Hey all, I'm trying to determine where to buy my first multi-family property (duplex or four-plex) in CT. I've heard that it's best to narrow your search to one town or area. What tools can I use to determine the best town/area for buying a multi-family?
@Evan Swanson Some of it boils down to affordability. Some of it is feasibility. And some of it probably has to do with your goals.
Personally, I’d look for an area that is growing, has some good solid neighborhoods, has industry or is a bedroom community close to jobs, and has amenities such as groceries, restaurants, shopping and such nearby.
I’ve gotten solid deals on multis in a town of 3000 with restaurants, a brewery, some industrial jobs, a large grocery store, has a hospital, and is 30 minutes to a large town in two directions.
I’ve got 2 multis and offering on a 3rd in a town of 2200 that has restaurants, brewery, movie theater, top rated schools in our state, and is 10 minutes to a town of 8000.
And a single family in the town of 8000 where the deals are harder to come by.
@Alecia Loveless Thanks for your response! I am looking at a town with a population of 46,511. Does the population need to be growing?
It has 2 colleges, grocery stores, a hospital, and a nice downtown of restaurants. The population isn't growing but it's a central location, offering an easy commute to many jobs.
@Evan Swanson analyze properties in each market and figure out which one meets your goals and price point.