CT Real Estate Today - December 2023 Edition

In This Month’s Edition Pg. 06 - What Happens During a Connecticut Legislative Session?

Pg. 14 - Understanding the Section 8 Program as a Landlord in Connecticut

Pg. 10 - 10 Things NOT To Do When Filing an Insurance Claim!

Pg. 34 - The Importance of Reporting Payment History of Non-Paying Tenants

December 2023

Published by:

Table of Contents Publisher’s Message A Message From Bob DeCosmo, President Of CTPOA

News And Views From The Capitol What Happens During a Connecticut Legislative Session?

Realtor Report What It Takes To Own a Home in Connecticut

Insurance Insights 10 Things NOT To Do When Filing an Insurance Claim!

Property Management Tips & Tricks Understanding the Section 8 Program as a Landlord in Connecticut

Helping Property Owners Since 1994

Published by: CTPOA

Financially Speaking Understanding Asset Based Lending in the Real Estate Investment & Landlord Space

CTPOA’s Mission: Educate our members on the Best Practices.

Get Energy Efficient

Increase profitability.

Cozy Homes, Happy Tenants, Lower Bills: A Connecticut Landlord’s Guide to Winter Heating & Savings

Provide access to Core Services.

Advocate for Property Owner Rights.

The Legal Corner Understanding PACs and Super PACs

Vendor Spotlight Energize Your Property: Unlocking Savings with Energy Efficiency Programs

Meet Our Team: Bob DeCosmo Carmine DeCosmo Melissa DeCosmo Paul Jenney

Chelsea Sayegh

Tenant Screening Tips & Tricks The Importance of Reporting Payment History of Non-Paying Tenants

PO Box 4795 Waterbury, CT 06704 800-369-6153 info@ctpoa.com

By Bob DeCosmo Advocate For Property Owner Rights Wishing everyone a wonderful Holiday Season and a Happy New Year.

The past couple of years have been tough for some who lost friends and loved ones and every day the media outlets seem to repeat the same wretched dreadful news.

The Holiday Season provides us with a great opportunity to reflect on all the happy

times we have experienced in the past and dream about what good fortunes are just around the corner. It’s the time of the year to take a step back and enjoy these memories and smile. If anything good ever came from Covid, it was teaching us the lesson that life is brief!

Over the next few weeks, take some time and spend it with your family and friends.

Savor each moment the Holiday Season provides for us and make new and lasting memories for the future.

Holidays are all about family and friends. Holidays are also a time for religious traditions and beliefs, revisit these practices if they have faded from your lives.

Go out and celebrate this year, you deserve it. Raise that glass and make a toast and have some cheer. Holidays are meant to be enjoyed and I hope everyone enjoys their Holidays this year.

04 / Publisher’s Message

Register at CTPOA.com/events

What Happens During a Connecticut Legislative Session?

By: CTPOA As a real estate professional or landlord in

•

Short Session: This is a three-month

Connecticut, staying informed about the

session, from February to May in even-

legislative session is crucial. The decisions

numbered years when the legislators seek re

made during these sessions can significantly

-election to office.During this session, only

impact your business and the overall real estate

bills related to the budget and revenue can

landscape. In this blog, we'll break down the

be considered.

details of a legislative session in Connecticut, comparing long and short sessions and

What happens during a legislative session?

providing an easy-to-understand guide for real

The legislative session involves several key

estate professionals and landlords.

steps:

What is a legislative session?

•

that propose new laws or changes to existing

A legislative session is the period during which

laws.

the state legislature meets to debate and vote on bills. In Connecticut, the General Assembly

•

Regular Session: This is a six-month

•

considered during this session.

Committee Votes: Committees vote on whether to recommend passage of the bill.

session, from January to June. Typically, the most significant legislation is introduced and

Committee Hearings: Bills are assigned to committees for review and public hearings.

convenes for two sessions each year: •

Bill Introduction: Legislators introduce bills

•

Floor Debate: Bills approved by the committee are debated and voted on by the

06 / News & Views From The Capitol

the full House and Senate.

•

•

bottom line.

Governor's Signature: If a bill is passed by both houses of the legislature, it is sent to

•

the governor for signature.

•

of real estate development or rehabilitation

Law Enactment: Once the governor signs the

How does a long session differ from a short session?

projects.

By understanding the legislative process and staying informed about the bills being considered, you can be prepared for any

The key difference between a long and short session is the scope of legislation that can be considered. As mentioned earlier, only budget and revenue-related bills can be introduced in a short session. In contrast, a long session allows for a broader range of legislation to be

changes that may impact your business.

Here are some resources to help you stay informed about the Connecticut legislative session: •

considered, including bills on topics such as housing, education, and healthcare. In a long session, any legislator can introduce a Bill, but

•

Office of Legislative Research: https:// www.cga.ct.gov/olr/

•

legislation.

Connecticut General Assembly website: https://www.cga.ct.gov/

in a short session, only committees can propose

Connecticut Association of Realtors: https:// www.ctrealtors.com/

What does this mean for real estate

Understanding the legislative session in

professionals and landlords?

Staying informed about the legislative session is crucial for real estate professionals and landlords. New laws can significantly impact your business, including:

•

Grants and incentives: The legislature may provide grants or incentives for specific types

bill, it becomes law.

•

Taxes: Changes in tax law can affect your

Connecticut is essential for real estate professionals and landlords. By staying informed about the bills being considered and how they may affect your business, you can be prepared

for any changes and take advantage of any

Regulations: New laws may introduce new

opportunities that may arise. As a CTPOA

regulations or restrictions on rental

member, we keep you informed and educated

properties.

on updates and urgent matters needing action. If

Changes in the landlord / Tenant statutes impacting anything from evictions to security

you’re not already a member, you can become one for only $99/year HERE.

deposits

07 / News & Views From The Capitol

What It Takes to Own a Home in Connecticut By: CTNewsJunkie Staff, with ctnewsjunkie.com Recent data from Redfin, a real estate

With the

brokerage, unveiled an escalating

average

challenge for homebuyers. As of now,

30-year

buying a median-priced home requires

fixed

an annual income of $114,627, an

mortgage

unprecedented 15% ($15,285) jump

rate

from the previous year, and a staggering peaking increase of over 50% since the

at 7.57%

pandemic’s onset.

