All Forum Posts by: Jeff Lamothe

Thanks for sharing this deal @Dilman R. I would certainly finish your due diligence and understand all of the costs associated with this condo. How often does the condo association changes their HOA fees because if they decide to raise it, that would eat into your cash flow. Will you or the tenant pay the water bills, because it can put you at a disadvantage based on other rental properties in the area.

I am not a condo investor but at that price point, you could get a multi family house in a B or C class neighborhood and earn better cashflow.   Does  the condo association even allow for owners to rent their condos?     

Definitely check out some of the BP podcasts, where they discuss investing in condos.  I recall listening to an episode of an investor who specializes in condos, but I cannot remember the episode number.   

Best of luck in your investment journey.  

Congratulations @Erik Mazzochi and welcome to the world of multi-family home ownership.   I am also in the New Haven Cty area and considering options for my next move since a recent acquisition of a 3 family.   

A similar issue is going on in Connecticut, where a coalition of landlords has filed a lawsuit against the governor's eviction moratorium.   The lawsuit states that the Governor of Connecticut overstepped his bounds and violated property owners' rights to private contract, equal protection, and their right from having their property taken for public use without sufficient compensation when implementing the statewide eviction moratorium.   One of the sore points in the moratorium is that the Governor is allowing tenants to use their security deposit to back pay their rent if they have more than one month's security deposit.   

https://www.newhavenindependent.org/index.php/archives/entry/landlord_lawsuit/?fbclid=IwAR3OmJ1qKh6ppopY5IwuFM8GRC5s22qAfn-qFUJQFz9PjsBx5XVQ37aHlfI

@Ryan Luby I didn't know there was a local meetup in New Haven.  I have been traveling to central CT for the last 3 months and standing out like a sore thumb, while everyone else was investing in the Hartford area.  Please send me the meet up information.    

Hey @Bryant Bettez.   I just closed a deal and my agent was definitely a rock star in his field.  He went the extra mile by going to New Haven building department a few times to check on mechanical code questions,  verified land plot information and was approachable all hours of the day.   I am going to invite him to BP community. 

BTW his name is Steve Palmer at Coldwell Banker.  You can inbox me for his direct contact information.   

Hello Daniel,

    Good luck on your investing journey.    House hacking is certainly a good starting point, once you find a quality property in your market.   You can also consider purchasing a large single family with a lot of bedrooms (3-5) and rent out the rest to roommates.   There are a couple BP podcasts where property owners started out renting out rooms until they were in a position to buy multi families.   

You can look into properties that are located near universities and rent at a premium to college students, so you can look at homes by University of Bridgeport or Sacred Heart University as a start.   

Not sure how much of a handyman are you but it you can find a property that needs some minor work (paint, floor replacement, minor plumbing work) that is below market value, that may be your way into your first property.   

I feel your pain Rachel.   I had a similar experience years ago in my CT rental and let it drag on for a couple months.   Ended up missing a couple months of rent and a couple thousand dollars in rehab costs since they left the apartment a mess.    Now my standard procedures is to send out notice to quit on the 10th.    

How's it going @Ron Purdy.   I am also in the New Haven area and just became engaged with some meetup groups in the central CT area.   @Scott Hollister typically hosts monthly BP monthly meetings in Manchester and just had one this week.  There is also a real estate investors association (CTREIA) that has monthly events and their calendar shows a holiday celebration this coming Monday in Cromwell.   I haven't yet found anything else closer to New Haven but you will certainly find New Haven investors through those meetups.  

Congratulations on deciding to invest in real estate @Adam Carskaddan.   Some great advice has already been provided to you, especially from @Scott Hollister and @Ryan Deasy.   I also began with a House Hack and it carried me through some crazy times in the real estate market because of rental income.  Just make sure the numbers make sense as far as property expenses (taxes, insurance, maintenance), and rental income.  Also consider the option to rent bedrooms, which appears to work for many investors that were featured on bigger pockets podcasts.  

Thanks for bringing up this question @Dominique Palmer.   I will soon have undergo this process with my property.  I wonder does it make sense to schedule multiple appointments on weekends as opposed to weekdays, where folks can be delayed at work or stuck in rush hour traffic.   When properties are for sale, realtors usually schedules an open house on the weekend.