All Forum Posts by: Mario B.

I have been thinking about this a lot. When a tenant moves out, they usually clean as per what they think is clean. There is always some things left behind. things like inside stove, refrigerator, inside the Owen, corners, some cabinet shelves, window frames some residue on the walls etc. I always find lot of things that could be cleaned better. And I always end up calling professional cleaning service to get a deep cleaning to ensure the tenant moving in does not complain about the property being not clean.

I am wondering is it really landlord who need to bare the cleaning expenses between the tenants? I have tried to deduct some amount from deposit to cover the cleaning fees, but some tenants were bitter about that. They say, they already spend so much time cleaning the place and now they don’t want to lose the cleaning fees from deposit. But again, its never in a condition that a moving in tenant would be ok. How do you tackle this situation? I am now thinking to include in my lease that the property has been professionally cleaning before the lease, so I recommend to have a professional clean the property before moving out. I am not enforcing to get professionally cleaned but I am only recommending. Your input and suggestions are greatly appreciated.

One thing my property mgmt. company recently implemented was something we market as a concierge service. We say something like, "if you would like to skip the cleaning of your home at move out, as we know you are very busy, we offer a cleaning service to help reduce the stress of moving out, it's $150.00 and includes all the cleaning, so long as the home is free of any over sized items." This is exactly what are cleaners charge us. If a couch is left behind, we need to have a company discard it, that would be a fee billed back to the tenant. In CT you can't make money off a move out, you have to provide a detailed breakdown of charges when returning the deposit. If your cleaner charges you $250, you can charge that back to the tenant, but you can't bill them back $350 and make $100, it's just to cover your cost. Take a look at your lease, typically the home is to be returned as provided "broom swept". If your cleaners however need to spend extra time on the stove, fridge, tub, etc. and they charge you back for additionally cleaning time beyond normal wear and tear, those are also charges you can bill back.

Be sure to return the security deposit within 30 days of move out.

Here is a great info link on CT deposits https://portal.ct.gov/-/media/DOB/consumer_help_nonHTML/Rent...

0 Votes

New Haven, Connecticut

Quote from @Lateefah Mathews:

@Steve T.

As a native of New Jersey currently residing in Georgia, I highly recommend considering Georgia. It's just a short flight away from both JFK and LaGuardia airports. Cities like Atlanta and Savannah, stand out for their stable market growth, making it an ideal option for the goals you mentioned.

Below, I've listed a few cities in Georgia that align with your criteria. These areas have considerably warmer climates than Connecticut during the winter, coupled with stable economies and strong rental potential.

1. Savannah

2. Tybee Island

3. Jekyl Island

4. Blue Ridge

5. Atlanta

Feel free to DM me for further discussion with the additional questions you have!

Blue Ridge looks attractive based off my search and pricing there. What types of rentals do you suggest there? What are some attractors that may increase the market there over time?

1 Vote

Quote from @Florencio Nayve:

Hello,

Anybody who could recommend a CPA who specializes in real estate investing in New Haven county, Connecticut? Thank you!

Florencio

Hey Florence, welcome to BP! Here is my CPA info

Jeremy Kessler

203-515-8240

Steel Breeze Accounting & Tax, LLC
PO Box 1140 zip: 06856
42 5th Street
Norwalk, Connecticut 06855

0 Votes

New Haven, Connecticut

Quote from @Sebastian Bennett:

Are there books or good literature on how to structure partnerships or how to select best partnerships to invest with?

Here's a BP book on partnerships https://store.biggerpockets.com/products/real-estate-partner...

0 Votes

Hartford, Connecticut

Hi Kendrick! Welcome to BP! I know it's been a couple of month's since your post, however I would be happy to help with any of your real estate needs or questions. Feel free to inbox me or we can setup a call. I'm a licensed Realtor in Stamford, CT.

0 Votes

Stamford, Connecticut

Happy New Year Bogdan! Looking forward to reconnecting again in 2024!

