All Forum Posts by: Steve Genna

@Kelly DeWinter @Ben Guttman @Jaysen Medhurst @John Mocker @Craig Bellot @Ashley Kehr @Lynn McGeein @Lewis Myers @Charles Carillo Thank you all for the amazing feedback and advice.  

I'll certainly track down some of the flood insurance vendors suggested, talk to my lenders to confirm if they require it based on the class type and check the flood maps for the area.  My wife is going to check out the property tomorrow with an eye towards the building's location on the property.  Hopefully the numbers work!

Hi BP Community.  I have a potentially good deal in Bridgeport, CT however the property (may) require flood insurance.  I say "may" because the description of the property lists a price for flood insurance (which I suspect is low) however I am still awaiting confirmation from listing agent.  I recall obtaining a quote for flood insurance years ago on another property nearby and having sticker shock (I think it was over $4k/yr) at the time.  The appeal of this deal starts to fade when incorporating flood insurance into my calculations.  

As a novice to flood insurance, is there any recourse to remove this requirement from the property?  Does anyone have experience/leads/resources for obtaining cheap flood insurance in CT?  Any advice is welcome.

Thank you for the heads up @PhillipDwyer I'll be sure to check those markets out as well. 

Hey Scott,

Thanks for the reply.  I do end up in Vegas every year for a convention and will certainly put more miles under my shoes next go-around to learn the areas surrounding UNLV better.  To my understanding there is a decent amount of students/grads living off-campus so it is safe to assume they are options out there appealing to the students.  

Hi all, 

My wife and I have been successfully renting a SFH to a college market in CT for a few years and are looking to explore other college locations (to spread our risk out).

I have connections to the LV area and UNLV seems like a potentially good market.  Has anyone rented to students here that can provide some insight into the market?  Most notably, do they tend to sign 12mo leases out there?  

Any insight is welcome as we research the area.  Thanks BP

Hi BP Community, 

Anyone have pre-market leads in Bridgeport Connecticut in the North End area of town? I'm looking for a 4/5 BR SFH without much work in the $220-275k price range. Any connections are appreciated and welcomed.

Certainly check out renthop and streeteasy before you do too much more on this unit.  You might end up finding a better option in the area for no fee at all (make sure to use that filter when searching).  

I've rented in NYC and Brooklyn over the past 6 years and have successfully negotiated down rent in almost every instance.  There really isn't a secret to what I've done, much of it is spelling out to them why you're a great candidate (your clean, you have a steady job, you take care of the unit as if it's your own home, your a good neighbor, etc).  I do however usually start my search for NO FEE apartments so therefore I don't have much experience negitiating rates with agents.  Perhaps another tactic would be to remind them (and the landlord) that hitting the 90 day mark is 3 months without a tenant paying rent, ouch!

Also, try to negotiate for a multi year lease - that way you only pay one broker fee but spread out over 24+ months wouldn't be such a hard hit.

Hello @Jonathan Studdard

Thank you for bringing up this topic as I too am in a similar situation. I've got limited experience in REI but luckily purchased a family member's condo in 2012 in Jersey City (240k). I'm now working with a realtor I found on BP to sell it as there is no cash flow and I don't think the unit will appreciate much further. I think it should sell for around $400k (I have 170k left on the mortgage). I plan on using another BP member to conduct a 1031 exchange to reinvest in new rentals but, like you, keep going back and forth over putting the money towards a small/medium size apartment complex or buying 2-3 SFR. I truly wish I had the answer for us both!

Since I have 1 other SFR in my "portfolio" I know that marketplace better while I have no experience with regards to multi-unit apartments in investment worthy cities. Having more doors is definitely enticing and seems to be the way many other's have growth their wealth, but without a mentor and learning solely from the interwebs, I have been hesitant about going big.

I know you're probably weighing pros and cons in your mind daily, as I am, but here's to hoping the BP community can steer us in the right direction so in a few years we can be posting our process/results for the next folks!  Hang in there, message me if you want to keep tabs on each other's progress or musings.

Best,

Steve

I'm going to try and attend (work schedule permitting), this would be my first REI meet-up!