– the

In the Hartford area that number drops slightly. Home buyers must make $94,640 to afford a $347,000 home.

That’s 30.2% of their income or about $2,366 per month. In the New Haven area that number is $91,367 or 21.8% of their income for $2,284 per month on a $335,000 home.

08 / Realtor Report

highest in over two decades – and the typical home’s selling price reaching approximately $420,000 in August, the financial strain on homebuyers is palpable. Despite the dampening effect of surging mortgage rates on demand, the sustained rise in home prices, driven by a continued low inventory, poses significant challenges.

“In a homebuyer’s ideal world, rising

$40,000 from the necessary income to

mortgage rates would push demand

purchase a median-priced house. The

and home prices down enough to make disparity between wage growth and the up for high interest payments. But that’s soaring income required to buy a home not what’s happening now: Although

has widened, with hourly wages rising

new listings are ticking up slightly,

by a mere 5% over the past year.

inventory is still near record lows as homeowners hang onto their low mortgage rates – and that’s propping up prices,” Redfin Economics Research Lead Chen Zhao said in a press release. “Buyers–particularly first-timers – who are committed to getting into a home now should think outside the box.

Consider a condo or townhouse, which

Inventory also plays a role. According to

the St. Louis Federal Reserve Bank there were only 4,184 listings available for sale in September. Only about 1,348 were available in Fairfield County. In August, building permits for new private housing were around 519, the latest month for which data is available.

are less expensive than a single-family

However, not all buyers face these

home, and/or consider moving to a

hurdles. Cash buyers remain insulated

more affordable part of the country, or a from the effects of high mortgage rates, and those selling their current homes more affordable suburb.”

For context, the standard monthly mortgage payment for homebuyers has reached an all-time high of $2,866, a

can leverage their built-up equity to somewhat counterbalance the stinging monthly payments.

20% increase from the prior year. Back

In 50 out of 100 analyzed metros by

in August 2020, a typical monthly

Redfin, homebuyers must command at

payment was just $1,581, reflecting the least a six-figure income to purchase a median-priced home. The Bay Area in era of low mortgage rates and yet-tosoar home prices.

The typical American household’s earnings fall short by approximately

California stands out as the most expensive, where homebuyers must earn a staggering $400,000 annually.

09 / Realtor Report

10 Things NOT To Do When Filing an Insurance Claim!

By: Ranciato Public Adjusters Group 1. DON’T delay filing a claim.

There are many factors that can affect your claim; delaying the filing of your claim is one. If you delay filing an insurance claim, the

typically know what is covered in their policy by either denying or underpaying your claims. If you have questions about what is covered ask your agent, attorney or public adjuster.

insurance company may not get a chance to

3. DON’T fail to prevent further damage to

see the real damage caused. You also risk the

your property.

damage worsening during the time you wait which can make a frustrating resolution and repair time.

2. DON’T forget to read your policy.

Understanding what your policy covers is extremely important during the claims process.

Read through your policy to understand your responsibility, coverage limits, perils insured against, endorsements and exclusions. If you fail to know and act on your responsibilities as the insured, this could cause your claim to be denied. Insurance company representatives do take advantage of the fact that insured’s don’t

10 / Insurance Insights

A major responsibility of yours as the insured is to prevent further damage. This includes stopping leaking water, tarping a roof, mitigating any water damage, boarding up windows and more. If you fail to comply with this part of the policy, portions of your claim

could be denied. Do not wait for your insurance representatives to come review damages or send a preferred vendor out. Do what you can to prevent further damage when the loss occurs and keep all receipts for reimbursement and parts for investigation purposes.

4. DON’T fail to document the damage.

Take photos and videos. Keep all invoices and receipts. Document as much as possible to ensure you are capturing all the damage caused. Your insurance company won’t see every little thing. You are the only person there to document from the beginning to end.

Even when your insurance company says they will compile a report with all damages, they may miss something that you know is there. Be sure to continuously document the damage and correspondence during the claim This includes presenting building damage reports, personal property reports, and repair process. This will also help if you must hire your own professional or end up in

remediation reports, additional living expense

court with your insurance company.

reports and more. Relying on any

5. DON’T be rushed into a settlement

professionals sent by the insurance company is a mistake. These professionals are

If your insurance company is offering you a

reviewing the damages with the insurance

check on the spot, be cautious. Take time to

companies’ financial interests in mind. Your

review all documents and damages. Don’t feel insurance company will hire any and all compelled to take the first offer, they typically

professionals they can to deny or underpay a

like to lowball and see where they can get

claim. We see engineers, construction

away with underpaying claims. If you are

consultants, electronics consultants etc.

unsure, ask a professional for consultation.

brought in on claims just to find a way to

Ranciato Public Adjuster’s provide free

underpay or deny a claim.

consultations and review of all documents.

7. DON’T start permanent repairs until

6. DON’T rely on their adjuster or any

your insurance company has agreed to all

other professionals they bring in to do the

damages.

right thing.

If you start making permanent repairs to your

Remember the adjuster sent to your home is

property, you no longer can justify the

there on behalf of the insurance company.

damage. If the insurance company doesn't

Your policy clearly states it is your duty to

agree on a portion of the damages and you

present your claim to the insurance company.

have already repaired the damage, even if

11 / Insurance Insights

you have photos, there is no guarantee they

no means to

will agree to repair or replace the damage.

guarantee you are

8. DON’T file too many claims You may think it is a good idea to file a claim,

satisfied and paying based on work performed. Our

but it is not always the best choice. If your claim suggestion is to get is under the deductible, you won’t collect a more than 1 quote payment and it will go against your “insurance score”. Yes, an insurance score is a real thing and filing too many claims will increase your premiums. Be sure what you are filing a claim for is worth the impact on your score.

9. DON’T be inclined to think you HAVE to use the insurance company’s preferred vendor.

from vendors.

10. DON’T be afraid to ask for professional help.

Navigating an insurance claim is complex.

Between your insurance policy, your duties as a policy holder, documenting damage, creating reports, reviewing reports and the repair process there is a lot to know and understand.

