All Forum Posts by: Mario B.

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.  

I did a quick search for my own records, pricing really is great up there!  I found students at Yale like the Dwight, East Rock, or Downtown areas. Fair Haven isn't the best area someone said, but they liked the quick access to the beach. Someone else said if you want names, basically avoid any neighborhood with hill or hall in the name.  This feedback is about 2 years old though so things could have certainly changed.  I would say housing around the campus, nice hotels, restaurants, or the hospital might be good options to look at.

Another good response I found
"One rule of thumb is to look at Google Maps, plot out the walk to campus and see if it passes through areas with cafes/restaurants and/or major office or university buildings. If so, it's likely going to be pretty safe. If you're going to be walking along the edge of a highway, past a bunch of parking lots, and then through a neighborhood without any amenities then it might be less safe at night. You can also use Google Streetview to see what the walk will look like."

Hi Mathius. I'm not as well versed in the New Haven area, however yes there are a ton of 2-3 family properties for under $300k I'm seeing on the MLS. If it's close to where you're currently located, spend some time driving around the areas that you can afford and see how they feel. Due diligence on the property and the city are crucial to not buying a bad deal.

Hi Bogdan, is this at the Pinstripes bowling bar? 

 Hey Codie!  I work in NYC but live in Stamford and invest locally.  Stamford is a great market right now with quick access to NYC and we're 3rd largest city in CT.  Let me know if you would like to jump on a quick call. 

 You're in great hands Abbie!  Peter is the best!  

Realtors can act as Bird Dogs as well. Not all properties on the MLS are at full market for various reasons. I would be happy to help in your search. Let me know if you would like to chat more by phone. I will be in Bridgeport this Saturday for a few property tours. Once I have your criteria, I can put you on auto e-mails and we can touch base weekly or as often as we find things that may work.