All Forum Posts by: Filipe Pereira

Hi @Dan Green, 

Here are 4 Connecticut based lenders that could help you with the 203K loan product. They all have extensive knowledge. 

Michael Boscarino – BoscoLoans

Radmila Khamzina – Northeast Financial

Kit Crowne - Right Trac Financial Group

John Krause – Horizon Home Mortgage

I'm not allowed to post emails or phone numbers here due to forum rules, but I can send you a DM or you can find them on google if you'd like. 

Best of luck! If you can't make the deal work, let me know. I am pretty active in East Hartford. 

Hi @Abbie Gibson, here are my thoughts on the greater Hartford (Hartford county, really) rental market in the event that you come up this far. As a licensed real estate agent myself, I can get into trouble for "steering" you to an area, so please accept these as just some generally vague thoughts based on my experience of the area and property management industry.

Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)

Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.

Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.

Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.

West Hartford if you're in this town you're probably banking on appreciation, not cashflow.

Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.

East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.

New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.

Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.

Your agent should have provided comps to the appraiser, did they? Or any statistical data showing the things you are mentioning? Your agent should have a good idea of the value of the property and can help get the appraisal to arrive to that number.

Is seller financing an option here? 

Or how about paying for a new appraisal? I know it sucks, but some appraisers really are just that bad. Good luck @Lance Dutson. Let us know how it works out. 

If you had the money to do something, what would that something be @Cody Duval? New England as a whole is beautiful, but New Hampshire certainly has a special place in my heart. I think if you back your way into this by asking yourself some questions about the end goal you may be able to make a plan around what you would like to do. 

New England does have higher price points, but we also have higher rents for the most part. 

I like your idea. If you do pavers, you will have a weeded lot in 2 years that will be awful to maintain. What area are you in? That will go a long way in determining what to do. Maybe plant a few trees as shady spots in 30 years :) Leaf pickup is only once a year!

 We collect a minimum 1.5 month security deposit. CT has a 2 month maximum for non senior citizens. 1 month just doesn't do much if someone skips out on the last months' rent and leaves us a mess. So 1.5 for perfect tenants and 2 month security deposit for tenants who qualify but may be slightly riskier for on reason or another (income or credit). 

Definitely check your local laws, I am in Connecticut, and just going across the border to MA the laws change. 

I haven't been too impressed with Zillow's credit reports. We prefer Cozy's.

This could be a simple case of someone "not having credit" vs "having bad credit". Check out their age and go from there. Some people just don't know what credit is, or how to build it and live their entire lives without a credit card.  

Yes, definitely regular and normal to show the unit before people apply @Hilary Graves . Find the happy medium and pre screen your potential tenants before investing the time to show the unit. If I were a renter, I sure wouldn't be throwing money at everyone in the form of an application fee just to have the privilege to view the unit. 

Markets vary of course, but this is what we're doing in CT / western MA.   

Check out this thread on how to screen tenants with no phone calls. https://www.biggerpockets.com/...

Hi @Erica L., take a breath, that's step one! If you're not enjoying this at least a little bit, then it's not worth doing! 

So yes, you can give notice to tenants who are MTM (month to month) - just follow your state laws. As to the tenant with a lease, the lease will likely come with the property, so you will have to wait for that to be up to give notice, or you can buy the tenant out through a cash for keys scenario. 

Check how much of those closing costs are actual expenses (atty / title fees, inspections, etc) that you can shop around, vs closing costs that are associated with the property specifically (escrow items like taxes and insurance). Your lender may be requiring 1 year of each vs 6 mos.

As to your lender getting his / her feelings hurt....eh, business is business. Sounds like a toxic person if they're genuinely getting upset over it. You don't need those kind of people in your life :) 

Well done! I love the look of these and I bet the bay window area was pretty awesome @Ebe Chinweze. What's next for you guys?