All Forum Posts by: Chele' Mendez-Dumoi

Good evening Juan your name caught my attention :) because I had a client that recently purchased a house with the same full name, very nice gentleman.  In your managing have you handled furnished homes and renting rooms.  I am in the process of trying to establish something similar to Joshua but something where its a longer term stay versus a couple weeks or so at a time (different area of the US).  Currently have a property listed as a house share, two bedrooms available.  People have been calling to rent the entire house but in the past rented the whole house to an individual but would like to try renting rooms which each tenant would have their own bathroom and they would share the house in regards to the common areas.  Utilities included, internet, etc.  Any thoughts?

Glad to see some from CT :)

There was a recommendation noted below which is on the same line of what would recommend to those who would like to invest and currently have not purchased a home. If a person purchases a multi-family and it will be their primary residence for most this option would be to their advantage. One an FHA mortgage can be obtained with only 3.5% down versus the 10-20% needed if buying only as investment property. Once a person is bringing in income they can utilize those funds to purchase another investment property whether it be cash or finance (and if financing will have the means to accommodate a larger down-payment requirement).

Good morning, when observing the landlords that we represent them in rental properties, they seem to hold to the idea of buying and holding.  They have hundreds of units and continue to purchase and rent.  It is truly their business and livelihood. If done correctly where you are able to purchase in an area where costs make sense and there is a high demand for rental properties would be what you want to research and seek out. Perhaps in your state there is a location that is "hidden" in a sense, where prices are very within reason but at the same time would generate a high influx of renters.  You be surprised towns that may have been so-called "not on the map", but once the word is out what renters can rent for their funds and they live in a town that is nearby or even a bordering state that is in a higher bracket; the word gets around and in time rental properties become in high demand.  Have seen many places where in time they were once very "low-key" cities but as the word got out now to buy or rent in these towns is impossible because the value has appreciated so due to the demand.  Happy house hunting :)

Hi David,

I would encourage you if you have time to take a look at the homes in Waterbury, I stumbled upon this area some years back. There are a lot of sought after areas in this town and the demand for rentals is there for investors that would like to buy and hold.  We currently have a home that we are preparing for rent, once completed it will rent very quickly and for the house you are looking at a minimum of $1,450.00 due to location.  We have doctors that come to this town to do the Residency and look seek areas that have a country feel though in the city and are easily accessible to the hospital.  Outside of the medical profession, there are people who are renting apartments currently in New York paying top dollar where they are able to come rent an entire house with a yard, etc. for the same or even less than what they are paying for a rental property.  Torrington is another town that purchase prices are very low but hasn't caught on yet to many.  Danbury CT at one time used to be a very good place to buy real estate for a reasonable amount of money but now properties have appreciated and rental amounts have skyrocketed. So many are relocating to Waterbury which in time feel will become another Danbury, Stamford, Norwalk and Bridgeport.  There is a high supply of properties for sale now, which is good fo investors but think there will be a time in future where it will not be as easily accessible.  Its worth taking a look :). Have found the landlords that provide a quality rental have tenants that remain very long term. 

If you are interested in out of state investing, try looking into Waterbury CT, lots of nice homes for great prices.  Price range that you mention you can find move in ready townhomes in sought after locations.  There are homes for sale in that price range but those will require some work. If you were investing 45K and obtaining a mortgage for the balance of say a 60-90k range you could obtain a nice single family that may need major/minor cosmetic work, like painting, removing old carpet, yard sprucing. Major work would mean perhaps there is a working furnace but older and you would want to replace.  I love working short sales and probate properties for clients. You can purchase homes that may be a bit dated but well-maintained and in no time can get someone in to rent the property.  Many are relocating from more expensive areas such as Stamford, Bridgeport, Danbury CT, and New York city because they know they can get a lot more for their funds. Larger homes with decent size yard space but at the same time Waterbury is positioned where you can easily access other towns.  Hope this is of some assistance :)