Moving to CT; Looking 4 starter duplex/triplex BRRRR Owner Ocpy

18 Replies

Just starting out and need updated advice for Connecticut and willing to connect. Looking for an up and coming out neighborhood at least 20 miles from Bradley Airport.

Account Closed, Ah! Check out Manchester. I grew up there. Good stock, strong rental market. 

Unless you have kids (terrible schools), I think it's a great place to house hack.

Account Closed, with your son so close to school age, I'd be very cautious of Manchester. You don't want to uproot him in a few years, if you can avoid it.

Look at South Windsor and Glastonbury to start. More expensive? Yes. Less MFRs? Yes. Schools? Some of the best in the state. Glastonbury actually has some interesting properties pop up.

Also worth checking out West Hartford and Simsbury.

Thank you so much @Jaysen Medhurst and @Shirley R. for your advice. I would also agree with others saying that the best places for kids to go school are also the best areas most families tend to gravitate to. West Hartford, South Windsor, and Simsbury sound very up and coming areas. I will definitely look those up. I’m so new to this and I appreciate all your inputs...I’m looking forward and excited to start in real estate. Are there any meet ups or conventions in the area? It would be nice to meet up so I can glean from those who have gone before me, such as yourselves especially in this local market of Connecticut.  

@Account Closed

​I believe there's a meet up in Glastonbury 7/17 7:30 in Chili's. It's on 3rd Wednesday of every month. Personally, never been able to attend, even though I would love to. Check out @stephanie cabral, I think she hosts it

Account Closed Do you have a price point in mind? What is your desired net housing cost goal, i.e. mortgage(PITI) less rents for your tenants during the house hack? The answer to these two questions will help you narrow your search area.

@Jaysen Medhurst thank you for the connect meeting in Manchester, once I get settled I’ll make it to the meetings. I’ll be there first week of August...

What do you suggest for the areas in Connecticut that are increasing in population and can be considered up and coming for real estate? I’m so new at this, so forgive me for not using all the correct jargons. I’m coming from a totally different field of work.

@Charlie Hyatt yes... I currently have a realtor looking for a multiplex with several units so I can occupy and use it for a rental... I’m looking for a place less than $170,000 due to the fact that I already have a secondary home in Columbia, SC which is worth $174,000 and I owe $120,000 on it. It’s being rented. I just break even on it since I have my extended family living there. I am moving from Puerto Rico...I have been renting here. I have about $25,000 in liquid for down payment and closing cost. I’ll be investing 5,000 on solar battery sales in Puerto Rico to build up my cash flow... I should be getting a return of $2000 on the next investment. I also was wanting to get a fixer upper that’s either a duplex or a 4 plex that’s less than $70,000 which I could purchase with a respective loan for a fixer upper... or if there is a house for $50,000 cash only I can get a personal loan or ask some friends to pitch in the other half. Just looking into starting and not waiting too much.

Account Closed You will probably want to connect with wholesalers in the Bridgeport Connecticut area. They can get you off market triplex or a duplex that is under market value and in need of repairs.

This will be perfect for a BRRRR strategy. Drive around Bridgeport and look for the we buy houses cash signs. Call those numbers and ask to be put onto their buyers list so they can send you off market deals that are under market value where you can then force the appreciation during your rehab.

Good luck!

Originally posted by @Thierry Nakoa:

@Charlie Hyatt yes... I currently have a realtor looking for a multiplex with several units so I can occupy and use it for a rental... I’m looking for a place less than $170,000 due to the fact that I already have a secondary home in Columbia, SC which is worth $174,000 and I owe $120,000 on it. It’s being rented. I just break even on it since I have my extended family living there. I am moving from Puerto Rico...I have been renting here. I have about $25,000 in liquid for down payment and closing cost. I’ll be investing 5,000 on solar battery sales in Puerto Rico to build up my cash flow... I should be getting a return of $2000 on the next investment. I also was wanting to get a fixer upper that’s either a duplex or a 4 plex that’s less than $70,000 which I could purchase with a respective loan for a fixer upper... or if there is a house for $50,000 cash only I can get a personal loan or ask some friends to pitch in the other half. Just looking into starting and not waiting too much.