All Forum Posts by: Filipe Pereira

Here's another interesting article on this news that I thought I would share. https://reason.com/volokh/2021...

Unfortunately this doesn't mean too much as it basically says that the power resides with the states to decide. Many states (CT, MA and NY are the ones I am familiar with) have governor imposted executive orders that have the eviction moratorium continuing for some time still.

If nothing else, hopefully this helps the governors realize they may not have federal support on this and weakens their position a bit.

Here's another interesting article on this news that I thought I would share. https://reason.com/volokh/2021...

Unfortunately this doesn't mean too much as it basically says that the power resides with the states to decide. Many states (CT, MA and NY are the ones I am familiar with) have governor imposted executive orders that have the eviction moratorium continuing for some time still. 

If nothing else, hopefully this helps the governors realize they may not have federal support on this and weakens their position a bit. 

Kudos to you for trying to get started at such a young age @Diego Albany! 

Here's my advice for getting started in REI

1. Have a plan - What kind of real estate activities do you want to do? Wholesale? Buy and hold? Flip?

2. How are you going to buy it? Partnership? Hard money? Conventional financing? “Creative” financing? If it’s conventional financing, start working towards a pre-approval.

3. Pick a location. Best to make this decision off of numbers and stats. Crime rate, rent to price ratio, school quality, etc. This will help fend off some of the overwhelming feelings that house buying can generate.

4. Analyze Listings, often! I analyzed a couple hundred deals before I bought one. That can be as simple as a napkin calculation. Gross rent vs purchase price. Find the average in your market then find one that beats it or can beat it after improvements. If you don’t know how much to run for expenses, ask a property manager or agent for estimates.

Lastly, whatever you are doing, make sure you have fun. Life's too short to not have fun. 

What are my options? If I have lots of options and tenants interested, I pass. If this is the perfect tenant and they can move in right away, I'll sometimes offer 20 bucks a month off on a long term (1 yr) lease. Often I'm already listing at the top or slightly over the top of market rate, so losing $20 a month for a perfect tenant is often times worth it for me. 

@Paul Sandhu, add a foot race to your list. ;)

I'm not sure I see the correlation between her home ownership and her lack of income to qualify for the unit ? What am I missing? 

What's the duration of this repair? Days? Weeks? Can the tenants use the toilet, tub / shower, etc? Or is all the water in the unit shut off?

If the water is going to be off for days, yes, you it makes sense to re-house them during that time. If it's less than a day, I'd say you're fine. 

In short, we need additional information. 

Hey @Frank Agyeman-Duah this tenant would be a "pass" for us as well. We care more about their income and how much money is left at the end of the month than we do what their credit score. In this case the tenant's income is too far off from what our requirement would be (net income is 3x the rent), so it would be an automatic pass for us, to the point that we won't even look at the credit score. 

We've placed 60 tenants in the last 2 years. None of them missed a payment through covid, even though CT / MA got hit hard with COVID. 

Set your criteria and trust your gut. 

Welcome to Biggerpockets @Eric Garces! Always great to see another Connecticut BP'er. My name is Filipe and I operate CT Property Management out of Windsor Locks. If you ever have any tenant related questions or want to talk shop, don't hesitate to reach out. I'm here to be an asset to the local REI industry.

Did you know there is a forum dedicated to just CT? If not, here's the link:

https://www.biggerpockets.com/...

Welcome to Biggerpockets @Eric Garces. Always great to see another Connecticut BP'er. My name is Filipe and I operate CT Property Management out of Windsor Locks. If you ever have any tenant related questions or want to talk shop, don't hesitate to reach out. I'm here to be an asset to the local REI industry.

Did you know there is a forum dedicated to just CT? If not, here's the link: 
https://www.biggerpockets.com/...

NO, there are definitely no other Connecticut investors on this forum @Arian Hoxha :) 

Welcome man! My name is Filipe, I'm an investor turned real estate agent and property manager. Most of what I do now is operate Connecticut Property Management. We're a full service PM firm based in Windsor Locks. 

You can read more about my story on my post here from a few years ago:
Today - at age 24 - I "retired". Here's how I did it.

Stick around and ask lots of questions!