All Forum Posts by: Mario Bellavia

 I just sent you my contact info to your inbox.

 Hey Byram, I thought I had responded in your other thread when you sent the link, it looks like it didn't go through.  In short, I think your place would rent faster if it were priced between $1800 and $1900.  Your current price around $2200 has you competing with full service buildings with amenities.  Check out www.apartments.com you'll see what I mean.  

 Hi Gervon!  Yes, great city to invest in!  I'm born and raised in Stamford and own 2 properties.  Let me know if you have any questions on areas of Stamford, rents, the market, etc.  I'm a licensed realtor with Compass, happy to help in any way I can. 

 Hi Byram. I’m sorry to hear that. I own a studio at 700 Summer St. It’s never on the market for more than 2 weeks. If you would like to talk more offline I can help give to some ideas or suggestions. 

 My man!  Thank you, I will! 

 CT is huge!  It really comes down to your level of risk, how much you want to spend, how knowledgeable you are with the area, and if you want to be hands on or hire a property manager.  For example, I just closed on a turn key 3 family in Danbury last week.  Demographic is a bit more challenging for rents, but there is cash flow to be made.  You go somewhere like Stamford, Norwalk, Fairfield county, etc. you will pay more/less cash flow but higher rents with higher income professionals being so close to NYC.  Happy to jump on a call if you want to talk more. 

Hey @Gaetano Ciambriello how do you recommend getting visibility with student housing?  I have a client that just closed on a 3 family in Danbury and has an incredible 2 bed 2 full bath for rent.  I saw Western is right down the St.  I'm also trying to see if I can get them on a mobile nurse list, another great demographic that's short term and will pay a premium.  Thanks in advance! 

 Good point, NYC and CT are 2 different markets.  In CT I can easily get someone on the phone.  I haven't dealt with NYC before.  

I would call the zoning department, health department, and building department.  All 3 typically have different requirements.  If the requirements are not possible for your property, you won't need an architect or contractor.  I'm dealing with this in CT as we speak, I'm converting my unfinished basement to finished.  A permit had to be pulled for electrical, plumbing, and an egress window has to be installed in a bedroom.

Honestly, I would just keep renting it out as is and not waste the money or resources on trying to convert it.  #1 you will now be on the town's radar and in their system, and #2 if it's not possible, you may loose the opportunity to rent it in the future if the city does a surprise inspection and deems it an illegal apartment.  

Now if you were trying to sell it and make more money calling it a 3 family, then I would consider it.  Why rock the boat now if you're making money?

 Finding multi families without tenants is difficult, most investors don't want to loose cash flow during a sale, every dollar counts for them.  Most of the time I find tenants are all month to month.  If you can get receipts of payment, prior lease, application, etc. anything that can help you if you take on a property with tenants, it will help.  Your closing attorney should also be able to advise what documents to source for in place tenants to help mitigate a potential eviction.  If you self manage, try to account for 5%-10% maintenance each month and 5%-10% vacancy.  If the property cash flows after all mortgage expenses and maint/vacancy, property tax, insurance, etc. you're on the right track.