All Forum Posts by: Kerry Mertz

You can either have her sign a new 1-year lease, or she can remain month to month which would not require her to sign a lease each month. Month to month is when the 1-year lease is over and the tenant stays without signing a new lease. Usually, the terms of the original lease stay in place until a new lease is signed. 

If you wanted to increase the rent, for example, you would have her sign a new lease. If everything is remaining the same, it's up to you whether you want to start a new 1-year lease or remain month to month with her. A benefit of a 1-year lease is that you know you won't have a vacancy for a year. A downside of that is since you just took over the property, and you didn't screen this tenant, she might not meet the criteria of what you would want for a tenant. You'll be stuck with her for a year if you find out later that she isn't a good tenant.

I would say give it some time to see if she's a good tenant.

I would say look for a multifamily with 3-4 units and live in one unit. If a duplex has negative cash flow, then 3-4 units should cashflow better. You can live in one unit to lower your living expenses while you continue to save for the next property. Just make sure that it will cashflow as a rental property after you move out. 

Yes. As a buyer's agent, I attend. I think it's important to know what's going on with the home as well as an opportunity to build trust and rapport with my client. 

@Ali Syed I would suggest looking at a multifamily property instead of a condo in Bridgeport. Much better cashflow for the investment. If you're concerned about multiple tenants and want a passive investment, hire a property manager like @Craig Bellot. 

I'm wondering if any other realtors have the Short Sales and Foreclosure Resource Certification (SFR) from the National Association of Realtors? I'm thinking about taking the course to broaden my knowledge of short sales and foreclosures since I work with investors in Connecticut. I'm just wondering if any other realtors have the certification and if you think it is worthwhile? Particularly, I'm wondering if it has helped you to get more short sale or foreclosure listings or has it made it easier to represent buyers on these types of sales? Thank you in advance!

Fairfield, Norwalk, Shelton, Milford and Stratford would work, among others. Call me anytime and I’d be happy to help.

@Bang Nguyen I did move forward with Royal Legal Solutions and have been pleased with everything so far. 

@Scott Hollister Thanks! I appreciate it.

@Scott Hollister Can you share who your commercial lender is? 

I'm not that familiar with the area so I can't speak to that. I just looked at what sold in the surrounding neighborhoods.