Buying a 6+ unit apt complex in Connecticut

3 Replies

Hi all,

I had experience buying multi-family before. However, this time, I want to set up an LLC and am looking for 6+ unit apt complex in Connecticut. I'm from MA and will land my job in CT. I don't have any connection to broker, bank and everything there yet. My budget is roughly less than 500K (down up to 40%) and I can take one unit as primary. Couple questions here:

1. What types of (business) loans might be best to me?

2. Does someone recommend any broker who is familiar with the market in CT, specifically Hartford, Waterbury, New Haven and somewhere in between? 

3. Does anyone know how hard (or easy) to rent apt in CT?

Thanks a lot in advance!!

BTW, the property tax in most towns of CT is just crazy (from MA resident's perspective)!!!

We handle multi-fam clients often, and are based in CT. Feel free to reach out and bounce questions off of me if you’d like.

Hi @Calvin Lin

My experience is in SE CT (Groton-New London area) and I exclusively use Charter Oak Credit Union for all our business banking.

1) All of our commercial mortgages are 15/30 with 5/5 ARM, requiring 20-25% down. I know a local bank has a program specifically for multi-families, but you must have a min of 5 years landlord experience. This program will fund 80% property and 100% repair costs.

2) I've bought a property where the selling agent was Tess Cullen from Chozick Realty ( out of Hartford (Google it if you want her info, can't post it here).  They did a fantastic information package on the property we bough and really seemed to know what they were doing in the investment 6+ realm. 

3) This is a really tough question to answer.  What Market, what class, what demographic, how many bedrooms... How long does it take to catch a fish...

We are a big fan of LLCs. They are easy to set up in CT, the Secretary of State's website even has a step-by-step guide. Make an account and do it online. It's easy and usually done in about 3 days. Save your money and don't hire a lawyer to file the documents for you!! Also, under title, always be a member and never an owner. Then get an EIN from the IRS (free) and a bank account and your off and running. Be sure to have your LLC set up BEFORE you put in an official offer so the offer is in the name of the LLC.

Good luck!


@Calvin Lin to answer #3. Properties are easy to rent in Connecticut however it’s a bit more involved to find a great resident. 

You need to ensure you learn what constitutes a great resident and ensure your property manager knows your criteria. 

This will make or break your investment.