These are professionals brought in by your

Don’t be afraid to ask for help from a Public

insurance company. They are a preferred

Adjuster, we are the adjusters that handle the

vendor because they save the insurance

claim on your side. Ranciato Public Adjuster’s

company money by cutting corners and not

is 3 generations of adjusters who have been on

properly completing work. Most of the time they both sides of the insurance claim fields. Our require you to sign your claim funds over to adjusters are trained in all aspects of handling them before they even start work. This means

an insurance claim. We provide free

they will get paid whether they do the work

consultations to ensure your claim is handled in

correctly or don’t do the work at all. You have

your best interest.

12 / Insurance Insights

Understanding the Section 8 Program as a Landlord in Connecticut By: CTPOA The Section 8 Housing Choice

access to a wider pool of qualified

Voucher Program, is a federally

tenants while contributing to your

funded initiative administered locally

community's well-being. The program

by Public Housing Agencies (PHAs)

is also considered a “Lawful Source of

across the United States. The

Income” and renters with program

program is also administered by

vouchers are a protected class under

private contractors hired by the State

Connecticut’s Fair Housing Laws.

to run the programs in cities without Housing Authorities.

This program helps low-income individuals and families find decent, safe, and affordable housing in the private market by providing rental assistance payments directly to landlords. As a landlord in

Do landlords in CT have to accept Section 8?

While not universally required at the federal level, in Connecticut, landlords are legally obligated to accept Section 8 tenant applicants to apply for their units.

Connecticut, understanding the

Specifically, Connecticut's Fair

Section 8 program can offer you

Housing Center (CFHC) states that

14 / Property Management Tips & Tricks

landlords are obligated to accept

Benefits of Participating in Section

Section 8 vouchers if:

8:

•

•

•

The rental unit meets Housing

•

Quality Standards (HQS): This

PHA will directly pay a large portion

means the unit must be safe,

of your tenant's rent, ensuring

decent,and sanitary.

timely and reliable income.

The rent is reasonable: The rent

•

Reduced risk of vacancy: Section

charged to Section 8 tenants must

8 tenants are often highly motivated

be comparable to similar units in

to maintain their tenancy and

the area.

comply with lease terms, leading to longer tenancy periods and less

The landlord does not have a

vacancy downtime.

legitimate reason for rejecting the tenant: This means the

•

Guaranteed rent payments: The

•

Increased market reach:

landlord cannot reject the tenant

Participating in Section 8 expands

based on their participation in the

your potential tenant pool by

Section 8 program or any other

including low-income individuals

discriminatory factor.

and families who may not otherwise be able to afford your rental unit.

However landlords can screen applicants and tenants with

Program Requirements and

Section-8 certificates are not

Responsibilities:

screened by the agencies for being good tenants, just to determine if they are eligible for the voucher program,...LANDLORDS MUST SCREEN SECTION-8 TENANT APPLICANTS to check if they are a good risk to put in their property.

•

Unit Inspections: Participating units must meet the program's Housing Quality Standards (HQS) to ensure they are safe, decent, and sanitary. PHAs will conduct inspections before and during the

15 / Property Management Tips & Tricks

the tenancy.

•

Rent Reasonableness: Rents charged to Section 8 tenants must be deemed

•

•

at (860) 240-4800.

2. Register your property: Complete the

reasonable by the PHA based on fair market

PHA's property registration form and

rents in your area. These “Fair Market

provide necessary documentation, including

Rents” are published on the HUD website

proof of ownership and insurance, rent

and updated annually.

history, and unit inspection reports.

Tenant Selection: You have the right to

3. Undergo a property inspection: A PHA

screen and select tenants who meet your

representative will inspect your unit to

leasing criteria

ensure it meets HQS standards. If the unit

Lease Agreement: You must enter into a standard lease agreement with your tenant, outlining the terms and conditions of the tenancy.

•

website or by calling the HUD Hartford office

Reporting: You are responsible for reporting any changes in rent, tenant income, or unit condition to the PHA.

How to Participate in Section 8: 1. Contact your local PHA: You can find contact information for your local PHA on the Connecticut Department of Housing

fails inspection, the tenant can not move in until it has been re-inspected and passes 4. Receive tenant applications: Once approved, the PHA will refer eligible Section 8 voucher holders to you.

5. Screen and select tenants: Review applications and select tenants who meet your leasing criteria and are approved by the PHA. 6. Enter into a lease agreement: Sign a standard lease agreement with your chosen tenant and submit a copy to the PHA.

16 / Property Management Tips & Tricks

Tenant Requirements: •

and ensure it complies with occupancy standards.

Income Eligibility: Tenants must meet income eligibility

Screening Process:

requirements based on their

•

household size and income. The

right to screen applicants based on

PHA will verify income through

your own criteria, including rental

various means like pay stubs, tax

history, creditworthiness, income

returns, and bank statements.

•

verification, and references. We

Criminal Background Checks:

recommend a trustworthy

The PHA will conduct criminal

screening platform like

background checks on all adult

TenantTracks.

household members. Certain

•

offenses may disqualify a tenant

process, including income

limited in scope.

verification, criminal background

Credit History: The PHA may

checks, and verification of family

review credit reports as part of the

composition to determine if the

screening process, but adverse

tenant is eligible for the program.

credit history alone doesn't

•

automatically disqualify applicants.

•

process, but the severity and circumstances will be evaluated.

Family Composition: The PHA will verify the household composition

Joint Approval: Both you and the PHA must approve a tenant before

Eviction History: Past evictions may be considered in the screening

•

PHA Screening: The PHA will conduct their own screening

from participation but these are

•

Landlord Screening: You have the

they can move into your unit.

Rejection Options: •

Failure to Meet Eligibility Requirements: If a tenant doesn't meet the PHA's income or other eligibility criteria, you can reject

17 / Property Management Tips & Tricks

their application.

•

•

ensuring your rental unit is free of lead-

Negative Screening Results: If your own

based paint hazards. (CTPOA has a

screening reveals red flags, such as a

webinar on its website on lead paint that its

history of evictions or damage to previous

members can watch). If a Section-8 child

rentals, you can reject the application.

•

lead level of 5 micrograms or more, the

obligated to accept any tenant you don't feel

landlord has 30 days to remediate the lead

comfortable with, even if they are approved

from the unit or the Section-8 rental

by the PHA. You can reject the application if

payment is cut-off.

terms.

