All Forum Posts by: Filipe Pereira

Well said @Kevin M., you made a lot of great points. 

@Mike Adams I would say that for every 1 good PM there's probably 3 or 4 bad ones, and their fees are usually less, too. Who would have thought, right? Usually "those" owners come back around once they've been burned by the 3 other bad PMs, or they sell the property because they are too cheap to hire good property management. 

I think it also depends on the area of the property. The worse the area, the worse the PM, typically. Why would a good PM want to work in a crappy neighborhood? We stopped fielding leads for specific areas in CT a few years ago because it's just not worth the risk / hassle. 

It's my opinion that a lot of these owners think they can just buy a building and by a snap of their fingers there will be 5 PMs fighting to take on the property. A smart PM isn't going to just agree to take on someone else's problems without fair compensation. Why would we? There's SO many fish in the sea. 

Hey @Bob Ross, welcome to "the game". 

There's a LOT of markets between Boston and Florida that will outperform Boston (where last I checked the 1% rule is basically unattainable). If you can stomach being that far away from your property, go for it! If not, Connecticut and western MA has a lot to offer as well, depending on what your investment criteria is. 

I'll keep saying this until I pass out:

Unless you plan on selling the property in less than 2-3 stop caring about the purchase price. Rather, ask yourself "does this meet my investment criteria?". If it does, buy it. If it doesn't, don't. 

If you live a life of "what ifs" you will forever ride the sidelines. It doesn't really matter what the market is going to do next year if you don't plan on selling it anyway. 

@Scott Hollister nailed it. 

Either pay an agent a flat fee, or find a good attorney and expect to pay them more @Rich Stec. I would require a higher EMD than usual because I have seen these types of transactions fall apart more often than not. Meanwhile you're losing time not being on the market.

Always best to get something off market @Raymond Greene. Would you rather compete against one person, or 1,000 people? Off market wins if you are willing to put the time in!

We manage some units in Bristol. Generally speaking you want to stay out of downtown Bristol, as that is where you will run into the most "riff raff", if you will. The closer to the outskirts of the town, the better it will get. Rents seem to be underperforming in Bristol vs the rest of Hartford county, but price points are also lower, so there is that. 

I just now realized that this post is over a year old. Well, this is weird now! 

Reach out to @Edward Schenkel with Jacobi, Case & Speranzini, P.C. He's in Milford, but likely covers Stamford as well. 

I think this really depends on what you want to get out of your investment property.

Here are my thoughts on the greater Hartford (Hartford county, really) rental market in the event that you come up this far. As a licensed real estate agent myself, I can get into trouble for "steering" you to an area, so please accept these as just some generally vague thoughts based on my experience of the area and property management industry.

Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)

Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.

Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.

Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.

West Hartford if you're in this town you're probably banking on appreciation, not cashflow.

Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.

East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.

New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.

Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.

@Brandon Kaplan here are my thoughts on the greater Hartford (Hartford county, really) rental market in the event that you come up this far. As a licensed real estate agent myself, I can get into trouble for "steering" you to an area, so please accept these as just some generally vague thoughts based on my experience of the area and property management industry.

Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)

Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.

Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.

Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.

West Hartford if you're in this town you're probably banking on appreciation, not cashflow.

Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.

East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.

New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.

Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.

I try to keep it newer than 1900. Almost all MFRs in Connecticut and western MA (the markets I am in) are at least 80 years old at this point, with most of them closing in on 120 years old. That's old! But it also means that what has been there has worked for a very long time, so you probably know what you're getting at this point. 

I find that stuff built pre 1900 or so is tougher to work on - stairs are too narrow or don't have the right tread/riser ratio, ceilings are short, floors are pitched, massive fireplaces (again, think New England here - cold winters), etc.

Old in your market may only be 20 years though!