Connecticut REI advice

10 Replies

Anybody from CT who does real estate investing I.e, buying multi-families and renting them out. I’m currently starting and in the process of looking for a 3 family in Waterbury CT. Any suggestions on buying in Waterbury? I live and grew up here so that’s why I’m most comfortable with buying here but wondering if I should look else where because everything I see on the market looks like crap out here. Any suggestions? Good Lender suggestions? Tips on buying out here anything is helpful as I still have so much to learn!

@Dominique Long

Hello Dominique. I don't know anyone on BP who invests in Waterbury, but I know someone who is on FB who does. His name is David Haberfeld. You can find him on the  "Wholesaling Houses in Connecticut" group. Good luck!

@Dominique Long I am 1 year into my first multi family purchase. Don’t invest in that area but if you wanted to chat about my experiences so far I’d be more than happy to - feel like I’ve learnt A LOT in the past year. Send me a private message if interested and I’ll share my contact info

Hi @Dominique! I was born and raised in Waterbury too. I currently invest in Watertown/Oakville, I have a few rentals there. The thing I like about it is that the taxes are far less expensive as Waterbury and it's a little easier to find a deal that will cash flow. 

Have you heard of the BRRR method? If not, theres quite a few article and podcasts on this site that explain it. It might be a good option for you since most of what you see in Waterbury needs work.

@Mat, David is good friend of mine, I'm in that group as well ;) 

@Dominique Long

Contrary to popular opinion, Waterbury is just as good as anywhere else to cashflow on a property. The key is to purchase it at the right price and manage it properly. I generally advise investors to totally ignore the list price. You determine how much you're willing to pay for the property based on your desired cashflow. 

On another note, if you're in it for the appreciation, I'd run as far from Waterbury as I could. 

BTW, I was born & raised in the Dirty Water too ;-)

@Dominique Long i currently have 4 rentals in Waterbury, 1 condo and 3 single families. It has been working out great, all the points made in this thread are valid, taxes are high in Waterbury but there are some good areas with strong rents. i tend to stick to 06708 and 06704. Hey @Holly Scanlon nice to see you around here! :)