All Forum Posts by: Craig Bellot

Hello Joseph,

I would try homeadvisor.com or Thumbtack. The responsive contractors will get back to you quickly.

Also try visiting the hardware suppliers in your area at 7 AM in the morning. That's where you can find the serious guys!

Hope this helps and good luck!

-Craig Bellot

Hello Franklin,

New York is in a funny place right now, what with the mass exodus out of the city and all, so I would recommend out-of-state right now. 

Have you considered Connecticut at all? A lot of people are moving here from the city so the market is very hot at the moment. 

The first steps I would recommend as a new investor in rental properties is to get a handle on analyzing the income, expenses and ROI of these properties.

Connecticut in general is in a sellers market. You will need to be creative in negotiating to get the price / terms you need.

You can use the Bigger Pockets calculators to start. Right now rents are strong, you can get $800 for a 1 bed, $1100 for 2 bed, and up to $1300 for a 3 bedroom. Use Zillow and rentometer.com to get data and analyze a few from your home to see what type of returns there are.

If these meet your investment criteria then start looking in person by contacting the listing agent.

Let me know if you have any questions.

-Craig Bellot

@Marcus Goormastic Craig here from Idoni Property Management in Connecticut. Feel free to reach out and I can provide some references and more information about how we work. 

Thanks!

Hello Franklin,

New York is in a funny place right now, what with the mass exodus out of the city and all, so I would recommend out-of-state right now. 

Have you considered Connecticut at all? A lot of people are moving here from the city so the market is very hot at the moment. 

The first steps I would recommend as a new investor in rental properties is to get a handle on analyzing the income, expenses and ROI of these properties.

Connecticut in general is in a sellers market. You will need to be creative in negotiating to get the price / terms you need.

You can use the Bigger Pockets calculators to start. Right now rents are strong, you can get $800 for a 1 bed, $1100 for 2 bed, and up to $1300 for a 3 bedroom. Use Zillow and rentometer.com to get data and analyze a few from your home to see what type of returns there are.

If these meet your investment criteria then start looking in person by contacting the listing agent.

Let me know if you have any questions.

-Craig Bellot

Hello Christian,

This is just a general response here but can be helpful I think. 

Have you thought about using Yelp? There is a wealth of information and reviews from mortgage brokers, credit unions and smaller banks so you can assess them and see if someone is a good fit.

You can narrow your search and find exactly what you are looking for that way.  You can ask them specifically what criteria you need and they can cater to your needs.

Hope this helps!

-Craig Bellot

Hey Vinny,

Welcome to the fun world of real estate investing!

The first steps I would recommend as a new investor is to get a handle on analyzing the income, expenses and ROI of the properties. Bridgeport is always a good area to look in in Connecticut.

You can use the Bigger Pockets calculators to start. Use Zillow and rentometer.com to get data and analyze a few from your home to see what type of returns there are.

If these meet your investment criteria then start looking in person.

Let me know if you have any questions.

-Craig Bellot

New Haven, Bridgeport, Hartford. 

Hello Mathew,

As an investor, you need to know your numbers, cold. Especially if you are looking to house hack.

Whether you hire out everything or are more involved, plan from the beginning to be able to step away from the business if you need to.

That requires careful analysis of the property BEFORE you buy, to determine if it meets your financial goals AFTER including all expenses.

If any turn key company sends you a cashflow analysis without at least TIMMUR:
1. Taxes,
2. Insurance,
3. Management,
4. Maintenance,
5. Utilities,
6. Repairs

Then run for the hills.

In Bridgeport, Connecticut and many North East regions we also include Snow Removal and Pest control.

Both vacant and occupied homes have their pros and cons so it really depends on what your criteria and what you are looking for at the end of the day.

Explore all markets but do your research, as to where net migration and jobs are heading.

I hope this helps and please feel free to reach out if you have any questions.

Good Luck!!!

-Craig Bellot

Hi Andrew, 

Welcome to the exciting world of real estate investing. Those are 2 awesome books. 

It's so great learning about the ins and outs of investing and managing property. It's amazing to get up close to the action of closing and making deals.

I love that real estate is so multifaceted. The economic, financial, social, mechanical and legal aspects make it fascinating to me.

As a Property Manager myself, perhaps I can steer you in the right direction as far as finding a property manager.

Here are some good questions to ask when interviewing your next property manager:

How long have you been a property manager?
How long have you been a manager in this area?
How many vacancies do you have right now?
Out of how many total units under management?
What is the average length of time it takes to fill a vacancy?
What is your late rent policy? What percentage of tenants do you have to evict?
How does the eviction process work here?
What are your management fees?
What do you charge for recruiting new tenants?
Do you charge for monitoring and maintaining vacant units?
What are my guarantees? Do you also market properties as a broker?
If I decide to sell my property, do I have to list it with you?
Can I see some of the other properties you manage?(Of course you will probably not be able to see inside rented apartments or offices.But you should be able to see common areas and grounds.)
How do you market your apartments?
Do you recommend special incentives for tenants?
If I want additional marketing for specific vacant units, how would we arrange that?
How do you screen prospects?
How do your tenants contact you? 

Good luck and let me know if there's any way I can help!

Let me know if you have any questions. 

-Craig Bellot

Hello Christopher, 

There are tons of deals on the MLS. We invest in Connecticut and it is a great resource.

I believe the key is to act quickly, know your numbers and your buying criteria .

If you know you want single families with 3 bed 2 bath, set up an alert for that and get your paperwork ready to offer once you find one that matches.

Hope this helps!

-Craig Bellot