All Forum Posts by: Renita G Ezell

I look forward to attending and connecting with other investors.

@Jorge Cajamarca, Renting by the room has been working well. I find that the tenants take better care of my property than renting to a family, I have more flexible access, and there is more cash flow.  Since 2018, I've been able to focus on financial freedom because the income covers the expenses and offsets shortages, i.e. when someone is short or is laid off, etc. The only negative part is having to mediate housemate issues.  I was an RA for two years in college and a resident director for three years. Looking back, I see that I was prepared for this type of landlord. Starting out, I was involved in many mediations, but the house has been more peaceful the past couple of years. As I'm beginning to expand this service, my concern is are there property management companies that are willing to manage shared living communities? Hmmm....Perhaps, I need to start my own property management company to manage my properties. :-)

Hi @Jorge Cajamarca, 

$1300 is high for 06051. You may be able to get that amount in 06052 or 06053 if the whole house has been upgraded.  A good way to gauge is to look at ads for rentals in these areas to see what the market rate is these days. I've been renting by the room for the past three years. so I'm a bit out of touch on full house/apartment rental rates. I hope that helps.

Hi Carly, 

I agree with the recommendations shared by my fellow investors. I'd also like to add these recommendations based on what I've learned and experienced:

~ House-hacking is the way to go

~  Practice using the BP rental calculator.  Leave emotions out of it. If it doesn't make dollars, then it doesn't make "cents" (huge area of growth for me)

~  I started investing over 10 years ago. I was hooked after watching a Calton Sheets infomercial (lol). I later bought and rented three properties. I had NO idea what I was doing. Section 8 one year wanted me to make at least one costly repair on each property. That's when I said, "I'm out!".  I short-sale one, did a Deed in Leu of foreclosure for another, and kept the duplex that I still live in. I vowed I would not begin investing again until I had at least $20K in the bank. I don't have the bold personality to do those "no money down" deals, because they borrowed all the money they needed from family and friends.

~  If you have a retirement account, take advantage of the CARES Act that allows you to take out up to $100K penalty-free. Then open a Solo 401K account to invest that money. I followed this advice but opened a Self-Directed IRA (SDIRA). Then I bought a turn-key new construction property in Texas inside the SDIRA. I've since learned that the SDIRA is a bit restrictive and it will not allow me to take all of the tax benefits on the property. On the bright side, my cash flow will grow tax-free and the house will be paid off in 10 years. Using a Solo 401K is preferred because it is more flexible with how you invest. Unfortunately, my retirement plan does not allow me to transfer money to an outside account. So I took a loan out instead to purchase and renovate the new property. I did not want it in the SDIRA.  (source - Morris Invest and Mark Kohler on YouTube)

~  If you live by yourself, consider using Airbnb to rent your furnished unit and sacrifice comfort for a few months by living in an empty unit. I started a shared housing community for women in 2018.  I've found that they take better care of my property than when I rented the unit to families. Renting by the room has a higher cash flow and can off-set when someone loses their job or you have a vacancy. I just closed on a 4 Bd/3 Ba single-family that I will house hack and rent out the other three rooms via Airbnb and/or working with human service agencies to provide housing for their clients. (Good source - Airbnb Automated on YouTube)

~ Continue your investing education. I wanted to be better educated and prepared before re-starting my investing. I spent all of 2020 investing in my education; I took an REI coaching program, tax lien/deed course, Tax Wealth course from Wealthability, Overages course (tax foreclosures sales), and watched hours upon hours of YouTube videos of successful investors and advisors. It has made a HUGE difference in how I'm investing now. 

~  It helps to have a team of smart seasoned people to support you - CPA, Bookkeeper, investing coach/mentor, lawyer, conventional and hard money lenders, and a real estate agent who is also an experienced investor (really huge!)

I hope this helps. I wish you much success on your journey!

I always avoid the North St area. Since I was a teenager, that area has had a bad reputation. It may be better now, but I can't shake the history. The side closer to Allen Street is a little better. You get a true feel for the neighborhoods in the summer time when everyone is out and about.

I currently live near New Britain high school (06051). It's ok, but my favorite areas are the neighborhoods surrounding the Hospital of Central CT/Walnut Hill Park, Corbin Avenue, and Eddy Glover Blvd./Stanley Park (near CCSU), 06053.

I agree. Very well stated

@Kevin Chandler, thank you.  I wish you success as you expand your business also.

@ Felipe, If you still manage properties in New Britain, I would like to learn more about your business.

Thank you Kevin. I will be "house-hacking" this property. So for the additional three bedrooms, I plan to Airbnb and/or expand the shared-housing community I currently have for women in transition at my duplex .

@Kevin Chandler, 

I agree with everyone's comments about investing in Hartford and New Britain. I was born and raised in Hartford. My favorite area in the west end, 06105. There are also a few nice areas in the south end, 06114.  I currently live in New Britain, 06051, but prefer the other end of town closer to Central CT State University, 06053. I have my first property under contract in that area.