All Forum Posts by: Mike Wiesner

Hi Matthew,

   There is a legal limit for rent increases. That being said, depending on how you manage the situation, you can minimize legal issues. You also have the option of not renewing their lease (but it's literally impossible to evict in CT right now, so tread lightly with lease renewals until the Governor eliminates the moratorium). 

    Regarding rent, Rentometer is good starting point for market rents. But keep in mind, your apartment's condition, amenities and specific location also plays into the rental rate. Maybe the $1600.00 apartment has a brand new kitchen with stainless steel appliances, Central A/C etc... All that being said, you purchased in a great neighborhood and once the apartment is renovated, you should be able to attract a decent tenant who will pay market rent. Best of luck to you. 

Hi Katelyn,

   You can make money in both residential and commercial real estate. The residential realtor was wrong to say that you can make more money in residential real estate. There are far too many variables to make that statement. It would be generally correct to say that residential real estate is somewhat less risky (safer) than commercial real estate. With residential real estate almost any habitable apartment can be rented. You may need to lower the rent to minimize vacancy loss and get a larger pool of potential renters but you will rent the apartment (with minimum vacancy loss). That is not always the case with commercial real estate. For instance, if you have 10,000 square feet of warehouse space but no loading dock or minimal parking you may be limited in your pool of potential tenants. It's not uncommon for commercial space to sit vacant for 12-24 months, sometimes longer and lowering the price in the above example may not yield faster results. 

     Commercial real estate is often more complex. For example, your tenants are business people with more complex needs, and often good negotiating skills and a attorney or CPA looking over major transactions (such as a new lease). Therefore, leases need to be written (or at least reviewed) by a lawyer until you become a pro.  I think it's a great idea to talk to a commercial realtor. I highly recommend Kristin Geenty from The Geenty Group in Branford, CT. She literally grew up in the business, has won a number of industry awards and recognition and is a consummate pro. Oh, and she's female :-)    Best of Luck!

Call Jay Epstein at The Law Office of Juda J Epstein on Main St. in Bridgeport. Feel free to mention my name as a referral. He's not cheap but well over 80% of his business is Real Estate Law. There's never been a question in Real Estate that he couldn't answer

Hi Gabriel,

  The rental market in Bridgeport is strong. Demand from the Norwalk/Stamford area as well as NYC contributes to rising rents and a bit of a scarce supply. It has also driven up prices for SF and 2 Fams so you may find it hard to make a reasonable return on your investment. Keep your eyes out Post Corona for distressed properties and fixer uppers. As a first time investor, the most important thing is to budget correctly.  Run your numbers to make sure the investment makes sense on paper and best to be conservative with all your numbers. This way, you will minimize "unpleasant surprises". A couple more tips: Find a realtor that you trust and work well with. Follow all the websites that list/sell distressed properties, and foreclosures.  Lastly, On rare occasions, the tax lien company I consult for has SF homes we sell. Feel free to connect with me for more information.  Good luck. Mike

Looking for help with frozen pipe insurance claim for a property in Bridgeport, CT. Recommendations appreciated. Thanks!

Agreed. Ed is located in Milford, Ct and handles a lot of real estate deals. He is active on Bigger Pockets so you should find him easily

@Tony Velez

We pre-screen our applicants. I won't show an apartment unless I'm reasonably sure they will qualify and I always tell them about our $40.00 application fee up front before we schedule a showing. Saves us a lot of time and hassle.  

Thanks. I appreciate the tips. If I find someone I like, I'll post it in the forum for other New Haven based investors. 

If anyone has a good, reasonably priced Marshall (or Sheriff if allowed) in New Haven, CT to serve NTQs, Summary Process, and eviction notices, I'd appreciate the share!