All Forum Posts by: Craig Bellot

We manage properties in both Bristol and Hartford.  It takes longer to find a GOOD tenant in these two areas as compared to Bridgeport CT.

We have to screen out many more residents with evictions, background issues, and criminal records than in Fairfield and Bridgeport.

However, once you find someone, I've noticed they tend to stay longer than normal.  

@Jason Boice you can set up alerts on Zillow as well as have your agent set up an alert which will automatically send you Connecticut deals with the number of bedrooms and baths and sq ft you want. 

@Jason Boice 
There are tons of deals on the MLS in Connecticut where we invest.
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.

Craig

@Nathan Sherwood

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?
Let me know if you have any questions. 

Thanks! -Craig

@Andrew Smith

There are tons of deals on the MLS in Connecticut where we invest.
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.
-Craig

Hi Dominick,

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

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 if returns there are.

If these meet your investment criteria then start looking in person.
Let me know if you have any questions.

Hey Timothy,

The first steps I would recommend as a new investor is to get a handle on analyzing the income, expenses and ROI of these properties in Bridgeport CT. 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 (in Bridgeport). Use Zillow and rentometer.com to get data and analyze a few "comparables" with the investment property, 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

Noel,

As an investor, you need to know your numbers, cold.
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.
Explore all markets but do your research, as to where net migration and jobs are heading.

Craig Bellot

@Eric Skiba Google around and get a quote for smoke smell remediation.

Then include that in your deposit disposition statement which should be provided to the resident according to State of Connecticut law.

That is certainly deductible from the deposit.  We have done it in Bridgeport CT.  

It depends on the temperament of the resident whether they challenge or not.