0 Votes

Norwalk, Connecticut

Quote from @Daniel Gugliotti:

I am considering investing in my first property and have thought about partnering with a friend. What are the pros and cons of investing (especially starting off) with a partner?
I would likely using a private money loan and my buy box criteria includes:

Multi-family

Long term rental

In or around a college town

Okay with some rehab, but don’t want a full gut project

Hi Daniel! Welcome to BP!

Some quick pros I can think of would be:

You can buy something out of your price range if you bought solo

You have someone to share the workload

You have someone to share the expenses and bad debt if any

If you're both hands on, you can speed up any fixer upper

Some cons may be:

You have different ideas on things (how to invest, one may want long term, one may want short term)

You have another person you need to consult with on things before making decisions

The other person may fail to hold up to the business needs needed.

How to invest in Real Estate by Brandon Turner from BP is a great book to read to help keep the ideas flowing.

I'm a licensed Realtor, I'm in Stamford, CT. Let me know if I can help with your first buy.

0 Votes

Hartford, Connecticut

Quote from @Julie Chen:

I am interested in buying another primary residence to take advantage of Fannie Mae's 5% down for multi family homes so I can house hack. I am a single female and cannot drive since I grew up in NYC, so I'd like to get suggestions for safe neighborhoods near public transportation. (I tried taking the road test multiple times and it is a work in progress...)

I'd really appreciate it if you have any suggestions for neighborhoods in:

- New Jersey, Connecticut, Philadelphia, even upstate NY

- Seattle area

- Washington DC, Virginia, Maryland area

- Boston area

My budget would probably be under 1.5 million depending on how much rental income I can get.

For example:

1 million, 3 bedroom home

P&I is $5,695 (5% downpayment, 6% interest)

$3K rental income (assume I can rent out each of the 2 bedrooms left for 1.5K each)

which leaves me with paying 2,695 which I am comfortable with.

Another option is to buy a single family with an in-law suite, it would be less money, better interest rate, and easier to sell in the future. I live in Stamford and have had really great success. The Stamford train station was just completely overhauled as well as Norwalk. If you would like to talk more offline, I would be happy to assist as your resource for CT.

0 Votes

Quote from @James McGovern:

How does one convert a commercial multifamily building to vegan friendly while avoiding discrimination lawsuits?

Put a juicer in the lobby with a fridge next to it full of fruits and veggies. I would also add a weekly scheduled yoga class.

On a more serious note, I don't think your term "vegan" is what you really mean....but something more concerning. Secret shoppers exist, and Fair Housing exists. Don't do something that has the potential to bankrupt you.

0 Votes

Quote from @Sara S.:

Hello, I’m looking to start investing in CT and wanted to know what areas are cash flow positive and people have had a good experience managing. We live in Fairfield County and have seen a lot of appreciation in the area over the past few years we’ve been here making the numbers tough. Open to any advice on getting started and what’s worked for folks.

Thanks!

Welcome to BP Sara! I'm in Stamford, CT where I have cash flowing assets. New London, Groton, Bristol, and Torrington have been some hotter markets recently. Bridgeport is always an option as well and Waterbury, but they may require more hands on attention. There are some great rental property spreadsheets out there that can help you run numbers on any property, I utilize a few.

What would be your ideal cash flow? Would you be ok with 6% or 10%? Would you want $300 per month in cash flow or $1000? Once you come up with some goals of cash flow it becomes easier to find properties and you can quickly dismiss properties that don't fit your criteria.

I'm always open to help investors. Let me know if you would like to talk more offline. I self manage my properties and I have a handful of clients that I manage their properties.

2 Votes

Norwalk, Connecticut

All Forum Posts by: Mario B.

Mario B. has started 4 posts and replied 156 times.

Post: Cleaning the property between tenants

Post: Seeking Advice: Investment in Warm Locations with High Rental Potential

Post: Certified Public Accountant recommendations

Post: Pros and Cons of Partnership

Post: Looking for a real estate mentor

Post: Join Our Upcoming Real Estate Networking Event – Everyone's Welcome! R.E.N.E.

Post: Pros and Cons of Partnership

Post: Neighborhood suggestions near public transport for house hacking

Post: Convert Building to Vegan Friendly?

Post: New to CT Investing