[sannysw]

I have a question for those who are landlords or have had some experience in the past. It is really a low market right now and we haven't had much luck selling our house. So we decided not to sell but rent the houe for 2 years. I have heard quite a few people including our realtor telling us scary stories how much trouble it is to be a landlord. In particular I heard this morning from a colleague that in Connecticut, they don't evict tenants during winter (from Thanksgiving to Easter)?? Is this true?? Are the landlord so poorly protected?

For those who have had some experience, can you also shed some light how to make this renting business a bit easier or secure. I know we need to run credit check/background check on the tenants, but what else we can do to make sure we have a good tenant?

[Kristin85]

Originally Posted by sannysw

I have a question for those who are landlords or have had some experience in the past. It is really a low market right now and we haven't had much luck selling our house. So we decided not to sell but rent the houe for 2 years. I have heard quite a few people including our realtor telling us scary stories how much trouble it is to be a landlord. In particular I heard this morning from a colleague that in Connecticut, they don't evict tenants during winter (from Thanksgiving to Easter)?? Is this true?? Are the landlord so poorly protected?

For those who have had some experience, can you also shed some light how to make this renting business a bit easier or secure. I know we need to run credit check/background check on the tenants, but what else we can do to make sure we have a good tenant?

No, there is no law stating people can't be evicted in winter. See LANDLORD AND TENANT

Try to contact as many references as possible for the tenants-not just friends that are listed. Also ensure that the tenants actually have the jobs they told you about. The last tenants that lived below me gave false references (friends that they said were former landlords) and their schedules did not match up to the jobs that they said they had. They were horrendous and got evicted.

[sannysw]

Thanks so much Kristin85. This gives me some piece of mind.

And other advice from anyone else will be also greatly appreciated!

[kidyankee764]

To expand on Kristin's response, from what I understand, it is VERY hard to evict a tenant. I'm not a LL but I have spoken to a few, all whom have said the law is not on their side.

[jjinla]

Well, as a prospective buyer myself, I would say that if your house isn't selling, it's because it's priced too high. It's unbelievable to me the number of sellers that don't grasp this very basic fact.

Unless you are willing to sell it for less in 2 years, though, I would not recommend holding it from the market. The feds are set to stop buying bonds in mid-to late 2011, and it is widely known that everyone in White House want's to stop backing Freddie Mac and Fannie Mae. Once that happens, expect interest rates to rise up to 2% and 30 year mortgages to be even harder to get.

[Tin Knocker]

Originally Posted by kidyankee764

To expand on Kristin's response, from what I understand, it is VERY hard to evict a tenant. I'm not a LL but I have spoken to a few, all whom have said the law is not on their side.

Thats absolutely correct. Our laws are very biased against the landlord. Funny really since we are the ones paying the taxes that pay the bozo's that dream up this stuff. The best thing I ever did was let my sister move into our lower apartment after a succession of 3 sets of tenants that stuck us for 6 mos+ rent before having to leave, not to mention lawyers & time off work going to court. We dont make money anymore from our investment but at least it doesn't cost money & the piece of mind is priceless.

Like most other things in this state it places all the burden on the taxpayers.

[nep321]

My father is a major landlord for properties in the city of Hartford and commercial properties in Bristol. He said CT laws are much more favorable to the tenant than the landlord in general. He hates Section 8 tenants lol. They always leave the place trashed beyond belief.

[kidyankee764]

Originally Posted by nep321

He hates Section 8 tenants lol. They always leave the place trashed beyond belief.

I can see that. With that being said, the LLs I spoke with all love section 8 because the rent is always on time, never late. One guy I know who is a LL in West Haven said that you pretty much have to take out the carpets and repaint anyway, so if he has to throw in a little elbow grease every year or two if it means the rent will be on time, so be it.

[sannysw]

Ugh. Can anyone educate me what is tenant section 8? And in particular, what is so hard about evicting the tenants (especially in CT)? If the law is not banning winter eviction, then what is so difficult, is it about certain type of tenants?

To jjinla, yes you are right, I think poeple think we are pricing too high, (certainly it is the bottom of the market right now). But it is either selling it now at a very low price (meaning we lose a lot of money immediately), or rent it for a few years (we were thinking to rent it for 2 years), make some money, and try to sell again then. We actually will have some positive cashflow after all the mortgage/tax, so even we sell at the same price a few year down the road, we will be better off than selling it right now. I understand the interst concern, but I don't think we know that for sure, and I also beleive most people make their buying decision not soley based on interest rate, but more on how economy is looking down the road.. You can always refinance after a few years if you get in at a high rate... but if the economy is not looking good, few people want to buy or pay good price, just like now. Everyone is looking for bargains at this time, and we have decided not to give our house away...

[nep321]

Originally Posted by sannysw

Ugh. Can anyone educate me what is tenant section 8? And in particular, what is so hard about evicting the tenants (especially in CT)? If the law is not banning winter eviction, then what is so difficult, is it about certain type of tenants?

To jjinla, yes you are right, I think poeple think we are pricing too high, (certainly it is the bottom of the market right now). But it is either selling it now at a very low price (meaning we lose a lot of money immediately), or rent it for a few years (we were thinking to rent it for 2 years), make some money, and try to sell again then. We actually will have some positive cashflow after all the mortgage/tax, so even we sell at the same price a few year down the road, we will be better off than selling it right now. I understand the interst concern, but I don't think we know that for sure, and I also beleive most people make their buying decision not soley based on interest rate, but more on how economy is looking down the road.. You can always refinance after a few years if you get in at a high rate... but if the economy is not looking good, few people want to buy or pay good price, just like now. Everyone is looking for bargains at this time, and we have decided not to give our house away...

Section 8 tenants are tenants who qualify for state funded housing. The state pays for a portion or all of their rent. It's for very low income people. The funny thing is that many of these Section 8 people have the nicest cars and clothes and the latest smartphone. They know how to work the system to get the materialistic items they want.