All Forum Posts by: Robert Lindsley

Great @Jacob Reilly and @Filipe Pereira - I will reach out to Bill and introduce myself.

Thanks!
Robert.

Hi @Jason Arcuri and @Colleen F. - Thanks for the advice.  I will definitely talk to some local banks.  I think the area is positioned for growth, particularly in the multifamily space and want to get a long-term lender that would be able to do multiple deals.

Hi @Adam Adams,

It's in Norwich, part of New London County.  I'm very bullish on the area and am in the process of lining up more properties there. 

Would love to hear your thoughts.

Thanks!
Robert.

Hi there,

I recently bought a 7-unit multifamily apartment building in Connecticut with owner financing.  The building was $400k and the owner financed $315k at 6.5% amortized over 26 years with a balloon at year 5.  The building has been a great investment with terrific cash flow.

Unfortunately the owner has fallen ill.  So he asked that I find alternate financing and buy him out of the loan.

I know there are multiple paths to get short-term financing but I'd like to explore options for a long-term loan.  I've never dealt with commercial lenders/other long-term financing options before so I'm looking for recommendations.  If you know of any lenders or have other potential options, I'd love to hear them! 

Thanks!
Robert.

Yeah, this tenant really likes to shoot his mouth off about everything.  He says it 'just being honest and calling it like it is.'  The life of an investor/property manager lol.

I have an attorney for closings but they don't do evictions.  I'll line up an attorney that's local to Norwich for those.  I'm still doing small PA's (<10 units), but hopefully I'll be doing larger ones soon.

Thanks!
Robert.

Hi @Craig Bellot.  This is perfect.  Thank you!  I will add that to the package I give new tenants.

Thanks!
Robert.

For what it's worth, here's the link I found summarizing the code:

https://www.cga.ct.gov/current/pub/chap_830.htm

It's a lot of individual sections, but there's no specific disclosure document.

Thanks,

Robert.

Thanks @Jonathan Makovsky.  It sounds like I need to speak with a lawyer before making a final decision what to do.  

Also, thanks for the clarification on landlord favorability.  This will be my first potential eviction, so hopefully it isn't too tough.  The tenant has made jokes about how 'he's going to live rent-free for a year.'  Hopefully that doesn't happen!

Thanks,

Robert.

Hi there,

I'm getting ready to set up a lease with my first new tenant in Connecticut and I'm getting my disclosures together.  There's one disclosure I don't understand -- I even called the Attorney General's office but haven't been able to get an answer.  Here's the disclosure:

"Summary of Landlord-Tenant code. A summary of the code, as prepared by the Consumer Protection Unit of the Attorney General's office, must be given to tenants at the beginning of the rental term. Failure to do so enables the tenant to plead ignorance of the law as a defense."

I looked online and can't find any sort of summary form.  Is this an actual disclosure that is available freely for me to give to my tenants, or do I just say "Go to the web to better understand the landlord-tenant code?"

Thanks!
Robert.

Hi @Deanna McCormick.  Thanks again for your help with this.  He normally pays rent on the first and the lease is month-to-month.  Either of us can terminate the lease with 30 days notice for no reason.  I gave him verbal notice on 7/1 and followed-up with an official 30 day or quit notice (delivered by a Marshall) on 7/15.  

He's been trying to find a place to live (I believe he's been looking in good faith) but hasn't found anything.  On 8/15 I offered him a cash bonus to be out by the end of the month.  If he's not out by 9/1 I'm going to need to contact a lawyer and proceed with eviction.

So his official written notice was delivered 7/15 and he paid his full month rent on 8/1, which I have not yet deposited.

Connecticut tenant laws seem very favorable to the landlord (I could have him out in 3 days if I went to court), but I'm trying to keep it civil.

Thanks!