•

Fair Housing Laws: You must comply with all fair housing laws and avoid

Your rent is higher than the rent the program

discrimination based on race, religion, color,

will pay. Tenants can not pay more for a rent

national origin, sex, disability, or familial

than the limit of the HUD Fair Market Rent,

status.

any side payments over the Fair Market

rents are not allowed and the tenant may be kicked off the program for doing so.

Additional Considerations: •

under the age of 6 has an elevated blood

Unfavorable Lease Terms: You are not

you don't agree with the proposed lease

•

Lead-Based Paint: You are responsible for

Reasonable Accommodation: As a landlord, you are obligated to provide reasonable accommodation to tenants with disabilities.

•

Grievance Process: Both tenants and landlords have access to a grievance process if they have any unresolved issues related to the program.

Can you raise rent on Section 8 in CT? Yes, landlords can raise rent on Section 8 units in CT, but there are specific regulations and

18 / Property Management Tips & Tricks

procedures that must be followed. Here's what you need to know: Rent Increase Guidelines: •

After the initial 12-month contract: Landlords can request rent increases after the initial 12 months of the HAP (Housing Assistance Payment) contract.

•

Frequency: Rent increases can only be requested once every lease year.

•

•

Reasonableness: The proposed rent

Tenant's name and unit address

•

Current rent

•

Proposed rent increase amount

•

Effective date of the rent increase

3. The landlord must submit a copy of the completed form to both the tenant and the local PHA. 4. The tenant has the right to appeal the rent increase to the PHA.

increase must be reasonable and

Section 8 can be an overwhelming and

comparable to similar units in the area.

confusing part of owning and renting an

Notice: Landlords must provide written notice to both the tenant and the local Public Housing Authority (PHA) at least

•

•

investment property in Connecticut. Luckily, there are many resources to support you and answer your questions.

60 days before the proposed rent

Additional Resources:

increase date.

Connecticut Department of Housing -

PHA Approval: The PHA will review the

Section 8 Housing Choice Voucher Program:

proposed rent increase and determine if it https://portal.ct.gov/DOH/DOH/Programs/ Section-8-Housing-Choice-Voucher-Program is approved. The PHA considers factors like the condition of the unit, rental

HUD User: https://www.huduser.gov/portal/

market trends, and tenant income.

home.html

Procedures for Rent Increases:

Connecticut Fair Housing Center: https://

1. Landlords must use the Rent Increase

ctfairhousing.org/

form provided by the local PHA. 2. The form should include the following information: •

Landlord's name and contact information

19 / Property Management Tips & Tricks

Understanding Asset Based Lending in the Real Estate Investment & Landlord Space By: Joseph V. Scorese, National Sales Director with BrrrrLoans Asset-based lending is a form of credit used by

Businesses generally use these loans for two

businesses. It refers to a loan that is secured by

reasons:

the assets, meaning something of value, owned by the landlord. Companies typically use this to

shore up cash flow issues on a short-term basis.

While individuals generally don’t use assetbased lending themselves, it is still helpful to understand how it works to aid in your assessment of companies when considering investments.

What Is Asset-Based Lending?

First, a company might use asset-based lending to cover a short-term cash flow issue. For

example, a company that expects to collect significant payments from customers but currently needs cash to pay its bills might take out an asset-based loan.

Second, a company might use asset-based lending to grow and make future investments if it currently has all its cash tied up. For example, a

An asset-based loan is a secured loan used by

company that just bought a new warehouse

businesses. In this case, the loan is secured by

might take out an asset-based loan to buy

the underlying physical or financial assets of the several new trucks to service that location. company. For example, a business might take

They’re in a strong position, but cash-light, so

out an asset-based loan secured by one of its

an asset-based loan can give them the money

buildings, its industrial equipment, sections of

to keep growing.

inventory or even payments due in accounts receivable.

20 / Financially Speaking

Asset-Based Lending In Real Estate Asset-based loans are relatively common in commercial and investment real estate.

One of the features of some Real Estate Investors is that they tend to be property-heavy and cash-light. Buying real estate costs an enormous amount of money, so it’s common for a firm to spend that money on its next investment

property. This can frequently leave real estate firms’ cash-light when they need to pay bills or when they want to make a new purchase.

To solve this cash-flow issue, real estate firms will often use asset-based loans backed by their real estate holdings. The loan can change based on the underlying value of the property involved.

Faster Processing, Closing, and Turnaround It typically takes far less time to close on a loan when using asset-based financing than it does with a traditional mortgage product from a bank or credit union. This results from less stringent

For example, a landlord might take out an asset-

underwriting guidelines, making it easier for the

based loan secured by the market value of a

underwriter to review the file in less time and

property they own. Or it might take out a loan

issue a final lending decision. Furthermore,

backed by the income of a rental unit. The sale-

private lenders have more leeway and aren’t

price of a property will typically generate lower

bound by the same restrictions as traditional

loan-to-value ratios since real estate sales are

lenders offering conventional loans and

illiquid. The cash flow of an income-generating

government-backed loans.

property will typically generate higher loan-tovalue ratios since this is highly liquid.

Regardless of the value, real estate firms have significant assets they can use to secure an asset-based loan.

Advantages of Asset-Based Lending There are several benefits of using asset-based lending to grow your portfolio of rental properties.

Less Documentation and Paperwork You can also avoid mountains of paperwork and

financial documentation that you’ll otherwise need if applying for a traditional mortgage product.

Low Down Payment Requirements It’s possible to get approved for an asset-based loan with a down payment as low as 20 percent.

However, there are lenders that may be willing to

21 / Financially Speaking

loan 100 percent of the property value, but you’ll likely get less favorable terms, including a higher interest rate.

Not Dependent on Personal or Business Assets As mentioned earlier, asset-based loans are based

you when applying for asset-based financing.

The lender will likely request extensive documentation that outlines your plan to effectively manage and generate positive cash flow with the property.

on collateral and your company’s investment

Your investment objective, projected earnings and

strategy to generate more income. This means the

exit strategy play a significant role in the loan

amount of your personal or business assets isn’t

amount and terms you’re approved for.

necessarily a deal-breaker.

If you can effectively plead your case for a loan

Can You Use Asset-Based Lending for a Rental or

and submit all the required documentation

Investment Property?

promptly, it’s possible to get approved, closed and

Yes, you can use an asset-based loan to acquire a rental or investment property. It’s also commonly used for fix and flip properties that you only plan to keep for the short term.

funded in just one to two weeks.

