All Forum Posts by: Filipe Pereira

@Nick Thompson your requirements are not that crazy. I go a step further and say I want NET INCOME to be 3x rent. Gross means nothing to me. I want to know what you TAKE HOME because that's what you pay your bills with. 

If you aren't getting enough leads, it boils down to your property is overpriced for what it is, or there aren't enough good photos to get people interested in the property.

As far as screening people, look into something like this. https://www.biggerpockets.com/...

Most people aren't taking the time to open emails and respond, but with a google form, they don't know how many questions there will be so they may do it just to see. 

"Too long, didn't read" summary: 
Guy sleeps better when he pays his mortgage ahead of time. 

Hats off to you @Scott Benton, but I don't think most are in the position to be able to do this, especially in COVID times. 

Lots of markets can't hit 1% these days, let alone 2%!! It's just not happening at a large enough scale to be relevant. In 2016 I was seeing MLS deals in Connecticut at 1.4-1.6%. Now it's 1.2-13% on a good day. Things have changed, and it's up to us to keep moving with the times @Ellie Ryan. 

How's the snow up there, btw? I saw you guys got pummeled last week!

Call me crazy, but is there any reason you can't ask the seller to give her notice now @Nicholas Bossert? If he gives notice now, that means she would be out within 45 days +/- from when you close. Is that acceptable to you? I think that's the cleanest way to do it, without you having to make any enemies, unless you don't want to put the seller in that predicament, which I can understand.

If you don't want to go that route, then cash for keys may be the best option. Structure it so that it incentivizes her to leave sooner than later. I.e. $700 if you are gone in 2 weeks, 500 if it's 1 month, $200 if it's 6 weeks.... etc. 

Hey @Trey Prince that's a pretty significant chunk of money, you're talking a few grand by the end of the year. Does the current condition of the unit warrant the increases in rent? 

What we've done in the past is offer the tenants the apartment at a higher $ once their lease is up. It has to be high enough of an increase that either makes them want to leave, or makes you close enough to where you want to be so that you don't have to do the renovations right away. 

Once the unit is renovated you're good to go in and take new photos and repeat the listing process. 

I'm in Westfield fairly often (have family in the area). Happy to grab a coffee with you sometime if you're interested. Best of luck - if you have any questions for me about Westfield or Western MA just tag me in your response. 

@Joseph Rios I would rather not know that it is or isn't, just put some 1x3 furring strip up and install new drywall ceilings up against the strips. You would only be loosing an inch or two of ceiling height, and you'd be saving yourself some serious headaches that comes with abating asbestos. 

They probably feel fairly confident that it is asbestos, but that's likely why it is "as is". Disclosing it probably isn't a big deal to them, any seasoned buyer knows what it looks like.

Hey @Konstantin S. I definitely agree with @Steve K.. The whole owner occupant move in clause would be the LEAST of my concerns from what you mentioned here. It would be very easy to prove you're doing everything within your capacity to move into your property. 

Did you file the NTQ just because he didn't sign the W9? 

When we had tenants do this in the past we require them to sign a document acknowledging that they refused to provide the information necessary to create the W9, basically telling them their money is not protected. 

If you are finding a lot of distressed properties in one area, it's probably a region known to be less desirable, typically due to crime, violence, gangs, etc. That's why you don't want to go into those neighborhoods unless you're buying up the entire block. You can't control the neighborhood, so it doesn't matter how nice of a house you have, you will be capped by the quality of the area. 

Check out Hartford county. We're above the 1% rule here (for properties straight off the MLS). Definitely better than southern CT.

You're spot on @William Collins. Add the fact that it's probably the town with the highest crime rate in all of Hartford county (not including Hartford) and you really have a great mix of reasons to stay out of New Britain. It goes without saying that some areas are better than other (obviously) but the city still has a long way to go. The last time I went into a Family Dollar there to pick up some sharpies I watched someone try to steal merchandize. Like really? What are you stealing that's worth anything at the dollar store?! 

At the price point that NB is at I'd rather invest in other local towns. 

Hi @Account Closed, with all the appreciation that so many markets have seen in the last 12 months, combined with the lack of supply, BRRR deals are becoming less and less easy to find. You can't just throw a dart at a map and fine one like 5 years ago.

If you're finding a lot of distressed properties in one area, that probably says a lot about the region. You want to find the ONE distressed property in a good area to be successful in the BRRR front.

What kind of returns are you looking for in the rental market, and what areas of CT were you looking in? The difference between southern Connecticut and northern Connecticut can be pretty substantial even though it's such a small state.