All Forum Posts by: Filipe Pereira

A good deal usually relies on the numbers, because most people are in it for the profit (understandably so). Most flippers I know in Connecticut have always tried to be all in at 60-70% of the ARV (after repair value). In other words, the purchase price, plus the repairs and commissions had to equal less than 70% of the final sales price (after you've flipped it). I imagine covid has made this much more difficult because of supply / demand, but I am sure it has also raised ARVs.

Flips are possible in any market, you just have to find the right deal. 

We also charge a $75 late fee for our Connecticut properties like @Brandon Rush mentioned. If you have habitual late payers like @William Collins considering putting them on a bi weekly rent payment. Over a 1 year period, you will get an extra month of rent. ;) 

The further south you get in New Britain, the better off you will be. Martha Hart Park area is great, and we can fetch 1200-1300 for a 3 bedroom all day long. We try to stay away from the CT Rt 9 / 72 interchange. 

Try to buy something with gas heat and off street parking. Those are critical in our experience in NB. 

Hey @Liam OKeefe, I think the best way to find out where to invest is to reverse engineer the process. How much cashflow do you want? Or do you want to go by COC? Cap rate? Whatever your "measuring stick" is, use it consistently in evaluating deals. Next - find a market that will allow you to get that result. Then dive deeper. Ask yourself:

What's the longevity of this area look like? 
Could I build a team here? 
Do I self manage it? 
What are my possible exit strategies? 

I think once you answer some of these questions the answer will begin to emerge for you. 

Hey @Randall Suggs, Connecticut has a few Realtor Associations and each of them have their own P&S agreement. I would find out which association is most prevalent in the area you are purchasing the property and use their P&S agreement as your attorney will likely be most familiar with that version.

Lucky for you it looks like @Mat O'Grady took care of it for ya! Nice job Mat. 

Hey Brian, welcome to bigger pockets. I'm a big fan of East Hartford and am out there often. If you ever want to grab a coffee, let's do it.  

Unfortunately you likely won't find something at 85% LTV, especially if it's an investment property. Obviously the sky is the limit if you go the owner occupant route. Is that an option for you?

@Mark Nguyen, I could talk for hours about this stuff, so it's best to ask a specific question so that I can give you the best answer possible. 

@Spencer Glaser happy to help! Update your location by the way! ;)

Lawyer up. 

Did the PM company offer a breakdown of the $6,000 balance? I'm guessing you already tried o settle things with the property manager and that failed?

Issue a non renewal of the current lease to both of them. Then offer a new lease to her. Problem solved. If he doesn't want to move out, then yes, you may have to evict for lapse of time, just as you would with any tenant. 

Smart of you to stay out of the fray.  

Sounds like an explosion waiting to happen! Either go all gas or all wood burning. A hybrid sounds very sketchy. Even if that was it's original purpose / use, while that may work with a homeowner who operates it every day and has knowledge of the situation, it could spell trouble for a guest.

You have to remember that some of these people have never seen a fireplace before in their lives. Is that someone you are willing to trust to not screw it up? 

We board off all of our fireplaces in our rentals. Winters can get cold here in CT and MA, but it just isn't worth the risk to us as property owners / property managers.