Hello All - I am a single family buy&hold investor in the Northern Virginia / DC Metro area. I am looking at re-locating to Groton CT for work. I have been looking to move onto the multi-family market in my current area without much luck, so this move might benefit my real estate investing.
But, before I go to far down that road I wanted to get a sense of the Groton/New London market from whose how invest there.
@Devon Nugent Welcome to BP!
There are some active members here on BP that are very familiar with the Eastern Connecticut market.
If you ever need and information on the Middletown/Hartford CT markets do not hesitate reaching out.
Welcome to the Best Real Estate Site on the Net.
It is always nice to see another, soon to be Ct., resident in the forums.
Click on the "learn tab" at the top of the page, and you could be spending many hours on the Information that is available.
@Devon Nugent Welcome to BP! I have a couple of duplexes on the Town of Groton side of Mystic that are working out so far. If you're somewhat handy, you should be able to find affordable "fixer upper" multifamily properties throughout Groton and New London and make the numbers work.
There is a decent rental market in the City of Groton around the Pfizer campus and Electric Boat. Electric boat also expanded across the river to New London and employs a large number of young engineers and draftsmen who, I'd imagine would make for great tenants.
Avoid the duplexes in the Poquonnock Bridge district of Groton. They look appealing because they are cheap but they were all originally built in the 60's (I think?) as temporary military housing. Never meant to be permanent, quality housing. Over the years a large property management company has slapped lipstick on them (vinyl siding, newer windows, newer roofs) but at the end of the day they are structurally deficient and poorly constructed.
I suggest reaching out to Matt O'Grady here on BP for more info on multi families in New London.
Best of luck!
Michael / Raymond /Kevin,
Thank you all for the replies, information and advice. Sound like I might do better getting my feet wet in the Groton / New London multi-family market than here in the DC Metro area. Kevin - I am fairly handy, so fixer upper are definitely a part of the plan.
I just got an invitation from EB to come up for an interview on the 29th, so I might be joining the Connecticut BP community soon.
Welcome, @Devon Nugent ! Both New London and Groton are robust rental areas with a range of rents and tenants. It all depends what you're looking for and comfortable with, and as with any area, things will vary by neighborhood, so definitely take some time to research. They're also each two affordable cities in an area of some affluent towns. I'd say they're both worth pursuing. Good luck with the EB interview!
Hello Devon. I am a little late to the party, but welcome to BP!
As Kevin said above, I have a couple buy and hold properties in New London. If you have any questions, feel free to ask. I also sent you a colleague request, so we don't have to talk on the forums.
The interview with EB went very well, they just made me an offer that I will be accepting after a little negotiation.
@Mat O'Grady has been understanding as my virtual guide during my trip up to Groton. Thanks again Mat. With, his help my wife and I got a laser guided tour of some of the areas that might meet our family residence and investment needs. Thank you @Kevin Scanlon for helping to make the connection with Mat.
Now we need to find a home and secure a mortgage while keeping our investments in the Washington DC area. So we are looking for leads on good mortgage brokers and/or local banks that can work with an investor with 7 existing loans.
Thanks in advance,
@Mat O'Grady Are you still investing in the Groton/New London area? I live/invest in Charleston SC but routinely travel to Groton for work. Here for the next few days. Multi family homes are abundant and appear very reasonably priced. I know taxes are crazy high here but the numbers still look good compared to Charleston SC. I'm thinking about getting my feet wet here. I would like to pick your brain if you have some time to chat.
Hello @Aaron Sizemore
I am still investing the area. @Joe Simmons and @Devon Nugent are investing in the area as well. My baby is due to be coming on Monday, but my wife may be beginning labor right now, ha ha, so my time is a bit short. You can send me a message on here with any questions and I'll do what I can to answer them. Joe and Devon are good guys and may be able to answer your questions as well.