All Forum Posts by: Samuel Eddinger

Hey @Aldo Zypce.  I'd love to connect.  I'm very familiar with central CT and have been playing this real estate game for 10 years (own 20 properties currently).  DM me and we can chat.

In general, municipalities have a few requirements (outside of closets) that dictate whether or not a property can have a certain number of bedrooms.  They are septic systems (you design a septic for the number of people that will be using it), parking (I think most CT municipalities due it by units, but there could be bedroom requirements), and egress restrictions for fire compliance (if only two exits, no exit can be through a bedroom because of potential obstructions).  There may be more but those are the ones I've personally experienced.  

The correct answer in all of this is to call the town and tell them that there are more bedrooms in the property and you'd like to understand how to get the tax card updated appropriately.  You may have to pull a permit and have the building department inspect.

@William Collins - Nice job!  I'll try to connect soon.  Not sure if you ever reached out to the lender I told you about.  I just closed on a four family and may try to buy a three family soon.  My goal is to go from 50 units to 200 units in the next ten years!

For me, pull out a big HELOC and pay down your current mortgage as much as possible. Then buy all cash, season and pull out the equity, putting the money back into the HELOC. Rinse and repeat. This is how I went from 0 properties to 20 properties in less than 10 years. DM if you want to discuss this more.

@Zaire Burrus - welcome.  I DM'd you and would love to connect and network.

@Temi Oshin - Welcome and I'd be happy to connect.  I own 20 properties and 50 units in central CT.  I also own a property management company so I'm always looking to figure out how the market is changing and understand rental appreciation in the markets you may be looking at.  I'm super bullish long term on CT!

I may be interested if I am feeling better (I'm down with COVID).  Send me details and I'll try to make it.

@Savannah Esposito - It is better to keep them month to month until you determine whether or not they are good tenants.  If they are good, you should offer as long of leases as you like.  If they are not good, you should up their rent until they decide to move out on their own.  We recommend not having the lease end in the winter months as it is much harder to lease.

Not 100% sure but there are probably licensing requirements.  I would search Google for "CT license lookup" and you can probably search there.

@Savannah Esposito - We manage much of central CT.  Excluding Hartford and Waterbury, the areas that seem to be stable/improving with good rental prospects are Meriden, Bristol, New Britain, Middletown, Wallingford, Cromwell, Portland, Southington.

Meriden, Bristol, and New Britain are generally the most affordable and then Middletown close behind.  Cromwell, Wallingford, Portland and Southington are generally owner occupant towns so they will be a little less affordable still.  I really like Middletown as I grew up there.  Reach out if you want to discuss further!