All Forum Posts by: Michael Doherty

@Joe Lujan I see both sides. I also have tenants who consistently pay late every month AND always pay the $50 dollar fee. It is actually astonishing... they will be 1-2 days late and pay the fee without hesitation. Anyways, for me... they are good tenants that just cant seem to get it together by the 10th. It's not worth evicting them and being without rent for 1-3 months. They always text or call letting me know its going to be late and they are good tenants otherwise. 

I suppose every tenant is different but in this case I let them pay late, collect the late fee and move on. If they fall far behind I will serve the notice to quit. 

@Connor O'Dwyer I just got reciprocity in Ct after passing in MA. I took all online classes through Jack Gately Real Estate based in Mass and would highly recommend it. The classes are online and 'On Demand' with the exception of 4, 4 hour long live taught lessons. I took the exam in West Springfield and applied for reciprocity. It can take up to 6-8 weeks for them to process it so be contingent of that. 

Let me know if you have any questions. 

@Account Closed I would try to avoid investing in Hartford/East Hartford for many of the reasons others have mentioned. I work in downtown Hartford and can attest to the developers trying to attract more millennial's in their apartment buildings. I have been watching one develop over the last several years. It is truly a ghost town post 5pm currently.  

With that said, I still like Central Ct as a whole for rentals, specifically cash flow. I would expand your horizon to neighboring towns like New Britain, Manchester and Middletown. Aside from cash flow, I believe these towns will appreciate much quicker than East Hartford and Hartford. 

I currently own and manage 12 units in New Britain and Middletown. My plan is to keep buying in these towns and avoid Hartford all together (generally speaking). 

You wont find the same cash flowing properties in Glastonbury relative to the other towns. With that said, if stable tenants who will help contribute to your PITI is what you want... then it may not be a bad choice.

Let me know if you have any questions! 

Hey @Robert Lindsley I’m familiar with the area- I grew up in new London county. I primarily invest in central ct now but still Follow the market down there. 12.2% is pretty high for that area. If you provide me with the street (or close to it)  and more details of the property I can probably help you come up with better comparables. 

@Jackie Comitino I would look in Central, Ct for deals. Area's like New Britain, Bristol, Manchester, Middletown are all areas I currently own property and invest in. Great for cash flow if that is your goal. It can be very street dependent however- let me know if you have any questions or if I can help out in anyway. 

@Joshua Fass I currently own and invest in multi family houses near Bristol (new Britain). If you ever have any questions about the area up here let me know. Like Most cities it can be very street by street dependent.

reach out anytime. 

@Rafaella Almeida I can empathize with you 100% on this one. The best way to grow without saving for 20% down every time is to add value and pull out your initial capital (Brrrr). I actually completed a brrrr earlier last year and was able to pull out a good amount of my initial capital (not 100%). But it was enough where it allowed me to put a down payment on the next one and keep repeating. I wrote a step by step breakdown of the process I went through here: https://www.biggerpockets.com/...

Let me know If you have any questions!

@Rafaella Almeida I don't think you would have a hard time renting it out, but if your looking for cash flow it's not a great investment at 140k purchase in my opinion. I think you could probably rent out a single family of that size for no more than $1400 Depending on the street/ cosmetic finishes. If your just looking to build equity And have renters pay your PITI which is probably close to 1300-1400 a month it's not terrible. Just depends on your investment goals.

@Rafaella Almeida almost all my units are in New Britain. It's a great area for cash flow and there are still deals to be found. Just like any city, there are good and bad areas. For example, I own at the 'top' of one street but wouldn't invest 300 ft down the road. It's really amazing how much of a difference one street makes. 

I also think there will be appreciation in the near future given that the largest fuel cell plan in the country is underway. I really like and will continue to invest in New Britain moving forward. Taxes are fair relative to other neighboring towns and Erin Stewart is doing a phenomenal job as Mayor... no tax increase this year!

Let me know if you have any questions about streets/ good/bad areas in New Britain. 

@Rafaella Almeida congrats to you and your husband on starting your REI journey, exciting stuff! I am a local investor in Hartford County as well. I am closing on my 11th unit in 2 weeks. I am primarily a buy and hold investor, akin to you, looking for financial freedom.

There is a great meetup in Glastonbury every month where a number of local investors all get together, network and talk shop. If you haven't been, it would be a great place to expand your network and meet other local investors. Let me know if you have any questions, or if I can be of help in anyway.