All Forum Posts by: Filipe Pereira

@Scott Hollister is the guy to talk to for anything east of Manchester @Paul Stansel, so you will be in good hands there. Generally speaking, downtown Rockville is the least desirable area of Vernon, but I am sure you already know that. 

Happy hunting!

Hi Anne, I'm a HUGE fan of Manchester. I think it's got the right balance between appreciation, cash flow and quality tenants (outside of a few select areas). It has some of the highest rents in Hartford county for towns that have any significant amount of rental stock (not including West Hartford) and yet the price points seem to be quite reasonable. I also like that it has a better tenant pool than say, East Hartford. 

All in all, Manchester is in my top 5 for towns in the north central CT area (call it Hartford county, if you will). Happy to answer any specific questions you may have, just tag me in your response. Thanks!

Congratulations @Jessica Heyse! Those are great numbers especially in today's market! I'd buy that property every day of the week and twice on Sundays as they say. @Morgan Wilson is another BP'er in the wine making biz and is also in north central CT (Suffield, I believe).

Hey @Mike Adams, it sounds like you provide the heat here, but does the contract state that tenants must have full control of it? If not, think about installing landlord friendly thermostats that max out at a certain temperature then drop down over a few hours. State minimum where landlords provide heat is 65 degrees. I can make some suggestions on tamper proof thermostats if you don't find them. I use the in my 4 rentals and the heating bill (gas) is never more than $200 or so per month. 

Hi @Charles Han, 

@Michael Noto is correct - the standard investment loan is 75% LTV at 30 years (which means you have to come up with 25% for the downpayment) for anything under 5 units. Once you get to 5 units (considered a residential commercial loan) the 30 yr fixed is less popular, as 5 year loans that are calculated on a 20 year amortization schedule become more popular.

While there probably aren't any loans specific to the New Britain and Waterbury areas, you may find some options in what is known as Opportunity Zones. Check out CT's website on this: https://portal.ct.gov/DECD/Con...

Hi @Nicholas Pisanelli, welcome to biggerpockets. Middletown, CT has some really desirable rental areas and can cashflow nicely. Meriden is OK, but overall not as nice as Middletown. 

Being in that area you have a decent shot at finding something in one of the neighboring towns as well. Bristol and New Britain are of course two big rental markets as well.

As far as thoughts on the market - Connecticut, like many other states is experiencing some forced appreciation right now due to what I call the "covid market". Lots of demand, little supply. Three or four years ago you could buy a decent 3 family for 180-200K. That same property now is 250K +. 

Good luck and please use me as a resource should you have any questions! Just tag me in your response. 

Hey @Steven Calascione and @Patrick Fanning thank you for thinking of me, I really appreciate it!!

@Kevin Kortsep, I just responded to your DM. Thanks for reaching out! 

 No problem. Also check out neighborhoodscout.com. It's a free resource that you can use to see crime maps for each town. It's very insightful. When you use it, search for a town, not the address because if you use a specific address it reroutes to a webpage where you have to pay. You can search a town the just zoom in on an area.

The best deal to buy right now is one where the numbers meet your criteria. Don't wait for the market @Fab Ragh. Wait for a property that makes sense for you then jump on it, whether that be in 1 month, 3 or 9. 

@Philip Johnson Property manager in Connecticut here, my experience is that you serve everyone that you put on the lease, plus "John and Jane Doe", just to cover your you know what, especially if the lease states everyone is liable to meet the full responsibilities of the lease. I recommend giving Atty Ben Shehu with Shehu law firm a call if this is in Hartford county.