All Forum Posts by: Mario B.

Hi @Heidi Kenefick welcome to CT and BP.

I would recommend renting for a year to get your feet wet and really experience the area for yourself.    Taking on a new job and managing 3 apartments is a big responsibility if you are going to do it yourself.  If you hire a property manager, you need to shop around, and ensure the rents you can get are going to cover your monthly expenses.   

I would encourage taking a real estate course, potentially getting your license.  I just took the course myself an learned a lot, in the process of getting my license.  

Best of luck!

Welcome neighbor, @Dale Kuhn you've come to a great website!  Best of luck to you!

Run the numbers, do they work. Aim for 10% return or higher. Do you have extra cash in the bank to reno it, does it even need reno. What will it rent for, what are your monthly expenses, how much are you making after everything is paid off, what are the taxes. Who's managing it, do you have to hire a property manager? What are HOA fees. Is there a parking space, is it covered, secured? How much does the condo association have in reserves. Are they planning any upcoming updates that will assess a charge (my condo just decided to re-do cat walks and rear driveway, costing me $120 a month for the next 5 years). How are the neighbors, ask around, what are they paying. Check recent condo sales, are you getting it under market value, at market rate, or above. Make sure you have a good lawyer, I use http://www.landlordlawfirm.com/ in Milford, CT. Make sure you have an amazing lease that covers as much as possible.

Congrats @Melba Chambers !

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.