 in 3 years. 🏠💼

Join us in this whiteboard session with Ryan as he delves into the intricacies of financing and paying taxes for multi-family property investments. In this m...

11/16/2023

🏡 FOR SALE: $360,000

Ideal for owner-occupants or savvy investors! This property offers 3 units featuring a total of 8 bedrooms and 3 baths, with numerous updates to enhance your living experience.

Recent Upgrades:

🔌 New electrical service and panels (2023)
🚿 New sewer line (2023)
🏠 Roof is only 10 years old
🌟 Updated units with fresh flooring and paint
🔥 3 brand new hot water heaters

Act fast—this opportunity won't last! Contact me to schedule a showing and make this property yours.

11/16/2023

Ready to purchase your first rental home, even with student loan debt? Check out my advice on buying while managing your student loans. Unlock the door to your financial freedom and a growing portfolio!

11/14/2023

🏠 Renting to college students can mean BIG returns, but it takes skill & knowledge.

On the latest episode of Sky's the Limit Podcast, real estate investor Gaetano Ciambriello shares his secrets to profitable student rentals!

Learn how he:
✔️ Does market research to find ideal properties
✔️Structures leases & collects rent
✔️Managed units during COVID
✔️Pays market price but gets higher returns

If you want to boost cash flow in your rental portfolio, you don't want to miss this exclusive look inside successful student housing!

🎧 Tune in now:

In this episode of Sky's the Limit Podcast, experienced real estate investor Gaetano Ciambriello shares the secrets behind running successful and profitable ...