All Forum Posts by: Mario Bellavia

New Year's Resolution, attend a meeting! @Jonathan Makovsky

@Filipe Pereira I just got back from New Haven, near Yale, Avon Street to be exact.  A good friend is trying to get back on his feet and renting a room up there.  The owner has a great investment, he rents only rooms.  My friend pays about $700 a month, there are 6 rooms! 

Welcome @Michael Malkowski you have the knowledge I wish I had!  Bridgeport is on my radar for investing, but not making any moves in 2018.  I would start paying down your home as quickly as possible so you can leverage your home equity credit line.  Properties are cheap enough in Bridgeport you can pay them cash with your equity line if it's large enough. Best of luck to you.     

This sounds like a great opportunity, thank you @Darren Sager Hope to see you there!

Hi @Pierina Bustamante I'm always browsing Zillow, they will show the sale price, but yes it may take some time to update.  I'm always amazed at how well some investors do when they buy a home substantially below market, add a few dollars, and boom it's back on the market in less than a year from the their purchase, much higher.

Hi @Mike Wiesner NTQ are never easy, give http://www.landlordlawfirm.com a ring.  They work exclusively with landlords.  My company only works with them, they are extremely fast and responsive to emails.  They've helped with a few problem tenants in the past.  If your tenant pays they will work to draft a stipulated agreement, this will help if they fail to pay in the future, the process will be that much quicker.  I highly recommend them. Best of luck to you.  

Hi @Michael Guzik CT requires security deposit to be refunded within 30 days.  I would check with a local realtor or attorney about your state.  I would not recommend giving it back the same day, as others have said, you may not find something broken/missing until 24-72 hours later.  

Set the expectation up front and you will have limited headaches when they move out.  You can be as specific as you want with your expectations in my opinion.  I would create a list like others have mentioned with key areas such as oven/stove must be cleaned, fridge, shower area, etc.  The unit must be given back the way it was provided usually covers everything in a nut shell.  You can even list pricing on your check list so there is no questions on their part when they move out.  This is easy for a studio like I have, for larger homes it may be difficult, as there are many parts.   

In Stamford, CT.  The bubble has popped here, it's over saturated, there are over 30 apartment complexes.  However, the same studio I rented in 2009 for $950 is renting for $1400.  Studios are recession proof.  I work for a Professional property management team and they don't leave a lot of room for rent growth here, our ownership team expects a 98% occupancy trend 90 days out, very aggressive.  The new ownership team took over in December, very different ideas on rent growth than the previous ownership team, they were all about highest rents possible and had higher vacancy rates.  I've rented 2 bedroom units at 1 Bedroom prices recently especially now that it's 4th quarter and it's a slower season.  I expect the New Haven and Bridgeport areas to see larger rent growth in the future.    

As a beginner investor I like to invest in what I know.  I invested in my home town first, Stamford.  I'm a 5 minute drive from the property, I know the area, I personally screen them and tour them, it works for me.  I'm not comfortable enough to go outside, or more than an hour away.  I'm in Stamford, CT and cash flow is difficult to come by unless it's an off market deal.  There are better areas, but like others have said, crime, taxes, tenants, are all higher risk from what I've found in CT.  I know everyone hates on Zillow but I love their rental estimate feature, it's fairly accurate.  It's great to see the rent comparisons on different homes.  

@Scott Trench Totally missed your response Scott, thank you!