All Forum Posts by: Filipe Pereira

Hi @Manik Zaman, there shouldn't be any kind of MA law regarding moving a sink. Was this common area a kitchen, and thus you relocated their kitchen sink? Did you make their space significantly smaller when expanding your office? If not, it really shouldn't matter. 

I can see the chime being annoying fro the tenant's perspective, so in that case, I would probably recommend installing a door closer so that the door self closes without the need for a chime. Would that work for your application? 

Great replies @Sean Lynch, I am seeing very much the same things you mentioned. Inventory is low for buyers both who want to flip and those who want the final product. That being said, when the eviction moratoriums do finally let off, there will be a big rush of inventory (unless they stagger the evictions over a few months) and those who will be ready will win. 

Can't wait to see it unfold. 

@Fab Ragh if a market is hot from a buyer's side, it's also going to be hot for flippers. Supply, demand and location is what matters at the end of the day. 

@Campbell Agyei congrats on your first rental property! Are you owner occupying it at all and is it also in CT? 

The reality about fix and Flips is that there is SO much information out there on how to do it that you really just have to comb through it all and see what works for you. There are multiple resources, formulas, and "how tos" out there that will help you figure it out, and most of what's out there is also applicable to Connecticut, of course. 

There's also some facebook groups for local investors and I do see people recommending hard money lenders there from time to time. 

Good luck!

Personally, if it's a plane ride away, it's not for me @Tom Rattigan, that being said, I work with people all the time who ONLY buy out of their state. If you're comfortable with it, go for it!

I've had a lot of friends / family move down to NC. They rave about the cost of property taxes, and to be honest, it does make me quite jealous at times. I've found that when you look at the gross rent for a comparable unit in CT vs NC the CT one will usually make it worthwhile enough (higher rent) to keep buying locally. 

Hats off to you @Steve K. - Brilliant post! 

Thank you for the tag @Patrick Fanning, I really appreciate it. 

Hartford can work for you if you go in with the right expectations @Jesus Orbea. You have to go in knowing that most PM companies won't be too excited by anything outside of the west end or the south end, and even then it will depend on the street and what the immediate surroundings look /feel like. 

I've been in Hartford (the city and the county) for four years and within that time I've decided I'd much rather be in the suburbs of Hartford. CT has a lot of rental markets, and Hartford county contributes to that. You will spend a bit more in the suburbs, but you will get a better tenant with a higher chance for appreciation. Hartford may cashflow but your vacancy will be higher (if you seek quality tenants), your taxes will be higher and the value will remain pretty flat. 

Most 6 unit properties in OK-ish condition in Hartford, CT are selling for 350-500K right now. It sounds like there is a TON of wiggle room here @Robert Duncan. Personally, I think you will be in for more than 25K (150K rehab cost you quoted) per unit if you are going to do everything by the books with permits and such. Remember that at this point you aren't going by what the code was, you are going by what the code IS. That likely means fire suppression system, hardwired alarms, etc. 

Is the 140K with him paying the existing tax debt/liens? Or would you be on the hook for that on top of the 140?

@Kevin Chandler, you've gotten some great info here. After having managed in both New Britain and Hartford, I would pick a nice area of New Britain over a Nice area of Hartford - unless you are speaking specifically of the West End of Hartford. 

I would say that the West End of Hartford trumps all of New Britain. But there's some really really nice areas of NB (like the Farmington and Berlin sides) that we've been fortunate enough to manage in. Those are desirable areas where a nice 3 bed 1 bath unit can rent for 1,200 all day long.

Don't fall victim to the pro formas showing New Haven and Hartford to be these amazing places. Pro formas don't show crime rates, vacancy because of said crime, and overall quality of tenant. 

@Renita G Ezell - congrats on being under contract on your first CT property!

Congrats on going under contract on another property @Meghan Reed! Love seeing local CT folks on the forums doing big things. The easiest will be AIRBNB (but like you said - at a cost). I am a fan of the travel nurse option as they typically stay a few months and usually you can get more $ by renting out per room. Plus, I'm sure you and your husband would prefer to minimize your trips down there!

It's getting tougher and tougher to find good flips in this market @Account Closed. Flips can be great - but it's a job. You have to find the next deal, do the work, sell it, and repeat. Rentals are way more passive and certainly my cup of tea. I am based in Connecticut - what sub markets / areas are you looking at? I can probably give you some pointers if you'd like.

If the tile is flat it is likely that installing the LVT right on top of it will not be a problem @Gayle Melnick. Don't make a mountain out of a mole hill. 

What's the price difference? That would definitely weigh into my thought process here. $200? rip it out. $2,000? Right over it she goes...