All Forum Posts by: Filipe Pereira

I have a about five judgements I need to collect on in New Haven Connecticut. They range from 4k - 9k each from tenants evicted from a building we owned a few years back. This was when we used a property management company. The one we use in New York doesn't work in Connecticut. Would anyone know of a decent collection agency to use that works in Connecticut?

Reach out to Bob DeCosmo. He owns TenantTracks. If he doesn't do it, he will know someone who does. He's based in Waterbury, CT.

https://tenanttracks.com/

Phone: (888) 610-4710

1 Vote

Originally posted by @Zak Nichols:

Currently live in CT with fiancé, we own a 2family rental property. We are looking into buying property out of state in Florida area, where short term rentals such as Airbnb are allowed. Does anyone have experience and a good place to start with this type of business?

Call me crazy, but have you considered doing air bnb in Connecticut? I imagine it would be easier for you to manage, unless you already have a good ground system in Florida. I have a friend who has a few units near the casinos that he seems to be doing OK with. Heck, you may even be able to buy something a bit cheaper now since the casino industry is a bit depressed due to COVID.

Just food for thought. Good luck!

1 Vote

Originally posted by @Dimitri K.:

Hello Biggerpockets,

First post here, and it is fueled by a bit of frustration as I truly have a desire to further invest in multi families but the deals just have not been working out. I know I am making a mistake somewhere so I am hoping someone can identify what I'm doing wrong or a suggestion. Brief history: I bought my first house in 2018, a duplex I am currently house hacking in Wallingford, CT. Nice house, good neighborhood, great tenant and I am looking to keep it long term as a rental. Not exactly cash flowing right now but I live in my side for next to nothing out of pocket. During the years I've lived here I put away cash for a down payment on another deal, ideally another duplex in a decent neighborhood. I plan to go with a conventional 30 year loan with 25% down for the next one I purchase.

A listing recently popped up on the MLS in Southington, CT. I was on it to schedule a showing in less than 3 hours of it listing. The selling agent says highest and best by Monday @ 5PM and we scheduled a showing for the following day. The night before our showing, the listing says contingent and she cancels us. This frustrates me as I would have offered well over asking price if the house wasn't falling apart which it appeared it wasn't. I can imagine the offer she accepted was most likely cash and over asking price.

Is it right to believe that the MLS is just too competitive right now if you don't have all cash? I've began to take another approach and started sending direct mail to multi family owners, we will see how that works out in time. Should I be looking for another agent to find me listings? Wholesaler? The properties in CT are expensive but I'd like to continue to invest locally.

At this point, I am willing to break out of my shell and try anything......

20 Rourke ave? I watched it come and go as well!

The reality is that we are in a very seller oriented market right now. This isn’t just a CT thing, either. I’ve watched multis in Springfield & Westfield MA go up 20-30K in the last year alone. When a listing comes up you have to jump on it and hope that your agent can get you in there ASAP. If they are not available request that one of their peers show you the property or even the listing agent.

Direct mailing, wholesalers and networking are your best chances at getting a "deal" right now. Otherwise, you're limited to what the MLS has to offer and you already know that you have plenty of competition out there. Targeting a duplex is even harder because there are plenty of people who would be happy with just breaking even on their mortgage each month. A duplex buyer is typically different than someone who is buying a 3 or 4 unit building.

0 Votes

Hi @Joseph T. Williams, "welcome" to the area, and thanks for your service!

Depending on the property setup, don't forget to account for snow removal in the winter months. We had a bit of a brutal winter this year and those who forgot to account for snow removal in their numbers are feeling it, I'm sure.

It's not uncommon for houses here in Connecticut to have oil fired boilers / furnaces so when you begin looking at properties, keep an eye for that, as tenants will shy away from those units. The preference up here is natural gas as it is cheaper to heat with.

Property taxes is definitely the biggest one!

1 Vote

I don't know about that specific market @Lilach A. but anything under 1% isn't really worth buying in my opinion, unless you are banking on the appreciation side of things. In the CT market, we're getting around 1.2-1.3%, but on the other hand the appreciation isn't really there (with the exception of what Covid has done to our market as well as secondary / tertiary markets of NY and Boston, MA).

0 Votes

This is going to be a real thing that people talk about for the next 50 years @Ruby Ruiz. "Oh do you remember the storm of 2021? THAT was crazy."

As someone from Connecticut, it really is eye opening. You don't really think about the fact that southern states don't have plow trucks, salt yards, city plowing routes, etc. until you get punched in the face by a once in a lifetime (?) storm.

God bless all you texans. You're next "75 degrees and sunny" day is going to feel a whole lot different!

0 Votes

Here's our list of vetted contractors that we use at Connecticut Property Management. Some of them may go to the areas you are looking in @Margarita Reyes, and some will not. Best of luck in your endeavors :)

https://docs.google.com/spread...

2 Votes

@Allan Smith delivering the goods! Nice job sir!

A side note on Hartford for future out of state viewers - Hartford (especially the north end) has quite the crime rate - possibly one of the highest in the state. That's one of the reasons some of the prices are so attractive.

0 Votes

Hi @Thomas Phu , one thing I've noticed in this thread is that no one has mentioned that it is illegal to charge an application fee in the state of Massachusetts. Whatever you are doing to screen the tenant, make sure you are not the one charging for the background / credit check. You can make these reports a requirement as a part of the application, but you really have to allow the tenants to provide their own and can't force them to use a particular one if there is a cost tied to it.

0 Votes

Hi @Thomas Phu, one thing I've noticed in this thread is that no one has mentioned that it is illegal to charge an application fee in the state of Massachusetts. Whatever you are doing to screen the tenant, make sure you are not the one charging for the background / credit check. You can make these reports a requirement as a part of the application, but you really have to allow the tenants to provide their own and can't force them to use a particular one if there is a cost tied to it.

0 Votes

All Forum Posts by: Filipe Pereira

Filipe Pereira has started 18 posts and replied 1676 times.

Post: Sending judgement to a collection agency (recommendation needed)

Post: What city is best to buy property and start Airbnb business?

Post: What is my issue? Market in CT.

Post: Multifamily Investment in New London County, CT

Post: i hope im making the right choice

Post: I survived the winter storm In San Antonio,TX

Post: Contractor recommendations in CT

Post: Is CT a good opportunity?

Post: Massachusetts Screen Service or Process?

Post: Massachusetts Screening Service and Process?