All Forum Posts 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.

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

Hey @Scott Hollister remind me again where this meeting is?

nevermind... I didn't scroll up far enough....

7-8 is "generally" what we're seeing for commercial property in this area and it's what the appraisers are using. Or at least a year ago when we had our commercial office building appraised. The multifamily market is much better for aure. Also, it all depends in what you include in the expenses when calculating NOI.

At the end of the day, as long as the numbers make sense to you. Go for it! Especially if you can pull together a cash deal. 

The meeting is usually towards the end of each month, but floats a bit based on speaker availability.

Hey there!

@Mat O'Grady runs a monthly meet up in the area.  Our next meeting is next Tuesday Mar 26th at East Lyme High School.  We are fortunate to have a RE Lawyer attending as guest speaker.  Pizza and mingling at 5:30 and presenter at 6.  Let us know if you plan on coming so we can ensure we have enough food!

 That's a fantastic bit on information! Thank you for sharing.

Exactly what others have said.  There are lots of deals out there.  What are you looking for?  A property with a lot of upside but with a lower price or turn key property that you'll pay a premium for.  

Most investors quote high taxes and utilities as a reason to not go with Norwich and New London, but as long as you do the numbers and the rents are appropriate then it shouldn't matter.  Yes those higher costs eat a little into your cash flow, but these are cities with high rent populations.  Unit turn around times I've found to be much shorter.  

One thing i don't like about Norwich is there seems to be a "Norwich Standard".  I had a couple contractors working for me that said "well, if we were in Norwich, that would be good enough..."  So unfortunately there are several landlords in Norwich that lean towards the terrible slumlord version of ourselves.  I personally HATE when people call me a slumlord when they hear i have rental properties.    HOWEVER, there is a HUGE movement to clean up Norwich and to bring back the town.  There are many landlords that take pride in there units and are doing great things.  This is the primary reason I'm always looking in the area.  I believe it will be coming back around and good things to come.  Same with New London.

Hey Robert,

Just sent you a request. I'll send you what we have for our office space. We have a shared office space where the tenant leases a room and the waiting room and everything else is shared. Depending on the agreement you have with your tenant this may or may not work for you. 

Dave

Hi Naren

I own a small property management company called MOXIE Management. We can and have done everything from full service rental management, to just lawn/snow and maintenance to even rehab management. We work primarily in SECT and I would love to chat more with you about what we could do for you. 

Thanks! And have a wonderful day.