All Forum Posts by: William Collins

@David Constant hey David up until about a year and a half ago that area was experiencing the population. With Covid the area has definitely revitalized. @Brandon Rush just bought a 4 Plex up there

@Paul B. At 15 years you are well down the path of realizing all the depreciation on the property you can.  I would recommend considering using 1031 to sell it and buy into a more passive form of real estate- like syndication.  Sounds like you want the time and mental space back that this property occupies in your life.

We have our property manager deliver a welcome package on the day of turnover.  This includes payment policy, how to register work orders, and our lease- so they can review it for when/ if they renew it. 

Hey Ryan, you need to look at the wording of the moratorium:

No Notice to Quit or Service of Summary Process for Duration of
Public Health and Civil Preparedness Emergency. Section 47a-23 of
the Connecticut General Statutes is modified to provide: “(g) No
landlord of a dwelling unit, and no such landlord’s legal representative,
attorney-at-law, or attorney-in-fact, shall, prior to the repeal or
expiration of the public health and civil preparedness emergencies
described herein, deliver or cause to be delivered a notice to quit or serve
or return a summary process action, for any reason set forth in this
chapter or in sections 21-80 et seq. of the Connecticut General Statutes,
except for nonpayment of rent due on or before February 29, 2020, for
serious nonpayment of rent as defined herein, for serious nuisance as
defined in section 47a-15 of the Connecticut General Statutes, or,
provided the notice to quit is not delivered during the term of any
existing rental agreement, for a bona fide intention by the landlord to
use such dwelling unit as such landlord’s principal residence. For the
purposes of this subsection, ‘serious nonpayment of rent’ means a rent
arrearage equal to or greater than six months’ worth of rent due on or
after March 1, 2020, which shall exclude all other costs,

Look at the bold section. You as an owner intending to occupy can evict under current statute. 

Do you have a formal written lease on the garage?

I am excited to delve into the world of Real Estate syndications even if it's just a game plan this time around (I have a property I am eyeing). Recently I made the commitment to getting my portfolio with my partner up from 36 units to at least 50 units by the end of this year. We are looking to sell off 11 units (for duplexes and 1 Triplex). This will net us approximately half a million dollars of funds to roll into the next investment. While looking at slightly bigger smaller multi-family properties the thought has crossed my mind to take a portion of this and launch a syndication effort for a 40 to 100 unit apartment building. This is a journey that I'd love to share with everyone the lessons learned from others and the journey. 

If anyone in the state of Connecticut (who I could meet with) or farther abroad (who I would love to jump on a phone call with) has any knowledge on this or interested in this let me know as I am trying to learn so I can take action.  Great book recommendations on the topic are also highly welcome.

Bridgeport is more expensive but has higher rents.  I currently do not own anything in Bridgeport. 

New Britain is a better market than Waterbury.  It is more centrally located to jobs, and the city government is definitely more stable.

@Mary Pietronuto This is an investment- correct? So this should run as a business.  1) 60 days is more than fair, but I would council saying 45 days.  This way if they need an extension- it is not 90 days.  2) Great people with under market rents, will understand the bargain they have.  Be forthright- say you are repositioning the apartment to the correct pricing level and are looking to make the necessary renovations to get it to this price.  Offer them the market rate minus 100 if they would like to stay without the renovations, and the market rate if they want the shiny stainless steel.  Don't split the difference to start.

@Michael Plante fair statement, but all proposals now on the table are far in excess of what I am looking to do. Each of these properties will need about 100,000 for 1031