All Forum Posts by: George Paiva

here in CT when we price out GC's we see a markup of 10%-20%. 10% is the typical with 20% being the guys that show up in a nicer truck than yours with a clipboard in hand. As for profit that's a personal preference on you risk level.

asbestos is fine as long as you don't mess with it. Is it documented anywhere that asbestos exists?

Great to see another CT investor, see you at the Fairfield meetup

if you're up for the challenge and willing to do the sweat equity required, i'd say go for it. But just know that previous owner couldn't make a go of it. So it won't be easy. Make sure you prioritize the major capital improvements ie structure, plumbing, electric, hvac. Don't worry about making it pretty. Make it tenant proof then if you have any left over your next best friend will be HD/LOWES!

Are you planning on occupying? Where is the 60k coming from? Do you have a cushion in case it ballons to more? Lastly are you handy enough to do any of the work?

Hopefully these questions help narrow your decision.

in CT the law frowns on this sort of setup where there is only one meter for multi units. Personally I would have a meter for each tenant. At the end of day if there is an agreement in place that would supersede but landlord is opening himself up for tenants not to pay. 

congrats!

Don't discount the state website @Roy N. Posted that is what you need to follow. 

Also use this site to get to know potential tenants - http://www.jud.ct.gov/jud2.htm

My thoughts from Connecticut, which is a very tenant friendly state.

In the minds of Tenants, Mediators, Judges, Housing they don't look at it as a theft of anything, in fact the times I have gone to court. It seems I am the bad guy having to prove my innocence because I am putting people out on the street. Not the month or 2 of rent that so far have not been collected and literally is being stolen out of my pocket.  That is why when I go to court I bring whatever documentation I could find to support my nonpayment of rent and stick to my only story of nonpayment of rent. "Sir/Ma'am, I am here because I have not received any rent for month(s), etc. totaling x dollars." After a lot of wrangling by the housing to try to give the tenant more than 2 weeks, they usually push for the 30 days with Stipulations sometimes 60 or 90 days if the tenant comes up with the rent.  I still repeat in a calm manner that I have not received rent for month(s) and I want my eviction executed and willing to give 2 weeks.  I usually win the eviction but still lose in the end because I am still out a few months of rent which could total anywhere from $1,200 - $2400. 

I've tried to plead with housing on why they don't make the tenants take responsibility on paying rent.  All they could tell me is that I will have to go to small claims court for that. In an unofficial response they basically tell me that you can't take blood from a stone and the landlord can take the financial hit vs a tenant.  Yeah right we have mortgages, taxes and insurance to still pay...

Any new landlords out there should spend a few days in your local housing court and read up on the local tenant/landlord laws.  Get a lawyer that actually knows evictions and specializes in them.  Do not get your family lawyer to do it, get a lawyer that all they do is evictions in your general area. 

Well since it sounds like the existing system is not going to be desirable so I would just go with forced air Natural Gas and at least 2 zones maybe an additional furnace depending on how you will need to heat that addition and get the A/C.  I suggest getting an HVAC person in there to give you a better idea.  Also don't forget electrical, do you know what type of panel and amperage it can handle?