The Bottom Line An asset-based loan is a business loan secured by property, cash or other assets owned by the

How To Qualify for Asset-Based Lending for a

business. They are popular for Landlords, as these

Rental Property

loans can help a cash-light investor purchase new

Eligibility criteria vary by lender, but here are some

investment properties.

tips to keep in mind before applying:

Joseph V. Scorese 732-851-6900 | 215-290-5108

As mentioned earlier, the lender focuses on

National Sales Director

property values and not credit history when deciding if you qualify for a loan. So, working tirelessly to improve your credit score won’t help

BrrrrLoans

www.brrrr.com

36-38 West Main St, Suite 104, Freehold, NJ 07728

22 / Financially Speaking

jscorese@brrrloans.com

Cozy Homes, Happy Tenants, Lower Bills: A Connecticut Landlord’s Guide to Winter Heating & Savings By: CTPOA As the crisp autumn air gives way to frosty

and walls. Consider supplementing

mornings in Connecticut, landlords begin

existing insulation for optimal heat

to face a familiar challenge – keeping their

retention.

tenants warm and comfortable while minimizing heating costs. This delicate

•

inefficient windows and doors with

balance requires proactive planning and

energy-efficient models. This can be a

clever strategies.

significant investment, but the long-

Warm Up Your Wallet: •

•

term savings on heating bills can be substantial.

Seal the Deal: Conduct a thorough air sealing audit. Seal any leaks or gaps

Upgrade the Troops: Replace old,

•

Smart Thermostat Power: Install

around windows, doors,and utility

programmable or smart thermostats

penetrations. A little caulk can go a

that automatically adjust temperatures

long way in preventing costly drafts.

based on occupancy and preferred

Insulate Like a Pro: Ensure proper insulation levels in attics, crawl spaces,

24 / Get Energy Efficient

schedules. This simple upgrade can save you up to 10% on your heating bills.

•

Let the Sunshine In: Trim back

local rebates and incentives available to

overgrown trees and shrubs around the

landlords who implement energy-saving

property to allow maximum sunlight to

improvements in their rental properties.

enter windows during the day, providing natural heat and reducing reliance on artificial heating.

•

Weatherize Together: Encourage tenants to participate in simple energysaving measures like turning off lights and electronics when not in use, using cold water for laundry, and adjusting their thermostats slightly during the day.

Creative Cost-Cutting Strategies: •

Group Power: Consider bulk-purchasing heating oil or propane with other landlords in your area to negotiate better

pricing.

•

Alternative Energy: Explore renewable energy sources like solar or geothermal heating to reduce reliance on traditional fossil fuels.

•

Weatherproof the Outside: Ensure proper drainage around the property and clean gutters regularly to prevent ice

Beyond the Bills: Remember, a warm and comfortable home is not just about saving money. It's also about creating a happy and healthy living environment for your tenants. By investing in winterization and energy-saving strategies, you can ensure their comfort and improve your bottom line.

Additional Resources: Eversource Energy Efficiency Programs: https://www.eversource.com/content/ residential/save-money-energy/energyefficiency-programs/income-eligible-home-

energy-solutions-ct CT.gov Weatherization Assistance: https:// portal.ct.gov/DEEP/Energy/Weatherization/ Weatherization-in-Connecticut Department of Energy Home Energy Saver: https://www.energystar.gov/ By implementing these strategies,

dams and water damage that can lead to Connecticut landlords can ensure their rental properties are cozy havens for costly repairs.

•

Maintenance Matters: Regularly schedule maintenance for your heating system to ensure optimal efficiency and prevent potential breakdowns.

•

tenants, while keeping their wallets warm and happy all winter long. Remember, a little proactive planning can go a long way in creating a win-win situation for everyone involved.

Green Incentives: Investigate state and 25 / Get Energy Efficient

Understanding PACs and Super PACs By: CTPOA In the ever-evolving landscape of politics, understanding Political Action Committees (PACs) and their independent counterparts, Super PACs, is crucial for landlords and real estate professionals in Connecticut. These organizations can significantly impact legislation and elections, ultimately shaping the environment in which you operate your business within.

PACs vs. Super PACs: Key Differences While both PACs and Super PACs aim to influence the political process, they operate under different rules and regulations:

Feature

PACs

Super PACs

Contribution Limits:

Lower limits for individual and group Unlimited contributions from contributions Individuals, corporations, and labor unions

Coordination:

Can coordinate directly with candidates and their campaigns

Spending:

Can spend money to support or op- Can spend money on independent pose candidates expenditures like ads and voter outreach

Transparency:

Required to disclose donors

26 / The Legal Corner

Prohibited from coordinating with candidates and their campaigns

Required to disclose donors

Types of PACs: •

Trade association PACs: Represent

Impact on Landlords and Real Estate

specific industries like the Connecticut

Professionals:

Association of Realtors or the Connecticut Apartment Association.

•

candidates or ballot measures.

Single-issue PACs: Focus on single issues like property taxes or rent

PACs and Super PACs can significantly impact the real estate industry by: •

candidates' positions on issues

control.

•

relevant to landlords and real estate

Leadership PACs: Formed by current or former elected officials to support their own political future or endorsed

professionals.

•

to stricter contribution limits.

•

taxes, rent control, and other industry-

Connected PACs: Directly affiliated with a candidate or officeholder, subject

Lobbying efforts: Shaping legislation and regulations that impact property

candidates.

•

Campaign contributions: Influencing

specific issues.

•

Public awareness campaigns: Swaying public opinion on issues that

Non-connected PACs: Independent of

affect the real estate market,potentially

any candidate or officeholder, with

influencing election outcomes.

more flexibility in fundraising and spending.

Super PACs: A Growing Influence Super PACs have emerged as a powerful

force in recent years, wielding significant financial resources to influence elections

Engaging with PACs and Super PACs: Landlords and real estate professionals can engage with PACs and Super PACs in several ways: •

aligned with your interests.

and public opinion. While unable to directly coordinate with candidates, they can

Contribute financially: Support PACs

•

Volunteer time: Assist PACs with

spend unlimited funds on independent

fundraising, outreach, and other

expenditures, such as advertising

activities.

campaigns promoting or attacking specific

•

Stay informed: Track the activities of 27 / The Legal Corner

PACs and Super PACs to understand their stances on issues relevant to the industry.

