All Forum Posts by: George Paiva

Thanks Ann Bellamy much appreciated. I am going to look into that and fool around with QB for a few weeks. My background is in IT so it will be interesting how these systems stack up. I'll report back.

Raymond B. agreed nice to see some CT people on here. We should have a Meetup! Most of the landlords I know in CT are pretty hush-hush about their business dealings which I can understand.

Jason Arcuri is right when I did the evictions on the other properties they are owned by my mom. So I did the leg work for her to get the paperwork back and forth but when it came to signing the Summary Process or Court dates I had to bring her in tow. She was the ultimate decision maker. I was told in the Waterbury Housing Session that LLC's have to be done through a lawyer no exceptions. been very lucky/fortunate not to have to evict yet in Milford. I will most likely try to work out something with tenant or cash for keys. Eviction around these parts are $1500 to start.

Ok I got my Quicken Rental Property Manager all straighten out for Tax year 2012. I also have Quickbooks Premier 2010 and the Enterprise v13. I may just stick to QB 2010 to keep it simple.

I have 4 properties. 1 is bought thru LLC in 2012. The other 3 I manage for my mom. 12 units in total. So its not a big portfolio but I plan on adding a property every 2 years.

What are the templates I have seen referred that you can prefill or import into QB to have all the categories setup properly for rental properties? I've seen many discussed I just want to get the one that works.

Ohio?

Kurt K. do you have contractors lined up? I mean friends/family in the trades? I read from your other post the property you are getting requires some work. Always good to have contractors at arms reach for these things.

If you check out this thread you will see a lot of good info on converting oil to gas.

http://www.biggerpockets.com/forums/52/topics/80896-converting-apartment-bldg-from-oil-heat-to-nat-gas

Yes, I factored in about $20k in rehab to install new boilers and hot water tanks. But I also replaced a lot of copper with PEX and updated a lot of the plumbing. I also renovated one unit that was vacated by the previous owner. Oh and added laundry in the basement. I did the majority of the work myself except with it came to plumbing and electrical. I have family and friends in the trades that helped me out.

My initial estimate swag was $12k but I know better so I doubled it. My actuals were $21,939.82 for everything. Luckily the property still cashflowed while rehabing. I only put an additional $16,310 of my own money after purchase.

I've been through a few evictions in CT. Yes you will need a marshall to serve it. I paid $30 on the last "notice to quit" i had served. William is right make sure you add 3 days not counting the first and last day in the 3 days. So if you have marshall serve on the 11th then the Notice to Quit date is the 15th. I generally visit the marshall's office on the 10th with a filled out Notice to Quit to be served the next day.

Since this has been a few months, did you manage to evict? What was your experience? I too have 3 properties in Naugatuck.

Here is CT eviction reference - http://www.jud.ct.gov/Publications/hm014.pdf

In CT, if tenant wants to appeal any eviction they have to first bring the back rent to current. If its non-payment of rent they can only get 3 additional months but only after back rent it paid, future rent maybe paid to the court then given to landlord. If something else then tenant can have 6 months again have to pay back rent and continue paying rent.

I think you need to look into current laws. How can a appeal be made if rent is not current. I don't understand that. Could be something specific to Texas. But then again I thought Texas is very Landlord friendly.

Keep us posted or provide more details.

I too agree property = tenant. I have 3 properties in blue collar bedroom communities which you would think would awesome. But unfortunately in the last 10 or so years the neighboring war zone tenants from the next town have/had moved into this community and its been a chore since. Have to doubly check credit, background and income verification. Even that becomes a pain and its easy for a tenant to slip into "entitlement" tenant. But it is what it is. I have done some cosmetics and updates to make them slightly better than the other offerings but I can't do a full gut and update because I would never get my money back.

I did buy a 4 unit last year in a town that is more desirable. I bought it cheap due to much deferred maintenance needed. I didn't mind spending $$$ on gut and update because I can easily get premium rents on them. I do notice tenants are more respectful of the property and do what they can to make their place nice.

My experience is very different then many here due to this being the Northeast specifically the Connecticut market. There isn't a lot of room to learn here. One slip and your in a heap of trouble. I am so envious of some of the pro growth state investors that chime in.

my 2 cents.... ;)