The 3-family units commanding the best rents are 5-room units (which could be used as 3-bedroom units) which have laundry facilities in each unit. Check out the advantages to the landlord of supplying the washers/dryers:
10. Reduce tenant squabbles over who borrowed detergent in a shared-basement laundry area.
9. Write off your appliance purchases over seven years.
8. Purchase them at Lowe's or Home Depot with no payments or interest for 6 months to 1 year.
7. Charge just as much rent on the 3rd floor since they don't have to carry laundry up & down stairs.
6. Restrict tenant access to the basement since laundry is in their units.
5. Receive higher rent ($25-50 per month) since tenant doesn't have to visit coin-op laundry.
4. Reduce your cold water bill as newer washers use 1/2 the water of the older models.
3. Eliminate costly leaks since your newer washers are less likely to leak from the 3rd floor down.
2. Have more demand for your units, allowing you to choose the best tenant.
1. Newer appliances mean less 2 AM landlord maintenance calls (PRICELESS!).
Every investor hopes for the ideal tenant mix - one is home during the day to let in contractors, two are willing to shovel the sidewalk and salt the steps and all three pay the rent for the coming month no later than the first (preferably by automatic deposit to the investor's rent account)!
Good leases and credit checks coupled with strong tenant management can move most tenants on the continuum towards that ideal status (then the investor fears that their perfect tenant will become a homeowner, leaving a vacancy). A realtor will be a tremendous resource in upgrading the standard lease to protect the investor.
Some investors see existing tenants as a bonus, keeping cashflow on the property strong right from the day of closing. Other investors would rather have a month or two of vacancy to "refresh" the units and bring in tenants who will pay the going rate for rent.
Almost every investor agrees that a previous lease signed for below-market rent depresses the value of the property to them! (Hint for multi-family sellers: If you are planning in selling within the next 3 years, talk to your realtor today about improvements you should make to the building-which will be funded by bringing the monthly rent from your longstanding tenants up to market rates!!!)
My wildest low-rent situation was two 1,300 sf units on a quiet street within one block of a park which were rented out for $160 per month on the 2nd floor and $150 per month on the 3rd floor (the third floor tenant received a discount for cutting the tiny lawn). Market rent at the time was $850. These tenants both left 30 days after closing and BOUGHT their own properties!
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Coaching buyers, sellers & investors to Real Estate Success for 20 years! Choose an expert (CRS, e-Pro) to save your valuable time-RE/MAX agent in greater Hartford, CT! 860-614-8927
How to you decide which agent is right for you among the hundreds of licensees in Connecticut?
Despite all the changes in technology over the last 20 years, most people still ask a friend or relative with a recent positive real estate experience for a referral.
If I were looking for an agent, I would want someone with similar core values (honesty, ability to maintain confidentiality, sensitivity) who I feel comfortable with and trust.
I would want someone who takes the time to learn about me & my goals and care about me enough to give me honest, expert advice.
It would be critical that the Realtor use certain key skills and keep current with all the changes in this industry (expert active listener, strong negotiator, attention to detail, real estate expertise, marketing whiz, local & national market knowledge).
Although I have had 20 years to think about this, I am not you! You may have different "hot buttons" that are important to you in selecting an agent.
I invite you to interview me (in person or by telephone for relocating families). There is no cost or obligation on your part for this service. I am delighted to meet new prospective clients and look at our time together as an important part of being an ambassador for real estate, even if we do not decide to work together.
Unfortunately, too many of my clients have an unfortunate prior real estate experience with another agent because they were too busy or too stressed and chose the first agent they met.
I look forward to hearing from you!
Brent pursues education in his field. He attends national real estate conferences annually, keeping current with the newest technology, trends in negotiating & marketing, plus internet strategies. He has earned the prestigious Certified Residential Specialist (CRS) designation which has only been earned by 2% of agents nationwide. He also holds the GRI designation and served as the President of the Connecticut State CRS Chapter in 2007. Brent earned the e-Pro designation in 2008, in recognition of his expertise on the internet, where over 80% of buyers begin their homesearch.
Brent is the father of two young adults who attended West Hartford Public Schools (Morley, King Philip & Hall) and an enthusiastic soccer & basketball coach. An avid reader, Brent just finished Mindset which offers timely advice on the praise/self-esteem challenges of parenting & coaching, with important implications for achieving excellence in business and politics. He enjoys walking, tennis and gardening in his spare time. Habitat for Humanity and the Nature Conservancy are two of his favorite "causes."
Without promising a rose garden, you can count on Brent's 20 years of real estate experience in Hartford County to make your housing transition easier! Brent has helped dozens of first-time buyers, eased the stresses of relocation for many families, & coordinated the challenge of sale coupled with purchase of another home for move-up and move-to-one-story living clients.
Home sellers have enjoyed having Brent be a fierce protector of their equity, yielding strong buyer offers and often multiple offers for their properties.
Investors have turned to Brent over the years for help in purchasing and selling their 1-4 family investment properties. He will guide clients through both lease-writing and 1031 tax-deferred exchanges.
Visit Brent's website for more information: www.OurNextCThome.com
I could not imagine a more qualified or better agent than Brent Bell. He was professional, knowledgeable and helpful throughout the selling process. He went well beyond to make the process easy for us. His local neighborhood knowledge allowed him to more accurately leverage our home's unique characteristics and location, and established a realistic asking price much higher than any of the other four realtors we interviewed. He created a unique sales and marketing plan that generated buzz and quickly led to a high volume of "real" buyers. His plan landed multiple highly-qualified offers within four days of showing. I could not be more satisfied nor recommend anyone more highly. ---Neil A.
Thanks for all your help - you are always so prompt to respond and have good information. I would not hesitate to recommend your services to anyone who was purchasing a home in CT. ---Karen M.
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