•

Advocate for your interests: Contact elected officials and express your concerns about legislation or policies negatively impacting your business.

•

Join industry associations: Participate in trade associations that actively engage with the political landscape and advocate for your interests.

PODL PAC Info In March of 2016 several concerned landlords came together to form a Political Action Committee (PAC) called the Property Owner Defense League – PAC to help

Understanding the differences and roles of

improve the political climate for property

PACs and Super PACs is essential for

owners.

landlords and real estate professionals in Connecticut. By actively engaging with the

political process and strategically utilizing available resources, you can ensure your voices are heard and your interests are protected in the legislative arena.

The sole purpose of the PAC is to influence the outcome of elections. The PAC was first established in Connecticut as an “Independent Expenditure PAC” meaning that it can have no direct coordination or communication with any candidate it

Connecticut has the Property Owners

supports or opposes, thus the name

Defense League specific to landlords and

Independent Expenditure.

we encourage you to get involved HERE. 28 / The Legal Corner

Energize Your Property: Unlocking Savings with Energy Efficiency Programs By: Eversource In the world of property ownership, every

habitability through adequate heating and

decision holds a key to unlocking savings

cooling systems, conducting maintenance

and the power to make a difference. When it on energy systems, and implementing comes to enhancing your property’s energy

energy efficiency upgrades. That’s where

efficiency, we have your back. Eversource, a our Multifamily Initiative comes in. proud Sponsor of Energize Connecticut SM, makes energy savings accessible and easy, regardless of property size. We can help you develop an energy-saving strategy, connect you with funding resources, and take advantage of multiple programs aimed at reducing energy consumption, increasing

property value, and become part of a more energy-efficient future.

The Multifamily Initiative takes a holistic approach to property enhancements, providing incentives, financing, and technical assistance to owners and managers of properties with five or more units. The program tailors solutions for both market rate and income eligible segments, addressing dwelling units, as well as common and exterior areas of the

While your tenants are responsible for

properties. Property owners and managers

paying utility bills, using energy wisely, and

can leverage the Multifamily Initiative to

promptly reporting issues with energy-

implement improvements in the building

related systems, property owners have

envelope, lighting, appliances, and heating

diverse duties, including ensuring property

and cooling systems.

30 / Vendor Spotlight

Studies show that every $1 dollar you

SAVINGS: The energy-saving

spend on energy efficiency can add up to

improvements can reduce energy use in

$10 in property value. To learn more about multifamily buildings by up to 30 percent the Multifamily Initiative and to get started

and improve tenant comfort. With incentive

on your property’s energy-saving

levels up to 90 percent of project cost in

upgrades, visit: EnergizeCT.com/

income eligible and up to 65 percent in

multifamily. For solutions for one-to-four-

market rate segments, the savings can be

unit multifamily properties, please visit:

substantial.

EnergizeCT.com/hes

Looking for more ways to help your

The Eversource Process: Easy and

tenants save on energy bills? Electricity

Effective

account holders have the power to make

We get it; you are busy managing your property. That's why we have made the process as straightforward as possible.

Reduce energy use and operating costs

informed choices by comparing offers from licensed energy suppliers on Connecticut’s official generation Rate Board, available at EnergizeCT.com/Supplier.

by making your multifamily property

more comfortable and environmentally friendly.

Eversource is here to help you with: FOCUS: We work with you to create a customized plan and find solutions to reach your energy savings, decarbonization and electrification goals.

IMPLEMENTATION: Eversource provides support for the implementation of energy-saving measures, including guidance on financing and incentives.

31 / Vendor Spotlight

Energy Efficiency Case Study: The Mansions at Hockanum Crossing | Vernon, CT THE CHALLENGE: The Mansions at Hockanum Crossing is a community of 700 one- and two-bedroom luxury apartments. Originally, the apartments

had inefficient lighting and weren’t armed with the latest weatherization measures to keep up with the New England weather. Energy efficiency quickly became a top item on Hockanum Crossing’s amenity wish list. The key, though, was to make the energy-saving improvements while accommodating

•

High efficiency LED lighting

•

Building envelope improvements including air sealing and insulation

residential schedules across all 700 units.

around windows, doors, attic hatches and

THE EVERSOURCE SOLUTION: The Mansions at Hockanum Crossing received approximately $415,000 in Energize

ductwork •

ductwork

Connecticut incentives to help offset the upfront cost of upgrades, which included:

Sealing around heating and cooling

•

The energy improvements translated into monthly savings on bills, too.

32 / Vendor Spotlight

COST SAVINGS •

The upgrades are estimated to save each unit owner approximately $260 in annual energy savings, or $180,000 collectively

•

Save nearly $1.8 million over the next 20 years predicted use of the equipment and improvements

•

Defray the investment with nearly $415,000 in incentives

ENERGY SAVINGS •

6,000 tons of carbon dioxide (CO2) emissions avoided or,

•

2,800 tons of coal not burnt, or

•

1,300 cars taken off the roads for one year

WEBINAR ANNOUNCEMENT: January 16, 1pm: Discover the keys to energy savings, enhanced property value, and tenant comfort in our upcoming webinar as Natalia Sudyka from Eversource

shares valuable insights on optimizing energy efficiency for owners and managers of multifamily buildings. Sign up today.

Registration coming soon!

33 / Vendor Spotlight

The Importance of Reporting Payment History of NonPaying Tenants By: Paul Jenney, Compliance Officer with TenantTracks Introduction: As a landlord or property manager,

prioritize rent payments and fulfil their

one of the critical aspects of running a

obligations, fostering a sense of

successful rental business is ensuring timely

responsibility and financial discipline.

rent payments from tenants. However, dealing with non-paying tenants can pose significant

•

Reporting non-paying tenants to the

challenges. It's crucial to establish effective

TenantTracks helps safeguard your interests

systems to address these situations promptly

as a landlord or property manager. It

and protect your financial interests. One

provides an objective record of tenants'

effective strategy is reporting the payment

payment behaviour, making it easier for you

history of non-paying tenants to TenantTracks.

