All Forum Posts by: William Collins

@Rodney Lorenzo  So Rodney- I have a couple of options for you. Use an investor-minded realtor in Connecticut. Someone like @Michael Noto or @Michael Doherty are a couple.  I work with Noto, a friend I know works with the Doherty. Key is there knowledge and access.   I would be open to chat about what you are actually trying to look for because it sounds like you don't have the crystal clear criteria which would help you find a match for your search. 

I have sold 5 properties this year, bought 6 and otw to the 7th. 

Looking forward to it, and seeing your building

@Account Closed if in the Hartford area. Also check out the CT REIA events in Rocky Hill. Different audience, some overlap, different vibes- go find your tribe.

I just disabled the tenants ability to pay after notice to quit being served. This is in Connecticut.  Judges could look at the payment acceptance as a way to force you into a deal.  You don't want the cash, you want stable paying tenants- and if you are at the notice to quit phase- complete the process.

Update time on previous threads, mainly as accountability for all y'all CT real estate folks.  

Where are we:  Currently we are up to 16 properties across Connecticut, but about to 1031 ladder a bunch.

Breakdown summary: 1 sixplex, 1 fourplex, 2 triplexes, and 12 duplexes.  Total units: 40

Selling this year: 5 duplexes, 1 triplex.  Buying a triplex, sixplex, fiveplex, and two four plexes.  Total end units: 49

Goal 1: 50 units total in 2021- Close but no line of sight to that last unit. 

Goal 2: Each building cashflows $1000 or more. Each door cashflows $300 as an average. In the progress of weeding/ harvesting equity from duplexes which are good- but not great cash flowers

Goal 3: Create $500,000 of equity from forced appreciation. In progress, I have a line of sight to the creation but need to close on some units and start raising NOI.

Goal 4: Controlled real estate passing $3,500,000 of value.  I blew past this one by a mile currently at  $4,900,000 range.

What are my main challenges:

• The first contractor I had, who did great on half my portfolio went sour.  Did some real halfway work and made me start looking elsewhere.
• The town did not accept the hardship to convert a commercial unit to a residential unit. So I was trying to go from mixed-use to residential- and that was blocked.    
• Velocity of money.  I am seeing lots of really decent investments, but having the capital through 1031's is taking time and the personal capital contributions are limited.

What do I need:

• More time.
• More capital.
• A mastermind of folks operating at this level.  I would call it the middle ground, not a rookie- not a mogul. 

Welcome to Connecticut investing and BP.  If you can bring the contractors and quotes on renovations to new investors it would be awesome.

From NOLO:

Amount of Notice Connecticut Landlords Must Give Tenants to Increase Rent

Connecticut landlords are not required to give a particular amount of notice of a proposed rent increase unless prior notice was previously agreed upon. Tenants may challenge a rent they believe is excessive. If you have a long-term lease, landlords may not increase the rent until the lease ends and a new tenancy begins—unless the lease itself provides for an increase.

But watch out: https://uwc.211ct.org/fair-ren...

There are fair rent towns that limit how much rent rate increases can be done at a time.   So the moral of the story, be consistent with rent rate increases 3-8% my opinion.  Secondarily eviction/ turnover at end of lease allows you to reprice your unit.  So if the person is month to month- give them fair warning (60 days) after which the rate increase applies. 

So evictions in Connecticut were subject to a moratorium until the end of June, and now you must work with Unite CT (which will help pay up to 3 months of back rent) before evicting a tenant.  How long are the tenants out on you?  What city/town?

@Account Closed  I looked at this. The big thing to think about is the layout and the utilities.  All of the boarding houses I have seen are single utilities and nothing is broken out. So water, and electrical are usually an almost complete re- run.  The other thing is parking at most rooming houses I have seen is inadequate for full occupancy.

Great rehab. I like the driveway add. It is pricey but folks do not want to park on gravel.