Exp. REI- How Do You Qualify Areas To Invest In New State ( CT )
I am researching CT area not familiar at all with CT, still confused where to buy my 1st Multifamily,
What steps do you take when you go into a new or neighboring state which you never invested before to make sure you invest in the right area.
what tools, qualifying buying criteria's you set for buying a multifamily
I tend to look for Crime information within a town at neighborhoodscout.com. It will indicate the best and worst parts of a town. I also usually go onto the judicial website for CT and you can look up evictions by street. If there are a lot of evictions on a street, the area is not good.
Quote from @Samuel Eddinger:
I tend to look for Crime information within a town at neighborhoodscout.com. It will indicate the best and worst parts of a town. I also usually go onto the judicial website for CT and you can look up evictions by street. If there are a lot of evictions on a street, the area is not good.
Yes that is important for me, will do this for sure, the judicial website is interesting and also put this on things to do list. Thank you Sam
Hey Edwin, CT Licensed Realtor here.
My area is Fairfield County so I cannot speak for outside of that. I would say that if you want to invest in CT, Norwalk and Stamford are excellent choices. Up until now, Most rentals were getting taken in 3 to 7 days and most of them had about 15 applicants at least. The pricing of homes is high here and people are forced to Rent.
As far as the criteria for a multifamily, it's tough to answer that question. Crime is definitely a big factor; you can get that information from the local police station. A BIG factor is school districts though. And of course, taxes. You will notice a lot of towns vary in taxes (mill rates) in this county with Bridgeport having one of the highest ones.
Also, keep in mind right now is a great time to buy since it's winter/holidays and the market is in it's slow season. But at the same time, it's going to be harder to rent out for the same reason. I say this because if you want to rehab and you can time your rehab so it's finished by Summer, that would be perfect. This is a key factor if you are going to rehab a home.
Also, something to mention. Unlike NY, In CT in most cases both Realtors are paid by the seller.
If I can be of any further assistance please do not hesitate to message me!
Quote from @Edwin De leon:Hey Edwin, try easy use soft https://www.tophap.com/ its a lot of data points,
I am researching CT area not familiar at all with CT, still confused where to buy my 1st Multifamily,
What steps do you take when you go into a new or neighboring state which you never invested before to make sure you invest in the right area.
what tools, qualifying buying criteria's you set for buying a multifamily
Leona
Quote from @Samuel Eddinger:
I tend to look for Crime information within a town at neighborhoodscout.com. It will indicate the best and worst parts of a town. I also usually go onto the judicial website for CT and you can look up evictions by street. If there are a lot of evictions on a street, the area is not good.
Hummm interesting Sam about evictions on a given street using this is data point to make decisions thanks
Quote from @Ruben Aguilera:Thank you, yes found out today taxes are about $8k yearly for $350k property
Hey Edwin, CT Licensed Realtor here.
My area is Fairfield County so I cannot speak for outside of that. I would say that if you want to invest in CT, Norwalk and Stamford are excellent choices. Up until now, Most rentals were getting taken in 3 to 7 days and most of them had about 15 applicants at least. The pricing of homes is high here and people are forced to Rent.
As far as the criteria for a multifamily, it's tough to answer that question. Crime is definitely a big factor; you can get that information from the local police station. A BIG factor is school districts though. And of course, taxes. You will notice a lot of towns vary in taxes (mill rates) in this county with Bridgeport having one of the highest ones.
Also, keep in mind right now is a great time to buy since it's winter/holidays and the market is in it's slow season. But at the same time, it's going to be harder to rent out for the same reason. I say this because if you want to rehab and you can time your rehab so it's finished by Summer, that would be perfect. This is a key factor if you are going to rehab a home.
Also, something to mention. Unlike NY, In CT in most cases both Realtors are paid by the seller.
If I can be of any further assistance please do not hesitate to message me!
