All Forum Posts by: David Wolber

Hey Joel, WELCOME to BP!!

There is a great group of us who invest in the NL area if your looking for some folks to connect with.

Now to your question, you'll find rent prices vary quite a bit in NL depending on what area of NL, but I'd be happy to give you our averages.

1, 2, 3 would average $1150, $1300 and $1500.  However I've seen 1 bedrooms go for $1800 in the nicer part of the city, so this is for the majority of the C+ / B- apartment houses in the area.  The big apartment buildings are going almost $2k for a 1 bedroom with all the bell sand whistles.  

Our portfolio is running around a 4% vacancy right now, but that's across 300+ units.  I would suggest, if you are doing some proforma, keep it 8-10%. I don't include non paying Tenants because I like a small slice of positivity in my life and prefer to think I did our screening well enough that all our Tenants are paying.

Cheers!  and good luck.

-Dave

Hey @Kevin Loschiavo, welcome!

@Jason Pollard is a great resource and should definitely reach out and chat with him.  

I don't own anything in Norwich, but I do own in New London and Groton.

We manage several properties in the New London and Norwich area and would also be happy to chat anytime about the area.  The Norwich market is a unique bird around here to say the lease.  Depending on what you are getting into, it could be fantastic, or a maintenance headache if the reason it's off market is because it has some deferred maintenance.

 Well better late than never on the response! Haha I am very much in touch with my lawyer often. He reviews all my documents, leases and letters.  Truthfully I think I'd like to run everything by a tax lawyer to make sure I'm taking advantage of everything I can, but haven't yet.

Hey @Gary Striewski, figured a PM from CT should reply to you! haha  I don't work in that area, but I know a few that do.  No doubt you've already found them through various searching.  I'm excited that so many started out with sending you to NARPM!  Even though not required, it's a great resource and shows the PM cares (or used to care, lets be honest...)

I don't really have any additional value to add here however. :(  Everything that needs to be said, has really been said I think.  Although I've never had a perspective client ask to talk to a current Tenant, I'm not sure how I would feel about that truthfully. Ask for a financial statement example and make sure you understand the reporting (I don't remember if that was said). Financial reporting is a really important part of the business to ensure you do all you need to do (Taxes!! BOO :( )  at years end.

I actually started my PM business to manage my own investment properties, then was asked to manage for others and from there grew.  Because of that, my systems, lack of additional fees and crazy leasing fee schedule was built out by how I would want it to run, not the "standard" or "norm".  I'm telling you this, because you will find we all do things pretty differently so as said above, really read the contract.  

Feel free to reach out if you have any CT specific questions.  Always here to help!

-Dave

good morning @Max Collins !!

First off, welcome! I haven't hawked the house you are looking at, but if it's too rough of shape, the VA is either going to say no, or beat up the current owner so much they'll not agree to repairs. VA and USDA are tough cookies when it comes to distressed homes.

Next, we have a BP monthly meetup here locally that @Mat O'Grady heads that will get you in touch with all sorts of great resources.  That is if you aren't already in the group.  

I can help you with trusted contractors and a "handyman" should you need it.  Lets connect and I'd love to help out where I can.

-Dave

I manage a few properties not far from Putnum.  It's actually one of the "bigger" of the rural cities around here.  Plenty of investors around here doing just fine, so I wouldn't worry too much.  Less competition up that way as well.  Most investors in this area tend to gravitate towards Groton / New London so not a lot of eyes up that way.  

I'm familiar with the area so much that I go to a few favorite restaurants up that way, but can't talk intelligently about the rental market.  But as my favorite dude on the site @Jerryll Noorden said, every location is "good".

@Filipe Pereira Thank you for acknowledging the siding as a non-issue!  

@Jorden P Dupont Asbestos siding is bullet proof.  It's really a great product.  They make perfect replacement tiles that fit awesome should one get cracked.  I own 3 properties with the stuff and half the houses I manage have it.  It's fine, don't grind it and inhale it, don't eat it and try not to smack it with a hammer.

CT Inspectors have a good fact sheet about homeowners doing their own abatement.  Search: Asbestos Siding Fact Sheet

A point about a Home Inspection is that you are literally hiring a person to find everything wrong with the property.  They'll write a 40 page report of everything wrong with a brand new house.  So don't read it and panic, lean on your Realtor and if need be, a trusted contractor and weed out the important things.  

The K&T has been working for years, it too is also probably fine.  HOWEVER, the insurance company won't like it.  So you will either have to find a company that is ok with it or fix what they can see.  As said before, it's not a hard fix usually; at most a few holes to patch, but you wanted to paint anyway...right?

Would I be scared, heck no.  Would I use this to low ball the hell outta them, sure would.

Good luck!

@Nick Koukidis yes the rents are highter.

HOWEVER, there's a ton more management, the place is fully furnished so that is a HUGE expense up front.  

I have a SFH in Stonington Borough that I rent out at $2600/mo as the owner wants a long term tenant. I could get more than that a week for short term rentals due to it's proximity to the beach and it's location. Again, more management with the turnovers, cleaning... But also that's only 3 months a year. $36k/yr for heavy turnover and larger upfront costs or $31k/yr for long term. Now i'm just pulling numbers our of thin air here so i'm sure they work out a little better than that for the short term.

Case in point, I helped renovate a two family in Mystic for a client and he's been booked solid since he listed it in DECEMBER!

I would probably enjoy the management to be honest, I just can't dedicate the time to it right now.

-Dave

Hey @Nick Koukidis , if I was actually born in CT I'd almost be offended!  Drive through state... ha!

I will tell you I get calls regularly about STRs.  Although we don't manage them (yet?) those that are doing them are doing well.  We have so many quaint little coastal towns around here, people eat that up.

Also, as others have said, it's not just beaches, water or mountains people are looking for.  Unique properties and things to do.  I literally just booked one in Kansas City for a weekend trip because the place was neat.  There are several in downtown NL even.  For a family looking for lodging for a weekend, renting a house makes more sense than cramming in a hotel.  

For the off season, there is scholastic rentals and traveling nurses to fill the voids as well.

Good luck!

Hey @Omar DeLeon.  Welcome to the club!  

@Filipe Pereirais in Hartford area, he might be able to point you in the right direction.