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All Forum Posts by: Warren Garceau

Warren Garceau has started 3 posts and replied 28 times.

Hi @Chris Ravettine I think you are on the right track. This is a similar way I started out. I too self manage my portfolio and am currently working to buy more properties. If you are looking for deals in that 100-150 range then Meriden could be a great option for you however like i mentioned before this is not an area I have a killer understanding of. I think the higher returns are your payoff for dealing with "potentially" more problems. As for looking at older homes.  You just need to do your due diligence and inspections to make sure the bones are good. If they are not then you may want to adjust your offer appropriately or walk. I find my $600 inspection to be a cheap "insurance policy" before I commit to buying. 

Good luck with the search!

Warren    

Hey Chris, great to meet you and good luck with your search! We own properties in a few of the towns you are looking in but not Meriden. We are constantly finding deals in that town that seem to cash flow. I do know that there are ok areas and not so good areas of that town. It can change like that from one street to the next. I personally have been advised to use caution in that town. But that isn’t to say it’s a bad place to buy. Are you close to Meriden? Will you be self managing or hiring management? Is this a pure investment or will you be house hacking? Happy to connect and help you out if I can with any question. 

Post: Eviction help in CT

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37

Hey BP friends, I am currently in the process of my first formal eviction of a property we purchased back in September. This process is newer to me and I was hoping to find out if there are any tips or suggestions to consider as I am proceeding? Additionally I though my situation and questions may help others. Thanks for any help.

A little background on the situation: We inherited this tenant with the building at purchase. The tenant had been living at the property for the past 4 years. When her lease was up in November she renewed and we were happy to have the unit rented. From the beginning the rent has always been paid on time and with the exception of a few small things here and there I really did not see this person as one of the tenants I was most concerned about.

Well back in February I reach out to this renter and was concerned because I had not received her rent payment which was odd. It took a day or so but she got back to me and said that she was going to be late with the rent and needed a few more day. A small piece to this story that I have not shared is that her father had been paying her rent (by check) to us since we purchase of the property. Again, we did not think about this "shame on me" but rent was being paid and the tenant did not seem to be a concern. 

It made it to mid-February and we had still not been paid rent. The story from the tenant was that her father was in Florida and will be returning in a week he just purchased a home down there with his girlfriend... Now I knew there is something going on. 

During this time we had been converting over all our tenants to pay us electronically via Cozy and so to make sure I covered my basis I offered several solutions for her to communicate with her father and have him pay us via the app. The tenant said they would contact father and have it all taken care of. 

Of course didn't happen and this gets us to March 1st. And then the story became it was the dads new girlfriends fault. After a bunch of conversations with the tenant and story after story rent has still not been paid and we have now moved into the eviction process. 

We served the Notice to Quit on the 11th and gave the tenant the three days notices per CT law. They have still not moved out however have started that they plan to. I received a text last night at 2AM stating " I went to the housing court about the notice to quit stating to vacate in 3 days. Housing court said now I have to get eviction notice because because there was no possible way to move out in 3 days. I am packing up and looking for a new place to live."

This is where my question lies. I have done cash for keys before and it worked very well to get a tenant to move out. This tenant is not being nasty but she does not seem to have the means to pay rent $1250/month).  I still plan proceeding with the eviction process but  does anyone have a good alternatives in the meantime to help encourage /assist this tenant to vacate my unit faster?  

I don't know if she capable of getting all the stuff she has out of this apartment in a timely manner and the time she takes to figure this out at the end of the day is costing us.

Any advice or suggestions would be appreciated thanks! 

Post: Looking for an Attorney in Connecticut

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37

@Account Closed reach out to Kishore Kapoor he is a great guy who I know well. He has helped with several RE closings and assured me he could assist you with a double close. Google his name and you will find his website. His office is located in Hamden, CT but he does a ton of work in fairfield area. 

Post: Looking for help purchasing my 1st multi family building! HELP!

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37
@Quinyana Mosley my advise to you would be to figure out your WHY. What is motivating you and how would you like your real estate investing to fit into your life? Work with the end in mind. I think someone once said “if you don’t work a plan, the plan will work you”. Secondly get extremely comfortable with your numbers. I did not buy my first property until after running numbers on over 100 properties. Trust me at first this seems overwhelming but it’s well worth it so you buy right. I would suggest picking an area you want to invest in and start running numbers on every property for sale. You will start to pick up on trends and have a better understanding of your market. Happy to help further if I can. Good luck!

Post: Successfully Three Family Deal in CT

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37
@Stephen Torti Steve we should definitely connect. Sounds like we’re running in the same direction. I am in RI very offer for work. My wife and also have a soft spot for Newport RI and are looking to begin investing there as soon as we can. Let’s set up a time to meet up.

Post: Successfully Three Family Deal in CT

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37
@Stephen Tichy are you still living here in CT?

Post: Successfully Three Family Deal in CT

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37
@Evelyn Maguire be careful in Bridgeport. Numbers can look great however if you pick the wrong street you could regret the investment. My father has done extensive investing in Bridgeport and Fairfield county so I’m speaking from his experience. Feel free to message me and we can set up a time to talk and I can offer what information I know to help get you started. Are you working with someone who know the area?

Post: Successfully Three Family Deal in CT

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37
@Shelly Martin would love to hear how you got into the 12 unit. Let’s connect sometime.

Post: Successfully Three Family Deal in CT

Warren GarceauPosted
  • Rental Property Investor
  • Clinton, CT
  • Posts 29
  • Votes 37
@Michael J Callinan I live in Clinton too! Crazy...let’s try to connect. Just messaged you.