All Forum Posts by: Sunny Rajvansh

Hi,

I have a rental property and my lease says the rent is due on the 1st of every month and its late after the 7th. the late fees are $50 after the 7th. My tenant was paying me on the 7th of every month and since last 3 months tenant is paying on the 10th instead. First time she said her granny was sick and she is not around so it will be late and since then its been 3 months she is paying on the 10th. She told me in Connecticut landlord can not charge late fees until the 10th. I was wondering if thats true. 

When i did try to find online this is what I found at nolo.com

"Connecticut Rules on Late Fees

Rent is legally due on the date specified in your lease or rental agreement (usually the first of the month). If you don’t pay rent when it is due, the landlord may begin charging you a late fee. Under Connecticut law, landlords may not charge a late fee until nine days after rent is due."

Is this really true, isn't 10 days a long time? If my lease says late fees after 7th and tenant has signed it, can I still charge late fees after 7th? Also, if the rent is due on the 1st, what are my rights after the end of the day?

Thanks Curt, Chris an Brian. I appreciate your response. I am going with vinyl plank. Thanks for the recommendation.

Hello,

I just bought my second condo for rental in CT. I have to fix the condo a little. I am changing the flooring from carpet to hardwood. I put laminate in my first property. Back then I didnt care much and only looked for cheaper option. This time I want to make sure I make right decision. hence, I am here asking for your opinion.

I was looking into hardwood oak floor. While the store manager told me about the engineered vinyl floor looks just like hard wood. He told me lately lot of land lords has been using it and they are very happy with it. I spoke with a floor installer and even he told me those are his new favorite flooring specially for rental properties he recommended it too. I wanted your opinion on it, if anyone is using it and what is the feedback. This is not for bathroom and kitchen only. I am looking to install this in the living room and bed rooms as well. And If you don't recommend  engineered vinyl what floor is your preference?

@Rick Santasiere 

Thank you for the detailed response. It is very helpful. I will have discussion with my agent.

I am new and looking for bank listed properties in CT. I was wondering generally is there a lot of wiggle room with bank owned properties? I put my first offer on a bank owned property but they seem to be very tough negotiating, is this how banks normally work? Listening to podcasts i have heard investors calls bank directly some times. Is that normal and ok to call bank if the property is listed with an agent? I never spoke to the listing agent my self.

Also, the agent I work with made me sign a year contract. I like the agent but I am not so happy in certain things may be because he never worked with investors before. What are the laws or rules once you sign contract? Is there a way I can ask the agent to cancel the contract?

Hi BiggerPockets. 

I am Sunny Rajvansh from connecticut. I am here to network with the members and learn from you all. I am new to this and enthusiastic about my future with investing in real estate. My goal is to start with rental properties. I have not thought deeply about flipping yet. I want to first start with a steady income through rentals. BTW I work full time in sales which I love as of now.

I would like to tell my short story long, how I got interested into investing in real estate. In 2012 me and my wife were looking to buy single family home as our first primary residence. We got married in 2010 and were renting since then. While looking for house I met a guy named Ken, whose mother owned condo where my parents lived. The tenant were moving out and Ken wanted to sell his condo since his mother was too old to take care of. Ken lived an hour away and had full time job. He was desperate to sell it, since he did not want to deal with renting properties. I made him an offer that was 30% below his asking price which was already below market value. He accepted the offer and I bought condo for cash that I saved up for down payment. This actually was a great deal for us since my wife was pregnant and now my parents were in the same community. They were so helpful (and still are) with raising my beautiful daughter. We moved in lived there for more than 2 years and saved up again for down payment. This time it was easy because we had no rent or mortgage. In 2015 we finally bought single family house. We rented the condo out which is paying about 30% of my current mortgage after all expenses. This made me think about investing in real estate. I started dreaming of financial freedom, generating income through real estate which always appreciates and retire with properties on hand. I went online, read books & articles, started listening to podcasts and thats when I found bigger pockets. I have been listening to bigger pockets podcast and I have to say, it is great and this community is amazing and I am so glad I found it.

So thats my story. I am looking forward to make friends and benefit from the expertise and knowledge floating around here in BP.