Anyone looking to do out of state real estate in the Hartford CT area?
My colleague and I are looking closer to New Britain, CT, Natasha. I work in Stamford as a PM.
I am looking for out of state real estate and evaluating various locations. I am based in Seattle and have rental properties in Chicago, IL and Little Rock, AR and trying to compare the markets and invest. Can you give me some good deals in Hartford, CT so I can understand the ROI and Cap rate in the area is.
@Natasha Dillon As others have mentioned there are always people looking to invest here from the surrounding states because cash flow tends to be better here. What I typically tell people is buy in the best area you can where the cash flow still makes sense.
This may require you to spend a little more than you plan on, but the properties in the better areas attract better tenants and more importantly better property managers which a lot of out of state investors need in order for the investment to be a success long term. Bad property managers cripple out of state investments.
@Natasha Dillon We manage a couple hundred units in the Hartford/West Hartford area. (almost all for out of state investors). My one piece of advice is to be careful what areas you purchase in. Don't get caught up in the high cap rates because there are a lot of bad neighborhoods.
@Natasha Dillon As many others have said, Hartford county is a great place to invest for cash flow. I specifically like New Britain, Middletown and Manchester, I own or have owned property in all three towns. I personally don't like investing in Hartford because of the high taxes and I think there are better opportunities/neighborhoods in surrounding towns like the one's mentioned above. Let me know if you ever have any questions.
Sorry all - I should clarify...I meant anyone living in Hartford, CT area that are looking to invest in other states outside of CT (preferably the Southeast - Florida, Texas, etc)
@Natasha Dillon Hello i would be interested in potentially investing in Texas. I am currently waiting to hear back about a job that i applied for in Dallas so i could be moving from CT to TX.
@Joseph Nelson exciting! Keep us posted on your move to Dallas. Happy to help however I can.