Rental Property Investor · Greenwich, CT · Member since 2015 · 48 posts · 16 votes
I am based in lower Fairfield County, CT and real estate prices here are very high. Certainly rents are high as well but it makes it very hard to save up the necessary down payments to make a purchase. I am interested in expanding beyond county limits and was curious if anyone has had any luck in other Connecticut Markets. Really want to keep to very safe neighborhoods in towns with good schools.
I do worry about managing a property form afar but if the deal is right I am sure I could find a management company.
I agree with @Oliver Alfaro. New Haven and surrounding towns like East Haven, West Haven, Hamden are worth looking into. The area has a great rental market with several universities within the immediate area including Yale, Univ of New Haven, Southern Connecticut State Univ, Albertus Magnus and Quinnipiac Univ.
As a Realtor, I would refer you to the city's police department website for crime stats in each town.
As a resident of New Haven (and not originally being from CT), I can agree that some areas are sketchy but there are some really great, quiet and nice areas as well. The city is bringing a lot new developments both residential and commercial (mixed use).
I also live in Fairfield county, I like New Haven and surroundings, I bought my first multi family 2 months ago, the prices are pretty good and great cash flow on the rents.
I am in the process of finding my second multi-family in the same area.
I also live in Fairfield county, I like New Haven and surroundings, I bought my first multi family 2 months ago, the prices are pretty good and great cash flow on the rents.
I am in the process of finding my second multi-family in the same area.
Let me know if you want to connect sometime.
Best,
Oliver
Thanks Oliver, New Haven has made me curious but I have heard that some areas are a bit rough while others may be worth a look. How has it been managing properties so far up the line? Any areas of New Haven or surrounding towns you would recommend me looking into?
@Tony Velez I bought in New Haven, very close to downtown and Yale.
@Bob Mazza So far so good, they are some sketchy areas but close to Yale and East Rock are great areas. I am also looking in Derby, Ansonia, and West Haven.
New London County isn't too hot for multi families. After paying taxes and insurance there is next to nothing left. Before even touching on capex and debt servicing...I've been looking at the ones on the market and they have all been neglected for repairs for years.
I agree with @Oliver Alfaro. New Haven and surrounding towns like East Haven, West Haven, Hamden are worth looking into. The area has a great rental market with several universities within the immediate area including Yale, Univ of New Haven, Southern Connecticut State Univ, Albertus Magnus and Quinnipiac Univ.
As a Realtor, I would refer you to the city's police department website for crime stats in each town.
As a resident of New Haven (and not originally being from CT), I can agree that some areas are sketchy but there are some really great, quiet and nice areas as well. The city is bringing a lot new developments both residential and commercial (mixed use).