Anybody Here From Connecticut
Hi - I have been investing in NJ for about 5 years and I am shifting strategies, primarily because of high property prices/low cash flow here in NJ. The good thing about NJ (especially North NJ) is its continued population growth, high demand and low supply. But property prices have gone thorugh the ceiling and investing here for a meaningful return is hard to find. New York is out of the question. This leaves me with the CT or PA where I can park my money for a period of 5 years for a decent return. I am leaning towards CT (especially in the Waterbury area or Hartford). I am looking at a 8-10 unit apartment building. Anybody here from CT who could give me an insight on what areas I should consider in CT. How is hartford??
Thanks. [ Edited by tzachari on Date 02/24/2005 ]
Hi,
I am in CT. Currently looking invested into the lower Naugatuck Valley area. Waterbury is a hot place with resonable prices, however the rents are lower. Like most fairly good size cities there are some very undesireable areas.
I have started to look up there as well. If you are interested I could hook you up with a friend of mine who is a Investor/realator who knows the Waterbury area well and can guide you and find deals for you.
Good Luck,
Robert
Just Pony Up and tell them the dog has to go. Get a copy of the lease and hi-lite the no dog policy. Tell them they have so and so amount of time to get the dog off the property. And if you want to blame the insurance company do so, they can be the bad guy. If the insurance compant does have an anti-pit / or dog policy bring a copy for them. There is no easy way to be the bad guy but if the dog bothers you, you are where the buck stops. Good luck!
There is an underwriting list which shows which dogs would deem a property uninsurable, check with your insurer to see if you can have a copy. It may or may not be available depending on who insures you.
Pit bulls
Rottweilers
Chow Chows
German Shepherds
Doberman Pinschers
These five breeds are VERY frowned upon by insurance companies, and I got canceled because they found out that one of my tenants had one, even though it was chained up, and in a pen.
After reading the above reply’s to this post, I would like to offer my 2 cents worth.
First off, I just don’t believe that people here would discriminate because a possible tenant own’s a certain breed of dog.
If a potential Tenant can provide me with a Certificate that the K-9 has been thru obedience school, then it is no problem to me, no matter what breed of dog it is.
Last year, I rented a property to a gentleman with a German Shepard for 5 months until his new house was built. The Gentleman and Dog (Maio) were both Police Officers.
The Dog was easy 110+ pounds, so would you rent them the property? I did, and don’t have any regrets about it. In my opinion, if you have dogs your self, and 100% do not allow pets in your properties, then you my friend are a hypocrite.
My dad use to purchase only obiedence trained German shepards that were of the highest blood line and trained in Germany. They were all lovely pets for the family, until one day one attacked the maid.
Insurance companies work only off the numbers. They have no prejudice. There is a reason those dogs are on the list. My insurance company also has great danes. While I believe that great danes are gentle, it is probably because they are so big that the smallest of movements could cause a young child or older person to be pushed to the ground.
Now to the landlording bit. You have to establish yourself as a nice, but firm landlord from the beginning. Tenants are like children. If you allow them to ignore the lease now, you are in for a lifetime of misbehaving. But if you enfore the lease from the beginning, then you have a better chance of a well behaved tenant. Do not mess around. Tell them that pets of any kind are not allowed. Yes you can blame it on your insurnace company, but do not allow them to say they were pet sitting. Every tenant in the world is "only pet sitting". My lease says no pets at any time - PERIOD - unless they written approval (vicious breed dogs are never approved). Tenants are also not allowed to feed any outside animals. Any animals on the premises without written consent (inside or out) are considered strays and animal control will be called.
Brenda
Wingnut-
Call it being a hypocrite; I call it good business, not allowing pets.
As a current and past owner of german shepherds, I know first hand of the damage a large animal can do. It all comes down to money. My dog is an expense; a luxury. My dog is very clean, but because of his size, he has done minor damage to my house that will have to be fixed before I sell.
Pets can do far more damage than a reasonable security deposit can cover.
Wingnut,
You are correct I am a Hypocrite. I love dogs had lots of them in the past, but like rewardrisk says - I too have damage to my home/yard that I have to deal with.
Since I pay the bills - I make the rules!
"It is good to be the king"[ Edited by hoober on Date 02/25/2005 ]
open & honest discussion is always the best option. This should always be the first thing tried.
John
This is so much a "local" or regional issue that you really need to shp for an Agent(cy) that understands the REI business. This article may help as well:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=438
Best regards,
Tim
Thanks to all...I will have to do some homework...