All Forum Posts by: Kevin Scanlon

Hi @Rob B. 

I just moved to Cambridge last year and man is the housing market hot here. Would be happy to connect and even help evaluate some deals with you as I get my bearings this area. I lived in one unit and rented out the 2 others in my first house in CT. It's a great way to break out of the rent trap. Feel free to pm me if I can be of any help!

@William Conrad

Hi Will. Your post triggered my keyword alert on Groton! I invest in NL County along the shoreline as well. I know the Groton / Mystic / Stonington area quite well. Would be great to connect at some point and talk shop!

Hi @Jaclyn P.,

I'm a little late to the party here but did you end up making an offer on the house in Groton you were interested in flipping? Any luck finding a local agent to work with? 

I actually grew up on the Groton side of Mystic and have a few rental properties in Mystic and Pawcatuck. I just became a licensed real estate salesperson in MA and have the paperwork in to obtain my reciprocal license in CT. I'm up here in MA temporarily for my 9-5 job and while my girlfriend attends grad school.

Anyhow, let me know if you are still looking for properties and if I can be of any help. Maybe we can work together on something in the future. I also have a handful of contractors in the area I'd be able to refer. Best of luck!!

Welcome to BP, Logan! I grew up in Groton and still invest in the area. Don't hesitate to reach out with any questions as you get started. There's a ton of information to be found on this site. Especially in the forums. Also be sure to listen to all of the BP podcasts!

I'm not a plumber but my friend is a licensed commercial plumber and has done work for me on several residential remodel projects. When I ask him, he's always recommended sticking with Delta or Moen for all faucets and shower valves. They are generally pretty affordable and replacement parts / valve cartridges are readily available at most hardware stores.. I think I've installed 7 or 8 of them so far over the past 6 years without an issue. Latest batch I bought were this model: Delta Faucet R10000-UNBX MultiChoice(R) Universal Tub and Shower Valve Body

Symmons Temptrol look to be pretty highly rated, though. I'm interested to hear if any plumbers chime in here!

@Devon Nugent Welcome to BP! I have a couple of duplexes on the Town of Groton side of Mystic that are working out so far. If you're somewhat handy, you should be able to find affordable "fixer upper" multifamily properties throughout Groton and New London and make the numbers work. 

There is a decent rental market in the City of Groton around the Pfizer campus and Electric Boat. Electric boat also expanded across the river to New London and employs a large number of young engineers and draftsmen who, I'd imagine would make for great tenants.

Avoid the duplexes in the Poquonnock Bridge district of Groton. They look appealing because they are cheap but they were all originally built in the 60's (I think?) as temporary military housing. Never meant to be permanent, quality housing. Over the years a large property management company has slapped lipstick on them (vinyl siding, newer windows, newer roofs) but at the end of the day they are structurally deficient and poorly constructed.

I suggest reaching out to Matt O'Grady here on BP for more info on multi families in New London.

Best of luck!

@Bill Wallace I like your plan. Thanks for the input!

@Dawn Anastasi I suspect they would not be interested at the higher price point, but it's worth throwing out there. Thanks!

@Bill Wallace @Richard C. 

Great points on both sides. 55 days notice does seem pretty reasonable. I do agree that being fair and treating people with respect always works out better than trying to use strong-arm tactics. They could still potentially fail to pay rent for the month of August, in which case I could begin the initial phase of an eviction. I am currently only holding the equivalent of 1 month rent as security deposit.

What about a possible deal sweetener? Prompt security deposit refund would definitely be a good one, but would anyone consider an additional incentive? Say a couple hundred bucks each to cover the moving costs?

One tenant does have a child in school, which I had not considered. However, the timing could work well since the school year typically starts in early September and they could likely find another place within the same district.

The condition of the property and the level of renovation I am planning is such that I am not too worried about any damage being done. I would still like to avoid instilling any feelings of violent rage.

I purchased an occupied duplex earlier this year in Mystic, Connecticut. It's a Greek Revival style building originally constructed in 1845. The location is very good (although it's in a historic district).

The house is habitable, but is in need of major updating and structural repair to bring it back to it's former glory.

The property will generate close to 3 times the rental income once it is renovated so it will be well worth the investment. 

I would like to begin the work in September, 2015. The project will require the whole property to be vacant and will last 3 to 4 months.

Tenants in unit 1 are on a month-to-month lease. Tenants in unit 2 are on a lease that ends in April.

Ideally, I want to maintain occupancy in both units until September, but also want to mitigate the risk of having to formally evict anyone that refuses to move which could delay the start date of the renovation.

When should I inform the current tenants of my plan? What strategy would you use to ensure they stay until September, but move out on time?

Thanks in advance for your advice!

Welcome from CT. Good luck with your first deal!