All Forum Posts by: Mike Moles

Technically a late fee cannot be charged until the 10th assuming that rent is due on the 1st, so the lease should state that a late fee will be charged if not paid by 9 days after the rent is due, this is the grace period allowed by CT law.

The previous owner let these 4 Tenants pay on the 10th of the month and that is what they do. This tenant never pays until the 15th of the month. When the new leases come due we have to try to put "Rents are due the 1st and Late by the 5th" language and see if we can improve this problem.

Thanks for the post, very informative.  Keep in mind that in CT you can't charge a late fee unless the rent is paid more than 9 days after the due date, this is why the existing tenants probably wait.  So you can put whatever you want in the lease and charge late fees on the 5th but it's not enforcable.

Thanks for the post @Justin B., it sounds like you are doing well in REI! And thanks for the replies all, always more to learn about on BP.

Great jon @Daniel Raposo , looking forward to following along.

Welcome @John Blazi , great site with a lot of information, good luck!

Hi Alvin, best of luck on that next deal and I wish you much success thereafter!

The closest one I've heard about is in Fairfield as @Michael Noto and @Account Closed mentioned, I haven't been yet but I'd be interested in a meetup closer to home (Bethel).  I'm a new, soon to be investor also.

Thanks for sharing @Jonathan Makovsky , fantastic job!

Harrison, congratulations on working your first deal! It looks like you are making progress towards your goal and as so many have said doing the live in one half duplex scenario is a great way for you to start out in REI.

It seems like $200k might be a little low but you never know until you negotiate the price.

Is the $2,700 for just the one unit that you will be renting out?

Welcome @David A. , I am also a newbie and only joined BP a few months ago myself.  Like yourself I spent a lot of time reading posts and listening to Podcasts (all of them now) and I plan to invest in the spring.  I am also struggling with where to invest.  CT prices certainly are not the cheapest and it does appear that you get more bang for your buck in other states, particularly in the mid-west.  I have read posts from several investors on BP from more expensive markets like California, where prices are even higher in some places than CT, that invest long distance for than reason.  So I am considering this as an option.  I contacted someone who did a podcast on BP that is currently offering turnkey properties in Ohio that they manage after investors buy the property.  The cash flow seems very attractive and it seems to be a very much a hands off prospect.  I am also considering lower income properties in Danbury, CT, which is near me getting tenants from a local non-profit program as @Bradley Bogdan mentioned.  Cash flows seem profitable with those as well although I still need to research the details.  Plus this may be less hands off on my part.

Anyway, good luck to you!