All Forum Posts by: Victor N.

@Kash Chau 2 out of the 3 tenants left because the current owner did not fix the plumbing issue fast enough. Before section 8 issues a new voucher to a tenant ( which allows them to move) they will give the owner some time to fix the problem. So even though he seems responsive I'm wondering why the repairs were not made ASAP specially when he is in escrow

If you are still interested, maybe you can delay the closing until all the repairs are done and you have the COs in hand.

It could be a blessing because now you can chose your own tenants. Every housing authority has a list of available apts so call Hartford Housing Authority to list the empty units when the repairs are completed. You can also post an ad on Craigslist and Zillow or simply hire Imagineers or a local RE agent to find and screen the new tenants.

If the rent paid by the current tenant covers your cost in full or close to it then it is a "low risk" transaction. You will not have a hard time finding new section 8 tenants. Just keep in mind that building will be high maintenance specially if it is in the north end of Hartford.

@David Chen I am a landlord who accepts section 8 and I have experience with this situation. Per the section 8 contract you signed, you are supposed to let them know if your tenant moves out. The lease is between you and the tenant so if a tenant breaks it and moves out early, section 8 will not pay the rent for the remaining months. Whether this is right or wrong is for another debate.

If section 8 finds out  that the tenant moved out 3 months prior, they will ask you to reimburse all the money they paid to you during those 3 months.

Be very careful, do not cash that last check. You must tell them that the tenant has moved out and return the check.  There is no glitch in the system.  It is clear that the tenant has said nothing to the program this is why you are still receiving rent payments. Keep in mind that once section finds out that the tenant moved out, they will ask as of when? They might also reach out to the tenant and ask them when they moved out?... and you will have to refund a lot of money starting back from the month after they moved.

@Kristi Bass my wife loves the show mostly because of Chip!!! I think you have huge potential winner on hand so ride it as long as it lasts. Just make sure that there is no problem using the show's name and Chip or Joanna's names in your ads. If you can, that will increase your earning potential!

Good luck!

This is not ok. Only the rent specified on the section 8 contract should be paid.  But it's not just the landlord's fault. This tenant probably offered to pay the extra $300 to match what the landlord originally requested for rent.

I often get a few potential section tenants telling me they will pay X amount extra when section 8 is not willing to pay my asking rent.  @Account Closed mentioned, this actually does happen and the answer should always be NO!

Under the federal Fair Housing Act, landlords who live in a property with four or fewer rental units (this would include airbnb rooms) are exempt from all but one aspect of the federal law: They may not advertise in a way that indicates a preference for (or against) members of a protected class (race, color, religion, national origin, sex, familial status and disability). And, there is an exception even to the exemption: You may advertise for a lodger of a specific sex (and you don't have to specify your own sex).

So, for example, your ad can say, "Female roomer wanted," but it could not say, "Christian roomer wanted."

So the airbnb owner would be covered by the law as long as they do not make a discriminatory statements.

I just closed on a single family in Meriden. Found on the MLS. Mini bidding war so paid well over asking but the numbers are still great! House is a great candidate for a flip but Im a buy and hold kind of guy so will fix and rent it. Also picked up a large ( almost 4,000 sqft) 3 family in a nice area of Waterbury a couple of months ago. Also found on the MLS. Will fix and rent.

My goal was to purchase 2 properties in 2016 and I have already accomplished that. Why only 2? because I buy with my own cash, pay for all the repairs out of my pocket and also do a lot of the repairs myself. Maybe I will look for a 3rd property towards the end of the year.

@Jens Nielsen, Different lenders use different credit reporting agencies. For example, Bank of America uses TransUnion.

You should request your credit report and score from all 3 agencies ( TransUnion, Equifax, Experian) and compare them. Sometimes, they do not all have the same info and as a result their scores may vary widely.

Also, there is another reporting agency called Innovis that some companies use. So you should get a free copy of your report from them.

As others have mentioned, there are different Fico scores, but FICO08 is pretty reliable in telling you where you stand.

CreditKarma, is good. The only problem is that the score they give you is not a FICO score it's called Vantage and is not used buy credit issuing companies.

So with a little bit of research you can find out what's causing the discrepancy in your credit scores.

@Eladio Perez, Since the seller owns it free and clear, your best bet is to ask for owner financing and you can try to structure the deal so that you wont have to make any payments to him until the repairs are completed within reasonable time of course. You still need some cash for the repairs.

Have you seen the vacant units? How much will you need to finish the renovations. You should bring in a contractor or 2 for an estimate and go from there. 

Sounds like a good deal so make sure you dont overpay. Good luck!

@Tony Velez Meriden is a great rental market. There is always the usual caveat as in every town but so far so good for me. My last  6 rentals were filled without any ad. No online ad, no yard sign, just word of mouth. Im currently finishing the renovation of a duplex and have potential tenants lined up including a section 8 tenant brought to me by her case Manager ( who was referred to me by another case Manager I dealt with last year). I wish I had more units available... well I could if I gave up the idea of only buying properties with cash but that's for a totally different post.

@Tony Velez Im a landlord in CT too. You've got great advice so far from well intended people but be very careful following them because most of them are not applicable to CT.

Even though the rent is due on the 1st, the tenant has a legal grace period until the 10th. You cannot charge a late fee nor start eviction proceedings until the 11th.

Train your tenant to pay sooner and use electronic rent payment if possible. If it is a long term tenant who always pays by the 10th then I wouldn't stress too much about it. 

But I re-read your post and you said he texted you the 9th which was a Monday to say he will pay by Thursday which is the 12th ( Thursday is probably a payday for the tenant) and after the grace period. You can serve the Notice to Quit on the 11th if you can find a Marshall who will serve the Tenant the same day (most Marshals will do it the following day.) Maybe you should do that even if you know rent will be paid the next day just to start the "training". And that training should also include a hefty late fee.

But honestly, for a tenant who has been there for over a decade, I really would not worry about it nor even think about an eviction. For one, you will have to spend a lot of money updating the apt and may not recoup that money for several years. You might also get a tenant who pays on time but stays only 1 year. Right now, you have a good thing going, not perfect but good. I would Keep it that way.