Quote from @Leona Usaty:
Quote from @Edwin De leon:Hey Edwin, try easy use soft https://www.tophap.com/ its a lot of data points,
I am researching CT area not familiar at all with CT, still confused where to buy my 1st Multifamily,
What steps do you take when you go into a new or neighboring state which you never invested before to make sure you invest in the right area.
what tools, qualifying buying criteria's you set for buying a multifamily
Leona
Great, thank you Leona, I am looking into different tools that can help me compliment manual research efforts into areas where I should be focusing my investment goals and efforts. Already checked tool out, need to go back and review more thoroughly thanks again
Any time, Have a great day!
Leona
Quote from @Edwin De leon:
Thank you, yes found out today taxes are about $8k yearly for $350k property
In Norwalk and Stamford a 350-380K Property is around $6000; with a mill rate of about 24-26 depending on the town. Is it safe to say you are looking at Bridgeport with a mill rate of 43.45? If you are, please look into the Blackrock neighborhood. It has a high demand from college students because Fairfield University is very close and so is Sacred Heart.
Blackrock is also a very popular scene to go out to since it's neighbors with Fairfield and there is a lively nightlife scene. It's an area very sought after by college students who tend to pay everything up front and ask for minimal repairs/maintenance. The homes in that area have also gone up in value considerably. In 2020 The median sales price was 200k and now is 280k.
Quote from @Samuel Eddinger:
I tend to look for Crime information within a town at neighborhoodscout.com. It will indicate the best and worst parts of a town. I also usually go onto the judicial website for CT and you can look up evictions by street. If there are a lot of evictions on a street, the area is not good.
Thanks Sam, what are you thoughts on Propstream Tool vs Neighborhoodscout .... what other information besides Crime info do you look at when using . I am considering Propstream tool right now but wondering if I should use neighborhood scout at the same time along side propstream not sure yet but it appears they designed for different uses each one of these tools I have mentioned, have you played around with propstream and can share the pros and cons of both of these tools , sending you a PM message
Quote from @Ruben Aguilera:
Quote from @Edwin De leon:
Thank you, yes found out today taxes are about $8k yearly for $350k property
In Norwalk and Stamford a 350-380K Property is around $6000; with a mill rate of about 24-26 depending on the town. Is it safe to say you are looking at Bridgeport with a mill rate of 43.45? If you are, please look into the Blackrock neighborhood. It has a high demand from college students because Fairfield University is very close and so is Sacred Heart.
Blackrock is also a very popular scene to go out to since it's neighbors with Fairfield and there is a lively nightlife scene. It's an area very sought after by college students who tend to pay everything up front and ask for minimal repairs/maintenance. The homes in that area have also gone up in value considerably. In 2020 The median sales price was 200k and now is 280k.
Thank you would like to talk to you ... sent u PM
Quote from @Ruben Aguilera:thank you, found helpful the feedback you gave me
Quote from @Edwin De leon:
Thank you, yes found out today taxes are about $8k yearly for $350k property
In Norwalk and Stamford a 350-380K Property is around $6000; with a mill rate of about 24-26 depending on the town. Is it safe to say you are looking at Bridgeport with a mill rate of 43.45? If you are, please look into the Blackrock neighborhood. It has a high demand from college students because Fairfield University is very close and so is Sacred Heart.
Blackrock is also a very popular scene to go out to since it's neighbors with Fairfield and there is a lively nightlife scene. It's an area very sought after by college students who tend to pay everything up front and ask for minimal repairs/maintenance. The homes in that area have also gone up in value considerably. In 2020 The median sales price was 200k and now is 280k.
Quote from @Edwin De leon:I really only invest in areas I know so I really don't use either tool (though I'm familiar with both). Propstream is more of a data aggregator (getting phone numbers, emails, addresses, etc). Neighborhood scout is more for crime.
Thanks Sam, what are you thoughts on Propstream Tool vs Neighborhoodscout .... what other information besides Crime info do you look at when using . I am considering Propstream tool right now but wondering if I should use neighborhood scout at the same time along side propstream not sure yet but it appears they designed for different uses each one of these tools I have mentioned, have you played around with propstream and can share the pros and cons of both of these tools , sending you a PM message