Investing in Waterbury CT

Buying & Selling Real Estate
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Investing in Waterbury CT

Tyrone Watler
Investor · Yonkers, NY · Member since 2014 · 84 posts · 20 votes

I really don't want to give up on my farm area here in Yonkers NY. Which I'm going out tonight to put out my bandit signs.  But tonight I had a hour long conversation with my finance guy and he tried to explain the map of investing in a 60K-70K sfr putting in 20k-30k into it and selling it for 150k. To make money and then buy and hold multi family houses up in Waterbury. He was telling me the key is to work with a real estate agent that really knows how to find deals with equity. Who he knows and will introduce me to next week.  And the whole tax burden that I would have in NY I won't have to worry about it in CT. Just wanted to write a post to see if anyone is investing in CT and how it's going for them.

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Jason Arcuri
Real Estate Agent · Southbury, CT · Member since 2013 · 160 posts · 98 votes
10y

a pour of people don't want to incest in Waterbury first a few reasons and one of the biggest reasons is the mill rate.   They have one of the highest in Connecticut.    That being said,  rents are usually 650-850 a unit and I just talked to an appraiser earlier this week that told me 4 families in the nicer areas are selling around 225 to 235k.  He called me wondering how many client got his for 195k. Like with any city,  the more you move into the "less desirable"areas the better the return on investment.  

There was one neighborhood I did a cma for and 4 families sell for about 110k.

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  • Nicholas Greene
    Real Estate Agent · New Haven County, CT · Member since 2019 · 22 posts · 19 votes
    7y

    @Rafael Martinez I have not invested myself yet, in the process of learning as much as I can and picking investors brains while I save $ on the side. I am diving in to being a real estate agent full time. I recently closed a 3 family in Waterbury on West street and I just listed 5 Giles Street in Waterbury. A three family with 4 bedrooms each. 

    If you ever want to connect I try to attend the bigger pocket meetups in Wallingford, CT and you can definitely reach me on facebook.com/soldbynicholas as well! Thanks man, best of luck in your investing journey. 

    3Reply
  • Mark Smith
    Member since 2018 · 5 posts · 2 votes
    6y

    Does anyone have any good snow removal guys in Waterbury CT or general maintenance person 

    2Reply
  • Hari Mann
    Investor · Atlanta, GA · Member since 2016 · 43 posts · 18 votes
    6y

    @Nicholas Greene I just went to view some properties in Waterbury this past weekend and would like your opinion on a location. Are you familiar with the Waterbury PAL facility? What's your opinion on the safety and quality of the area in that direct vicinity (2-3 block radius) and what are your thoughts on the potential appreciation or depreciation in real estate prices in Waterbury and specifically that area over the next 1, 5, and 10 years?

    1Reply
  • Ishmael Carter
    Rental Property Investor · New York Ciry, NY · Member since 2015 · 33 posts · 14 votes
    6y

    I am in NYC with similar interest in the Waterbury and surrounding areas. It’s been difficult to find investor friendly agents with knowledge of the area and willingness to collaborate with out of town investors.  Most are non-responsive of somewhat jaded.  I have traveled there twice but could not comment intelligently on the true nature of the area. I am still doing my research.  Let’s connect. Thanks 

    0Reply
  • Nicholas Greene
    Real Estate Agent · New Haven County, CT · Member since 2019 · 22 posts · 19 votes
    6y

    @Hari Mann 

    Not too familiar with the PAL, but I just looked it up. Housing opportunities with them may be possible if that is what you were leaning towards. I can't speak too much on safety in that area because everyone deems it different and I cannot discriminate as a REALTOR. I always recommending googling details on the zip code 06704/06705. Areas may not look so presentable now, but as an investor you're looking towards the future and with neighborhoods updating and more investors buying in this area...certain streets can look 100% different in 5-10 years. 

    It's never easy to predict a market, but from what I have seen this year, reading bigger pockets articles, talking to investors I work with who want to keep buying..seems like everything is leaning appreciation. According to my CT MLS stats of closings and average prices of Waterbury homes...it has only been slowly increasing since 2012.

    2Reply
  • Hari Mann
    Investor · Atlanta, GA · Member since 2016 · 43 posts · 18 votes
    6y

    @Nicholas Greene

    Thanks so much for the info! I'll post back on here with updates on my search. Hope to get one under contract soon.

