All Forum Posts by: Peter Anderson

@Mathew Fuentes what zip code?

Hi Mathew, welcome. Sounds like you're off to a good start. The expense items you note are good fundamentals. Not sure if you are including regular Repairs and Maintenance in your reserves or not, but R&M should be in there somewhere. Also assume you are including your taxes in your mortgage? 

If you are using an FHA with low down payment that will squeeze your cash flow pretty tight. The closer you can get to 20-25% down, the better.

I am a broker focused on small investment properties between Stamford and Bridgeport. I also own and manage a small portfolio along the I-95 corridor. Happy to connect and discuss your plans in more detail, just send me a PM if interested. 

Peter

@William Ribeiro I am a broker in Stamford and own/manage rentals between Stamford and Bridgeport.

I am plugged in and ready to help, will send you a PM with my cell.

In our area there are overcrowding limitations preventing too many people in one apartment. 2 per bedroom. 6 max for a three bedroom. That's always my benchmark on the max and you're right to be concerned if the terms of your agreement have changed so quickly. 

From an ownership perspective, you have the right to approve who lives in the home. If a tenant falsifies or omits information on their application and/or does not seek/receive written approval for all occupants to reside at the premises, we consider it a breach of our application and lease contract. This is followed by a kappa notice and notice to quit possession if necessary. 

To make a case for denial here, you're going to need solid application procedures documented, along with their application and good written communication of what you approved and how to allow the tenant to reasonably request (not necessarily approve) residency for the additional two children. I don't recommend preemptively denying without giving the family members a reasonable chance to apply. Once they apply and if you still wish to deny, you should be prepared to substantiate your reasoning on the basis of a false application and certainly not because they are children. I would also speak with the case worker from the State to get a clear picture on the overall circumstances. In my opinion, you have a business decision to make on how hard you defend the fort. 

Best of luck. 

@Benjamin Branson i’m with Dave G. Have the current landlord paper the tenant relationships with leases as a contingency to your offer. Also have them verify payment history and rent collections with some legitimate/reasonable records. Budget for an eviction if you proceed with the sale and expect there may be hiccups with tenant relations even through the best transaction.

Good quartz is extremely durable and definitely worth the investment in any A, B, or C class home in my opinion. We pay about $55/foot installed in an overall expensive market.

Section 8 is a great program for investors that take the time to get to know the administrating housing authority, staff, and tenants. The biggest nuisance in my opinion is the first month’s delay in HAP (while they process the paperwork) and handling renewal increases in a growing market (our local offices are difficult negotiators). In my experience the housing quality standards (HQS) they require you to maintain on annual inspection are reasonable and what every landlord should be doing to maintain the unit regardless. Overall a great diversification for every portfolio when managed right.

@Tiago Pina I am a broker and property manager operating between Bridgeport and Stamford. Our market has seen a dramatic increase in activity and interest from NY residents. Any decent property is usually under binder by the end of the weekend.

@Zachary Feldman

Zachary I have a team and am ready/able to help right away. Lets discuss when you have time. Will PM

Hi Gregory, I am a broker and operate between Stamford and Bridgeport - focusing on sales, property management and investing. Would be interested to connect with you and discuss your goals. 

Peter