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Updated over 8 years ago,

User Stats

2
Posts
1
Votes
Bryan Outlaw
  • Investor
  • Broad Brook, CT
1
Votes |
2
Posts

Reinvigorated in CT

Bryan Outlaw
  • Investor
  • Broad Brook, CT
Posted

Hello All,

I joined BiggerPockets a few months ago and have been exploring the site but have not yet posted or introduced myself.  I started investing in real estate in 2000 and had some decent success.  I even decided on a career change to get into construction contracting full-time.  Unfortunately, I made a couple of bad decisions and started to invest in vacation rentals in a volatile market.  Easily accessible loans with high leverage and the subsequent mortgage and construction collapse bit me. Consequently, I’ve been out of the game for a few years and but am getting back in now – older and (hopefully) wiser.  I now have a great 9-5 job (I still do some contracting on the side), so this will not be my only focus – at least for now.

I still own some property in FL that I rent….so far, so good.  I also recently signed a contract to purchase a multi-family here in CT and am hoping to close at the end of this month.  However, a situation came about with this purchase that showed me that I still have plenty to learn….

All units in the property were rented at the time of contract signing and I had a contract stipulation that I could review all lease agreements.  Some leases were month-to-month and all stipulated that tenants had to give a 60-day notice prior to moving out, thus I thought I had at least 2 months before someone would move out.  I even interviewed all the tenants to gauge their level of “happiness” with their apartments.  Well, at the home inspection, it looked as though one tenant had moved most of his things out and I subsequently found out he was, in fact, moving out.  So, I think I’m left without a tenant in that apartment when I take possession and will likely miss at least one month’s rent while I try to fill it.

Lesson learned – next time I will stipulate in the contract that if a tenant moves out, the sellers will still credit me the balance of the month’s rent (from closing date to end of the month) as well as 1 more month at closing.  Anybody ever had this happen to them?

I won’t let it deter me.I’m looking forward to learning more and meeting with like-minded investors to share ideas.

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