    If you come across any flipping opportunities in CT, I'm looking for those too. I can close fast with cash up to about $200k. Leaning more to Florida for this because it's a hotter market but everywhere seems pretty good right now.

    2Reply
  • Nicholas Greene
    Real Estate Agent · New Haven County, CT · Member since 2019 · 22 posts · 19 votes
    6y

    You're welcome and I will keep you in mind. If you need any help with a property reach out anytime. Happy holidays as well. 

    3Reply
  • Yvonne Sapp
    Member since 2020 · 1 post · 1 vote
    6y

    Hello all - I currently own a two family duplex in nice area of Waterbury and I am looking to sell...so looking for folks that would be interested in buying.  Stumbled across this site and figured I would toss my question out there and maybe someone can connect me with potential buyers.  Thank you

    1Reply
  • Kevin Edwards
    New to Real Estate · Bronx, NY · Member since 2017 · 36 posts · 7 votes
    5y

    @Mark Avery where else you reccomend?

    0Reply
  • Kevin Edwards
    New to Real Estate · Bronx, NY · Member since 2017 · 36 posts · 7 votes
    5y

    @Mark Avery are you still an agent in Waterbury?

    0Reply
  • Rick BassettBusiness Member
    Property Manager · Greater New Haven, CT · Member since 2010 · 377 posts · 434 votes
    5y

    @Ryan McCann look at Danbury

    475-900-3100
    Bassett Property Management5108 Reviews
    WebsiteView Page
    0Reply
  • Rob Hines
    Rental Property Investor · Stamford, CT · Member since 2019 · 6 posts · 1 vote
    5y

    Following 

    0Reply
  • Hari Mann
    Investor · Atlanta, GA · Member since 2016 · 43 posts · 18 votes
    5y

    Hey everyone, I bought the house back in February right before COVID hit the fan. So far so great in terms of cash flow but one unit went vacant in October, has been renovated and currently posted for rent. The big issue I encountered here was something I should have prepared better for but luckily did not bankrupt me. I was not prepared prior to the closing with home insurance (I should have known better but experience is a damn good teacher and I will not be forgetting this lesson ever) so when I was made aware of the lender requirement for insurance, I had to scramble to arrange it. The insurance inspection came after the closing which I thought was no problem because the house was inspected by the appraiser, repairs were ordered during the negotiation period, and I thought all the issues were taken care of. The insurance inspection came back with a few small safety issues with the siding and some mortar around the chimney but the big unforeseen problem was the decrepit rotting garage in the back yard. The garage was made of brick and wood and the wood was very soggy. The roof was caving in and the garage was basically unusable. The insurance company saw this as a big hazard and told me I had to demolish it which ended up costing me almost 15% of the deal! Needless to say, I'm happy I had some cash reserves. I was always planning to hold this property in perpetuity as a nest egg so the hit is annoying but should still be recovered over the years through cash flow. That and I'm hoping appreciation will occur.

    0Reply
  • John Mocker
    Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    Hari,

    Sorry you ran into the demolition problem.  For future reference here are some other issue that could give you problems with insurance on rental properties:

    - Knob & Tube or Aluminum wiring

    - Fuses 

    - less than 100 amp service

    - flat roofs

    - tenants with dogs like pit bull or Rottweiler 

    - branches overhanging the house

    - broken/Cracked driveways or walkways

    - Decks or stairs with out railings.

    - lead paint

    - galvanized pipes

    - flat roofs

    - in ground tanks (active or inactive)

    - pools

    - trampolines

    - EFIS and or asbestos siding/shingles

    - wood or pellet stoves (may be ok if installed by licensed contractor)

    Not all of these are problems with every company.  If you find a property with any of these issues you should contact your agent to make sure that you will be able to get affordable coverage.  

    If you keep looking in the Waterbury area one of the issues that has come up is how to value the Buiding.  The better rated companies want Replacement Cost coverage for the building and that is the best way to insure it.  The issue is that the Replacement (rebuilding) cost can be 3 or more times the Actual Cash Value (ACV).  I've insured properties in Waterbury where the RC was $650,000 and the ACV was $200,000.  When comparing quotes make sure the values/coverage is similar.  

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