•

Protecting Your Interests as a Landlord:

to assess their creditworthiness when they

Ensuring Accountability and Encouraging

apply for future rentals. This information

Responsible Behaviour: By reporting the

allows you to make informed decisions and

payment history of non-paying tenants to

mitigate the risk of renting to individuals who

TenantTracks, you help hold individuals

have a history of non-payment especially as

accountable for their financial commitments.

the legislature wants to restrict eviction

It serves as a deterrent for future

records.

irresponsible behaviour, as tenants become aware that their actions can have long-term consequences on their creditworthiness.

This practice encourages tenants to

•

Supporting the Rental Community: When non-paying tenants face consequences for their actions through tenant credit reporting, it benefits the rental community. By sharing

34 / Tenant Screening Tips & Tricks

accurate payment information, you contribute

Best Practices for Reporting Payment

to a fair and transparent rental market. Other

History:

landlords can make informed decisions based on tenants' credit history, reducing the

•

reporting payment history, familiarize

likelihood of renting to individuals with a track

yourself with relevant laws and regulations

record of non-payment. This practice helps

governing credit reporting in your

create a more reliable and accountable rental

jurisdiction. Ensure compliance with

environment.

•

privacy laws, tenant rights, and any

Establishing Documentation for Legal Purposes: In some cases, reporting nonpaying tenants to the TenantTracks can

required disclosures or notifications.

•

Use a Reliable Screening Agency: Select a reputable tenant screening agency that

provide valuable documentation for legal

specializes in tenant credit reporting.

proceedings. If the situation escalates and

Research and choose a reliable provider

you need to pursue legal action to recover

with a track record of accuracy, security,

unpaid rent or damages, having an official

and timely reporting. Obviously, we

record of the tenant's payment history can

recommend TenantTracks, but there are

strengthen your case. It serves as

other options, but having a central facility

evidence of their financial negligence and

for all CTPOA members to share

supports your claim in court.

•

Comply with Legal Requirements: Before

information ensures consistency of

Encouraging Tenant Cooperation: When tenants understand that their payment history will be reported to TenantTracks,

reporting.

•

Maintain Accurate Records: Maintain meticulous records of rent payments, lateill

they are more likely to cooperate in

help ensure the accuracy of the

resolving any outstanding payment issues.

information you report and provide

They may be motivated to work out

valuable suppor payments, and any

payment plans, communicate their

communication regarding non-payment.

difficulties, or seek financial assistance to

Clear documentation wt in case of

avoid negative credit consequences. This

disputes.

practice promotes open dialogue between •

landlords and tenants and fosters a

Adhere to Dispute Resolution Processes:

collaborative approach to addressing

If a tenant disputes the accuracy of the

financial challenges.

reported payment information, follow the

35 / Tenant Screening Tips & Tricks

proper dispute resolution processes

more responsible and transparent rental

outlined by the screening agency. Promptly

community. There is also NO COST to

investigate and resolve any legitimate

report data in.

concerns to maintain the integrity of the reported data.

•

Notify Tenants of Reporting Policy: Clearly communicate your policy regarding the reporting of payment history to tenants. Include this information in the lease agreement and make sure tenants understand the potential consequences of non-payment on their credit scores. Transparency and

By following the best practices outlined above, you can establish effective systems that foster financial responsibility,

encourage cooperation, and maintain the integrity of your rental business and prevent legislators from taking away your most effective screening tool, your and other owners' and managers' experiences with the tenant.

upfront communication can encourage timely payments and minimize misunderstandings.

Reporting the payment history of nonpaying tenants to TenantTracks is a vital practice for landlords and property

Know Who You Are Renting To

managers. It ensures accountability,

www.tenanttracks.com

protects your interests, and contributes to a

36 / Tenant Screening Tips & Tricks

For More Information Visit Our Website: landlordcollections.net Give Us A Call: (800)-369-6153

What’s Happening Near You? The Statewide Events and Meetings calendar is a resource for local landlords and property owners to meet up, network and grow your real estate opportunities.

Get Involved, Stay Informed.

December 2023 Sun

Mon

Tue

Wed

Thu

Fri

Sat

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CTREIA

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Events & Meetings & Networking

Connecticut Property Owners Alliance (CTPOA)

Eastern CT Association of Realtors (ECAR)

Greater Hartfo Association Realtors (GHAR)

Next Meeting: Dec. 13th

Next Meeting: Dec. 13th

Next Meeting: Dec. 1

Time: 1:00 PM

Time: 6:00 PM - 8:00 PM

Time: 5:00 PM

Where: Zoom

Where: Fat Tuna 378 Rope Ferry Road Waterford, CT 06385

Where: Salt 2.0 84 Main Street Torrington, CT 06790

Contact: (800) 369-6153

About: Dana Serra, Director Contact: (860) 892-2595 of Leased Housing Programs, has dedicated 30 About: Join our YPN for an years to the Housing Ugly Sweater Contest and Authority of the City of Toy Drive at the beautiful Waterbury. She possesses Fat Tuna in Waterford. extensive knowledge of There will be appetizers, Section 8 and Public cash bar, and the option to Housing regulations, as purchase more delicious evidenced by her PHM food. certification and various Register here! other credentials.

•

Stricter Inspection Regulations

•

Fair Market Rent Contract Calculation

•

The Paperwork Process

•

Live Q&A & More!

Register here!

Contact: (860) 561-18

About: Join Litchfield County Chapter for a holiday mingle happy hour. Light appetizers provided thanks to our sponsor, Torrington Sa Bank. Bring a guest! C bar and enjoy the follo light appetizers: chees crackers, veggies, chi salsa, Caeser pinwhee kale and spinach dum and fried cauliflower.

Register here!

ord of

14th

800

Connecticut Real Estate Investors Association (CTREIA)

Connecticut Real Estate Investors Association (CTREIA)

The NEI Real Estate Investor Meetup (NEI)

Next Meeting: Dec. 18th

Next Meeting: Dec. 19th

Next Meeting: Dec. 21st

Time: 5:30 PM - 9:00 PM

Time: 5:30 PM - 9:00 PM

Time: 6:00 PM - 9:00 PM

Where: Aqua Turf Club 556 Mulberry Street Plantsville, CT 06479

Where: Aqua Turf Club 556 Mulberry Street Plantsville, CT 06479

Where: Back Nine Tavern 245 Hartford Road New Britain, CT 06053

Contact: (860) 265-4414

Contact: (860) 265-4414

Contact: (203) 915-3803

About: Join us for an amazing About: It's BACK! The About: Join us for the NEI night of dinner, cocktails as well CTREIA Annual HOLIDAY Real Estate Investor as supporting a great causeCELEBRATION & ...CAMP Meetup's final event of the s are Camp Courant!. Let's all get COURANT FUNDRAISER! year! We're bringing back r dressed up and have a ball guest speakers from 2023 avings celebrating another year behind • 5th Largest REIA in to share insights on the America...because of Cash us and looking forward to 2024. year's key developments YOU! owing and their predictions for Register here! se, real estate in 2024.

