All Forum Posts by: Jeff Sacco

@Jeff Sacco - I'd be happy to have a conversation.  CT is very tenant friendly (not as bad as MA but we get a lot of our inspiration on new laws to pass from our brothers to the North).

I actually see the regulation as an opportunity.  A 2 bedroom apartment rents a lot higher in CT than it does in more landlord friendly states.  As a result, if you pick a good property and manage it well, I believe you can get a higher cash flow than you would in other states.

The investor friendly realtors I recommend are @Brandon Rush & @Joseph Salzillo.  

I own a property management company and depending on where you are looking to buy, can recommend one or more to you to interview.

Tenant demand is still stronger than a lot of areas of the country.  With that said, I do see it weakening as of late.  Tenant quality is dependent on your willingness to spend a lot of time screening.  We personally reject about 70% of our applicants because of how tenant friendly the laws are around evictions.  We cannot take a chance on a questionable tenant because it takes a long time to remove them.

DM me if you want to talk more about this.  Good luck!

@Jeff Sacco

just curious, do you still have other rentals?  and are you in CT?  i have 1 property in Stamford and looked into Hartford 6+ years ago and decided not to invest there as I'm not local.  i think as with any market you can be successful or unsuccessful there.  

just to be candid, though, it always makes me nervous when someone hears on a podcast about a market and decides to take a look based solely on that.

Not keen on Hartford to start, better opportunities elsewhere in CT. CT is also tenant friendly when it comes to evictions and the process takes alot longer than it is supposed to. Courts are always behind. In my opinion the shoreline has better growth and tenants. There is more business growth as well in the New London to RI line because of EB, Sub Base, General Dynamics, etc. Lots of construction, good schools. The casinos(Mohegan and Foxwoods) have strong employment for now which offers good tenant pool(most of the time). I don't invest in the Southern part of shoreline near New York so Im not familiar with their offerings but from Madison through the RI border is solid and my properties have done very well. 

Answers to this post depend a lot on your jurisdiction.  We have dealt with the death of a single-occupant rental.  It was a bit hairy but manageable.  If in doubt, consult your state and local regulations or a legal professional.

Steps to take:

Secure the Property: You must ensure the property is secure, such as changing locks if necessary, to prevent unauthorized access while respecting the deceased tenant’s belongings.

Notify Relevant Parties: Contact the tenant’s next of kin, executor, or estate administrator. If an emergency contact was provided in the lease, they can be notified. However, the landlord is not typically responsible for locating heirs.

Lease:
In most jurisdictions, the death of a sole tenant terminates the lease, as the tenant’s estate is not obligated to continue paying rent unless specified otherwise (e.g., in a fixed-term lease). However, the estate may be liable for rent until the lease is legally terminated or the property is re-rented.

Notice Period: many states require the landlord to wait a certain period (e.g., 30 days) after the tenant’s death before terminating the lease, allowing the estate time to manage affairs.

Dealing with Belongings:
Do not immediately dispose of the tenant’s personal property. You must store (or secure) the belongings for the legally mandated period (e.g., 30–60 days, depending on the state) and notify the estate or next of kin to retrieve them.  You must know your state's l/t laws to stay out of trouble on this: If no one claims the property within the required timeframe, the landlord may be allowed to sell, donate, or dispose of the items, following local laws (e.g., holding a public sale in some states).

Cleaning and Re-renting: Once the lease is terminated and belongings are removed, the landlord can clean and prepare the unit for a new tenant. The estate may be responsible for cleaning costs if outlined in the lease.

Death-Related Issues: If the death occurred in the unit, some states may require disclosure to future tenants if the death was due to violent crime, suicide, or certain circumstances. 

We had to deal with this: biohazard cleanup when death was unattended or involved hazardous conditions, often at the estate’s expense.

Last thoughts: 
Document everything (condition of the unit, communications with the estate).
Avoid entering the unit or removing items without legal permission to prevent liability.

Consult an attorney or local landlord-tenant resources to ensure compliance with your state's laws.