Hello all! I’m a new investor I’m the Bridgeport CT. I’m from NYC and I’m in the market research portion of of my journey. I know the Bridgeport area has some war zones and I was wonder if I could get some in sight on the areas to avoid and the areas to check out. I’m specifically looking to buy a 4 unit or larger commercial residential. I’m currently a member of CTREIA and have paid to take there amazing Multifamily course and my last goal is to make amazing friends and connections in this market place. This is not my first business and I’m fired up get this journey started.
I can’t thank you enough for the great advise. I’ll contact @craig Bellot immediately.
@Sept Jones welcome to BP and congrats on the beginning of your REI journey!
@Sept Jones Best of luck with your endeavors.
I am new investor myself and I have neither wealth of experience nor do I invest in CT.
But I want to share my experience of when I worked in Bridgeport CT for 3 years 2015-2017. I think anyone who decides to invest there must understand what they are getting into. It’s not a nice town with few pockets of war zones, it’s a war zone town with few neighborhoods that are better and low crime. I come from poor background and I am not unfamiliar with having limited means, but I was still shocked with the situation I saw there. I can only describe it as social desperation. Poverty, crime, drugs, horrible school system, corruption and abandoned industrial buildings is all i saw there.Cant imagine landording being easy there especially considering it’s a tenant friendly state.
Then pandemia hit, and a lot of people escaping congestion of NYC found coastal CT town with very affordable real estate very attractive and suddenly the market boomed. Because the prices used to be so low, the percentage of sudden appreciation became high and put Bridgeport number one in appreciation in CT in 2020 I think. But there was a reason why Bridgeport prices used to be so low. And I didn’t hear (could be mistaken) any businesses or industries or employers moving there. It was mostly NYC people who were priced out of better CT towns. But this new demand might not sustain.
I would advise a lot of caution before you start investing in Bridgeport. Find an investor who was successful even before 2020. Make sure you understand trends and problems of the city that were there before 2020 and that your business model will make you money even without the 2020 boom in play. Anyone going to start investing in Bridgeport now risks buying into a problematic residential situation at the peak of the market and might neither get any significant appreciation in the future nor the tenant pool one hoped. Make sure you have skills and knowledge to deal with town like Bridgeport and also consider and evaluate other towns on the N95 commuter pathway that might be a less risky investment.