All Forum Posts by: David Wolber

Hi Remy!

New London is a thriving rental market. There are a lot of people with rentals in NL that are active here on BP.  We own a duplex and a 6-unit as well as manage several others.  Just like any other city, there are better parts and not-so better parts.  People of all walks of life need a place to live.  It's up to you how much management of the property you want to put forth.  More management means more affordable for fist time buying usually.  It also means more cash flow usually as well. HOWEVER, you have to take the bad with the good.  

Find a place you wouldn't mind living in with either absentee landlord or one that just didn't care.  Fix it up.  The more you do when vacant the fewer problems you will have while tenant is living there.  Also, the nicer the unit the nicer the tenant (usually).

We have a meet-up Tuesday the 24th at 5:30 at East Lyme HS if your interested.  Mathew O'Grady runs it, he's on BP a lot. I'm surprised he hasn't spoken up yet.  Great place for open conversation, bouncing ideas and mingling with other investors.

Feel free to reach out and ask anything!

-Dave

@DJ Berry Great!  Good luck with everything. 

Hi @DJ Berry

Are you looking for a GC or just specific trade contractors like drywall, painting and electrical?  

P.S. Mike Spittler is an awesome guy and contractor FYI.  haha

@Kurt Stevenson Welcome!  The meetups that Matt puts on are great!  Very low key and Free!  :)  It's a great resource if your looking for just about anything from Realtors and Contractors to Lenders some private money investors. Or it's nice to get together and share war stories and brag a little about success.  It's also a great sounding board if you need someone to bounce an idea off of.

My wife and I are active investors in the Groton, New London, Norwich area with a small commercial space and some multi-families.  I also am trying to start up my own PM company.  

I didn't click on your profile before typing this, do you already have some investments or will this be your first??  

Don't hesitate to reach out and ask all those questions.

Dave

Drain Stars, LLC. Name's a little goofy, but he's awesome. Just starting out on his own.

Hi Jeff, Kevin Scanlon has several AirBnBs in the area. Also, Sean Kennick with Synergy Property Management have several in the area as well. They also manage short term rentals as well so might be a good resource.

So i was just talking with a property inspector from the area yesterday at one of the properties I manage (the owner is selling), he's claiming submetering is 50/50 and he runs into it often.  I still think it's out of the norm, but apparently not unheard of.

Originally posted by @Jerryll Noorden:

Originally posted by @David Wolber:

this is the best thread I've read in a LONG time! @Jerryll Noorden do you rest your HUGE head for that ego on your stacks of hundreds while you type this or do you have lats the size of The Rock!?  HAHAHAHAHAHA

Thanks for keeping it real, keeping it light and keeping it fun.

 Bro.. My huge head has its own gravity field! Put a compass a mile from my head and it starts to skew away from "North"!

Dude the reason there is even a tide is because I wake up in the morning and my head thus rises up!

I can go on!

 All hail the One True North!

this is the best thread I've read in a LONG time! @Jerryll Noorden do you rest your HUGE head for that ego on your stacks of hundreds while you type this or do you have lats the size of The Rock!?  HAHAHAHAHAHA

Thanks for keeping it real, keeping it light and keeping it fun.

Our New London 6 unit averages about $30-40 per unit per month, all 1 and 2 bed units. The duplex sees a bit higher, but each unit is 4 bedroom.  However not anywhere near the $60 per unit per month your seeing.

If/when you look at the property, check for running toilets and leaking faucets.  It might not seem like much, but it really can add up 24hr a day 7 days a week.  Removing an outside hose bib will also reduce the usage if one is there.

As far as sub-metering, the tenant population in NL will be very confused, water is almost exclusively included.  Not saying it'll be impossible, just saying it's definitely out of the norm.

-Dave