All Forum Posts by: Allison Black

Is this a good platform to accept rent? We were originally considering Zelle, Venmo ect due to the fact that we only have one unit for rent but don't want to allow partial payments in the instance that things went downhill.

Any other options suggested?

Thank you!

0 Votes

Norwalk, Connecticut

Quote from @Will Biestek:

Hello @Allison Black,

How long have you been listed for? My data is showing that comparable rentals at this price point are usually on market for about 30-60 days before a tenant is finalized.

Also wondering if there are some requirements or confusion in your application process (required documents? credit report? information that a tenant may not want to share?) that may be turning people away? Just a thought... short of going through your application process myself

We have been on the market since September but keep refreshing the ads to make sure they are fresh on the market. That is very valuable info that you've shared though about how long it takes to normally get a tenant in the property!! Most people wouldn't submit ANY paperwork and that was a bulk of our problem. Thank you so much for your help!!

0 Votes

Norwalk, Connecticut

Quote from @Samuel Eddinger:

We run a property management company in CT but do not service the Norwalk area.

There are a number of considerations when renting a property that tenants are thinking of. They are price, pets, parking, location, layout, laundry. I see in the listing that you say no pets. This already reduces the tenant pool by 60%. You also mention Section 8. I do not believe that any voucher will cover Section 8 at your listed rental price so that reduces the pool of qualified applicants. You also are going up against a difficult time to rent property (winter in CT is the slowest time).

In general, the answer to all these questions is to reduce the rent. The market will ultimately tell you where it should rent for. If you are marketing well and you do not get a qualified person in 2 weeks you should be reducing the rent or reconsidering pets or incentivizing with a first month half off special or something else to drive new traffic.

I'd be happy to discuss this further. DM me if interested.

We removed the no pets from your great advice and luckily in our area vouchers are available for 2 bedroom units up to $2700!! We changed some things in our listing as well. I'm hoping this tenant will help us get out of the difficult winter time of renting(if they do not renew the following year). Something I never considered when getting a rental property was when it would hit the market and how that would affect vacancy(sadly our contactor wasn't a great fit for us and the project got pushed)

Learning so much with this project and the amazing help of BP, thank you so much!!

0 Votes

Norwalk, Connecticut

It has been on the market since September sadly. But not long after this post we had another wave of renters come see the house and someone is finally signing the lease now! The good luck from Biggerpockets sealed the deal!

1 Vote

Norwalk, Connecticut

Hello all!

We bought an amazing home in South Norwalk and are having trouble finding renters. We have it posted on Zillow, apartments.com, Craigslist and flyers around town. Many people become very interested and have seen the apartment(close to 100 at this point!) but when it comes down to application and documents everyone seems to fall through? We keep up with communication and are also very open to Section 8 tenants. The unit is newly renovated and they would be the first to live in it!

Here is the Zillow link. Any advice is very much appreciated!

https://www.zillow.com/homedet...

2 Votes

Norwalk, Connecticut

Hello!

We have a 2 unit(soon to be 4!) property in Norwalk, CT but live in NYC and are looking for an accountant for guidance to set up systems for us to follow and to submit to our tax accountant, as well as creative solutions for tax sheltering! I'm currently using quickbooks to track expenses but would love to hear more from an expert about what I should be tracking and if an LLC is for us?

If this sounds like someone you know I'd love to hear more

Thank you

Alli & Fran!

2 Votes

Norwalk, Connecticut

Quote from @Paul Welden:

@Allison Black

Remember you are required to have the 203k Consultant's Inspection and Report completed BEFORE you have the contractor prepare their proposal.

The lender is responsible for selecting the 203k Consultant (Reference HUD SFH 4000.1).

Great information you’re sharing!! I just found this out and have my consultant coming tomorrow for the report. Anything else you’d like to share? You have such great bits of knowledge here

0 Votes

Norwalk, Connecticut

Amazing!! Thank you so much!

1 Vote

Norwalk, Connecticut

Hello all!

I have an approved offer and am moving quickly ahead with my 203k loan and am looking for a GC to do a major reno for a 2 family home in Norwalk CT. My closing date is mid May and would love to hire someone with 203k experience. Thank you for any recommendations or connections.

Thank you!

2 Votes

Norwalk, Connecticut

How about we all meet up on Sunday, the 6th or 13th somewhere in the city? Last meet up was great but we definitely need a quieter place to chat more peacefully if anyone has location ideas?

Looking forward to meeting some of y’all!

1 Vote

New York City, New York

All Forum Posts by: Allison Black

Allison Black has started 6 posts and replied 14 times.

Post: Has anybody used payrent.com ?

Post: Trouble finding renters in South Norwalk

Post: Trouble finding renters in South Norwalk

Post: Trouble finding renters in South Norwalk

Post: Trouble finding renters in South Norwalk

Post: Looking for accountant to help set up systems

Post: Looking for a GC in Fairfield County CT for a 203k remodel

Post: Looking for a GC in Fairfield County CT for a 203k remodel

Post: Looking for a GC in Fairfield County CT for a 203k remodel

Post: NYC Out of State Investors