All Forum Posts by: John C.

speaking from current experience and having 2 purchases fall through within last 6 months in Tolland county, please familiarize yourself with the vast amount of resources available online starting with http://crcog.org/crumbling-foundations/

https://www.ct.gov/doh/cwp/view.asp?a=4513&Q=599270&PM=1

Without going into too much detail, because there is a lot.  First the years affected are 1983-2015.  There are some reports that say a 1981, but this is your first baseline to check.

Second check with town assessors office to see if the property has applied for a temporary reduced assessment.  This is another clue there may be an issue.

Thirdly get a realtor with experience dealing with this area and the foundation issues.  BP is littered with agents, but if you want mine DM me.  

Lastly the one sure fire way to know is by having the seller submit to a core sample. My 2 deals fell through because they wouldn’t submit to one.  You might think it’s a cost issue but the state has programs to reimburse 50% up to 4K (if I remember correctly). Mine fell through because both sellers said if they submitted to one and it came back positive for pyrrhotite they would have to disclose it.  Go online and watch any vids from wfsb, fox61, or wtnh they are littered with reports on this subject.

Every issue like this goes back to your lease.  Having been through what you're going through now I learned the hard way.  Being a landlord is a learning process and I can promise to it gets easier.  You'll see everything in time and with every new tenant you'll make adjustments to your leases.  Your lease is your greatest and maybe only leverage in your landlord/tenant relationship.

That said my suggestion is to find out what are your blight laws and DMV ordinances.  As always be straight forward with your tenants as to what you want.  I can speak for myself having gone through this for a few months years back and it is a hassle.  I eventually had some connections with the local PD and they came and tagged the car in question and it was gone within a week.

Good luck

Hi Lamy.  Having gone through many evictions my suggestion to do what you can to pay the tenants outs.  The court process can be tedious.  I have paid for keys, forgiven monies owed, and most recently actually found a tenant a place to live and paid for some of the deposit he needed for the new place. @Michael Noto is correct in suggesting to get better tenants in you'll benefit from extracting the bad ones.  Good luck

I would venture to say all depends on what your strategy is.  Right now more questions than answers, however the state has a budget due tomorrow.  Reports list Malloys plan as "draconian" which usually means take from towns that are responsible to bail out others. That said the state just approved another casino.  Meanwhile courant reported last month Bronin was meeting with law firms to "guide" Hartford through chapter 11.  One thing for sure is it's a mess in CT.  

Here in CT I have had a very good experience with section 8. Although it took a few years to fully understand the system and how to use their policies to my advantage. I could list several keys to dealing with the section housing authority and the tenants, but in short the key is you have to stay on top of the property. Be seen, be in contact, and be ready to work with the housing authority. If you are planning on a "set it and forget it" property then section 8 is most likely not for you.

@Rachel Fazio Something else I wanted mention. Much like buying your profit/equity up front in the purchase price of a property. My experience has been you buy your problems or lack of problems before a lease is signed. Have a strong lease, protect your self though LLC, screen your tenants as much as you can. In my experience after the lease is signed the majority of your leverage is gone.

I never read any books, just my towns tenant/rental laws.  I would liken it to people on these forums saying every deal after the first one.  You really just learn to manage better each tenant because you eventually experience everything.  I will say this I personally don't believe you can be successful with section 8 if you are an absentee landlord (unless you do a PM).  I stay in contact with each tenant by text once a week and see them another time every week to do lawn.  Doing lawn and other yard work is an excuse to just be seen.  Other than that I would recommend 2 things. First all your mechanicals be in solid shape.  Everything else is an easy fix. In 15 plus years the only call I ever got in middle of night was for a lockout.  Second learn to screen tenants.  There's no use in a credit check for obvious reasons.  I personally like to Drive by where they live to see how they keep their current residence is kept (I.e. "Thin slicing" by Gladwell). Also whenever possible I like to select a tenant who works and also collects section 8.  Reason being if they work thats less time they'll be home to put wear and tear on unit.  There are many other things, but ignoring if knew this from beginning the growing pains would have been limited.

Hi, I have been a property owner in a very depressed area for over 15 years.  While most of what I read is very informative especially from @Bill Gulley, I would like to offer my experience in a different area.  I primarily deal with section 8 tenants and have had outstanding results.  This was not always the case in the beginning, but with tighter standards from Housing authorities and incredible wait times on voucher lists renter results have changed.  The key for me and other property owners I know has been due diligence right from the beginning.  Ill sit down for interviews with prospective tenants with their case worker present so everyone is on same page.  I use a strong lease which is added as an addendum to the HA standard ( weak) lease.  There is much more to this but to answer YES investing in depressed areas can give great returns (cash flow not appreciation so much.  You just have to be brutally honest and have thick skin.