Whats the market like in Connecticut?

12 Replies

I'm just at the very tip of the iceberg and trying to learn the ropes.  I'm want to get a handle on the CT  (primarily multifamily) market. Is anyone here active in greater CT. Whats hot, whats not? Since I'm several months away form buying anything is it possible to see what a wholesaler has to offer without wasting anyones time?

I'm quite good at assimilating information so any other CT info would be welcome. 

Sorry If this is too vague. 

I think it depends on what your looking to buy. Will you be living in the home yourself/flipping or renting it out? Some CT towns are more desirable than others for each specific purpose.

The market in Bridgeport Connecticut is hot right now and prices have been rising.  

Definitely much value to be added as a wholesaler IF you can analyze deals and find the higher cash on cash return multi families to buy and hold in decent areas. 

Also there is still opportunities for flips if the price is right and you know how to find motivated sellers who are willing to take 30-50% below market value for whatever reason.  

@Luke Monahan what size multifamily are you referring to? And what Towns? 

I am active in Tolland County and know the area real well, including South Windsor. In terms of rehab/flips on MLS, almost every single house that is listed ends up in a highest and best situation. Most people are overpaying IMO. I represent multiple flippers as an agent now and some do their own work so they can purchase higher then someone who hires out the work. For instance, there was a house in Ellington we just bid on for them. They were 5 cash buyers WAY above the price that I thought was fair. (I also air on the conservative side for ARV)

We also have trouble with foundations it some areas.

Also, it is very hard to find a "good" wholesaler. What I mean is that someone who can find such a deep discount and still sell it with some meat on the bones. I have met 1 in the last 3 years at a few different BP meetups, CT REI, etc. that I thought put the consistent direct mail marketing campaign together and brought consistent deals.

What are you looking to buy? Have you bought anything before? Do you have a decent income? 

@Scott Hollister I've been looking ~6 units, class c. I'm not looking to manage them myself so I think that puts me in Hartford by necessity. I don't have a definite on town. I have decent income, I only own my home. I'm not looking leave my job.

Hartford is a tricky area and a town that needs a lot of "help" financially. I taught in that district for a year and been visiting since I was a child. There are some good things going on in terms of Uconn, hospitals, etc. But BE very careful where you invest. 

Don't just use numbers to dictate where to invest, even though financials are important, the macro picture is often just as important when it comes to investing in a town. Often times you can only find D and C- rentals in Hartford, the numbers look amazing, but make sure to weigh risk vs. reward of "dealing" with that tenant class. 

Best of luck!

                            

@Luke Monahan , let's connect! Although I don't get into the wholesale side of the biz, I'd love to chat about multi families in Connecticut. I have a realtors license in CT & MA but also own a property management business. The two go hand in hand, really, as we can represent the buyer through closing and hit the ground with managing from day 1. 

You're right to say that finding a 6 unit building will often put you in Hartford. But that's not always the case. There are also some in decent areas of New Britain. Determining if the CT market is right for you comes down to what kind of returns you'd like to get. I don't want to set unrealistic expectations, but we are still seeing properties that work for our buyers listed on the MLS, and even more so for properties that never make it to the MLS.

Let's chat sometime!

We should talk more @Filipe Pereira Stamford has gone to **** now.  There are way too many buildings and it's driving private landlord pricing way down.  

My tenant just broke her lease and I had to drop the rent $100 just to get people in the door, compared to last October.  

@Jerryll Noorden , I read your post above about how many leads your getting on a weekly basis and I am in the middle of completing my first flip and am starting to look for my next property. I wanted to connect with you to find out if you wholesale any of the properties you’re able to get under contract?