All Forum Posts by: Mario B.

Hi @Michael Guzik CT requires security deposit to be refunded within 30 days.  I would check with a local realtor or attorney about your state.  I would not recommend giving it back the same day, as others have said, you may not find something broken/missing until 24-72 hours later.  

Set the expectation up front and you will have limited headaches when they move out.  You can be as specific as you want with your expectations in my opinion.  I would create a list like others have mentioned with key areas such as oven/stove must be cleaned, fridge, shower area, etc.  The unit must be given back the way it was provided usually covers everything in a nut shell.  You can even list pricing on your check list so there is no questions on their part when they move out.  This is easy for a studio like I have, for larger homes it may be difficult, as there are many parts.   

In Stamford, CT.  The bubble has popped here, it's over saturated, there are over 30 apartment complexes.  However, the same studio I rented in 2009 for $950 is renting for $1400.  Studios are recession proof.  I work for a Professional property management team and they don't leave a lot of room for rent growth here, our ownership team expects a 98% occupancy trend 90 days out, very aggressive.  The new ownership team took over in December, very different ideas on rent growth than the previous ownership team, they were all about highest rents possible and had higher vacancy rates.  I've rented 2 bedroom units at 1 Bedroom prices recently especially now that it's 4th quarter and it's a slower season.  I expect the New Haven and Bridgeport areas to see larger rent growth in the future.    

As a beginner investor I like to invest in what I know.  I invested in my home town first, Stamford.  I'm a 5 minute drive from the property, I know the area, I personally screen them and tour them, it works for me.  I'm not comfortable enough to go outside, or more than an hour away.  I'm in Stamford, CT and cash flow is difficult to come by unless it's an off market deal.  There are better areas, but like others have said, crime, taxes, tenants, are all higher risk from what I've found in CT.  I know everyone hates on Zillow but I love their rental estimate feature, it's fairly accurate.  It's great to see the rent comparisons on different homes.  

@Scott Trench Totally missed your response Scott, thank you!

@Jacob Treptow I'm in the process of renting a unit and just found out about cozy.  I love it, I sent the tenant the request for screening, she paid for it, I was sent the results.  I only have one rental and it's more than enough for me. 

This thread makes me smile; I'm not alone.

Nice @Jose Bernard I look forward to hearing about your next purchases.  I'm also local.

@Kelly Niddrie Not familiar with any blogs however it's good to network with real estate agents in the area you are looking to invest.  I love google too, you can google any number of topics from best places in CT for rent to worst, etc.

There is a meetup in the Northeast section that happens once a month in Fairfield, end of the month.  Details should be posted soon. @Silas Avilez

welcome @Alex Testani

Rough crowd in here. 

You have to unload your single family if you are truly serious about making money.  That is financially crippling you.  Buy something smaller or move back home.  If you're making 100k plus $500 a month, how are you strapped for cash? 

I would start saving for a larger financial runway, an excess of $25k in case of emergencies on your rentals, after your unload your place.  That should be easily attainable with your income over the course of 12 months.

There are some great podcasts on the site and webinars to learn more.  You should come to the next investment meeting in Fairfield at the end of the month.