• An Incredible Evening of ips, Connect with fellow Friends, Family & els, investors, gain valuable Festive Fun...and mplings, knowledge, and set the Fundraising! stage for a successful 2024.

Register here!

Register here!

Name

Contact

Service

BestWay Mortgage, Brandon Parenti

Phone: (203) 441-4059

Mortgages & Loans

Website: Click here!

(Professional Services)

Pro Property Management

Phone: (203) 909-6333

Property Management Services

Website: Click here!

(Professional Services) The Law Office of Yona Gregory

Phone: (860) 443-9662

Attorney / Evictions

Website: Click here!

(Professional Services)

The Brodrick Law Firm

Phone: (203) 758-8822

Attorney / R.E. Closings

Website: Click here!

(Professional Services)

Phone: (888) 610-4710

Tenant Screening

Website: Click here!

(Professional Services)

Tammy Enquist Canfield: Comparion Insurance Agency

Phone: (203) 695-3893

Insurance

Website: Click here!

(Professional Services)

ServiceMaster Restore

by Recovery Solution

Phone: (860) 735-4704

Restoration

Website: Click here!

(Maintenance & Tradesmen)

Eversource Energy

Phone: (800) 592-2000 Website: Click here!

Energy Efficiency Provider (Suppliers & Wholesalers)

Phone: (720) 706-8902

Rental Insurance

Website: Click here!

(Professional Services)

TenantTracks

The Guarantors

Premier Real Estate Investment Group

Phone: (860) 335-0681

Cesar L. Sousa, Real Estate Attorney

Phone: (203) 583-8299

Real Estate Multi-Family

(Professional Services)

Website: Click here!

Attorney / Personal Injury (Professional Services)

PosiGen

Phone: (866) 767-4436 Website: Click here!

Solar Panels/Green Energy (Maintenance & Tradesmen)

Pet Screening

Website: Click here!

Tenant Screening (Professional Services)

Nick Minicucci: New England Residential Finance, LLC

Phone: (203) 509-2717

Mortgages & Loans

Website: Click here!

(Professional Services)

Landlord Collection Agency

Phone: (800) 369-6153

Collection Agency

Website: Click here!

(Professional Services)

Junk Bear

Phone: (860) 378-2801

Rubbish & Hauling

Website: Click here!

(Maintenance & Tradesmen)

First World Mortgage: Jesus A. Carrero

Phone: (203) 715-0961

Mortgages & Loans

Website: Click here!

(Professional Services)

The Miranda Team Home Inspections

Phone: (203) 490-7855

Home Inspections

Website: Click here!

(Professional Services)

Name

Contact

Service

Marion Szarzynski, HomeBridge Mortgage Loan Originator

Phone: (203) 768-5098

Mortgages & Loans

Website: Click here!

(Professional Services)

Brenda Tate, Photographer

Phone: (860) 631-7622

Real Estate Photography

Website: Click here!

(Professional Services)

Jeff Zappone, Loan Officer at CrossCountry Mortgage

Phone: (203) 592-3602

Mortgages & Loans

Website: Click here!

(Professional Services)

Dawn Cabral, Broker/ Owner, GRI, SRES at West View Properties LLC

Phone: (203) 228-7564

Real Estate Residential

Website: Click here!

(Professional Services)

Dana M Guiliano

Phone: (203) 419-5857

Attorney / Evictions

(Professional Services)

Venoal M. Fountain, Jr., Partner at Hirsch, Levy & Fountain, LLC

Phone: (203) 336-3144

Attorney / Evictions

Website: Click here!

(Professional Services)

Attorney Emanuele A. Mangiafico

Phone: (860) 827-8064

Attorney / R.E. Closings

Website: Click here!

(Professional Services)

Reckmeyer & Reckmeyer, Law

Phone: (860) 333-5677

Attorney / Evictions

Website: Click here!

(Professional Services)

Ranciato Public Adjusters Group, LLC

Phone: (888) 298-9014

Public Adjuster

Website: Click here!

(Professional Services)

Name

Contact

Service

BRRRR Loans

Phone: (215) 290-5108

Mortgages & Loans

Website: Click here!

(Professional Services)

Phone: (860) 956-6825

Property Management Services

Ironclad Property Management

Website: Click here!

(Professional Services)

About the CTPOA Vendor Program Let the Connecticut Property Owners Alliance help promote your business to the Real Estate and Property Owner community through our Vendor Affiliate Member Program!

Your company will be listed in our priority vendor database for all CTPOA members. Our events will allow you to display your promotional materials on our vendor tables, interaction with prospective customers and grow your presence on social media. CTPOA makes it easy for you to gain more customers without spending valuable time searching for them.

To sign up to be a CTPOA Vendor, click here!

P. (800)369-6153

F. (888)900-9773

E. info@ctpoa.com

www.ctpoa.com

CT Real Estate Today allows you to hit your target audience for all things real estate.

Contact us at info@ctpoa.com

ADVERTISE WITH US!

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V

The Conne composed o REALTORS improve the bu

Follo

me a CTPOA Member!

Visit: https://ctpoa.com/

ecticut Property Owners Alliance is of experienced property managers, S and landlords working together to usiness conditions for rental property owners.

ow CTPOA: https://www.facebook.com/CTPOA/

About Us Advocates For Property Owners The Connecticut Property Owners Alliance is composed of experienced property managers, realtors and landlords working together to improve the business conditions for rental property owners. The Alliance saves its members money on essential real estate services, reviews and testifies on pending legislation & law changes and offers its members workshops and meetings on topics that impact landlords.

Why The Property Owners Alliance Was Formed The Alliance strives to ensure your success in real estate by: •

Saving you money on essential real estate services

•

Informing you of law changes impacting your business

•

Providing workshops and meetings to help you become a better educated and prosperous rental property owner.