Rental Property Investor · Norwalk, Connecticut (CT) · Member since 2016 · 140 posts · 44 votes
Hello BP world,
Given that Connecticut is a fairly unique market, I am curious what you're looking to buy? SFR? Multi? Are you looking to flip or buy and hold? Personally I've been looking outside the state but thinking about looking for more deals here in the home state. At any rate, if I can help in any way feel free to connect. Thanks and have a super week.
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
@Bob Prisco the biggest issues in this part of the country... taxes. A $200k house making good rental income looks awesome. Add in some will have $10-12,000 annual property tax. Now that deal is probably a dud. It affects flipping as well.
I’m running numbers on a CT property now and I’m amazed. It never occurred to me, but the title insurance I had on my last NY deal was 6-7 times MORE than it is as I crunch my CT deal. Thousands of dollars more for title insurance you will almost never use. There are lots of nuances between locations, even some that are within an hour of each other.
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
I only flip, and although not in CT anymore I’m looking at a house in CT for a fix and flip. As much as the CT market is tough, the NY market can be even tougher!
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Account Closed this is not my market, but you buy anything that makes sense . There is no right or wrong. Personally , rentals with 20% ++ net caps, I would keep, flips with 20% ish you do
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
@Bob Prisco the biggest issues in this part of the country... taxes. A $200k house making good rental income looks awesome. Add in some will have $10-12,000 annual property tax. Now that deal is probably a dud. It affects flipping as well.
I’m running numbers on a CT property now and I’m amazed. It never occurred to me, but the title insurance I had on my last NY deal was 6-7 times MORE than it is as I crunch my CT deal. Thousands of dollars more for title insurance you will almost never use. There are lots of nuances between locations, even some that are within an hour of each other.
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Brian Pulaski I was born and raised in LI, so I know all about high taxes. This is why I stopped doing biz there about 14 years ago... Much better numbers in the mid west which is where I focus
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
6y
@Account Closed I've been doing a little bit of everything as of late. I bought 2 foreclosures last year- one was a buy and hold brrrr in Middletown, Ct (one of my best performing properties) and another was a flip I actually just listed yesterday in New Britain, Ct. I invest for cash flow- New Britain and Middletown is where my entire portfolio is located. Surplus of tenants and reasonably priced property.
Let me know if you have any questions about the rental market in central, ct.
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
6y
@Account Closed hyper focused on rent by the room properties in the New Britain / central ct area. I have been investing that way in that area since 2012 and it has treated me very well. let me know if I can help in any way.
Real Estate Agent · Fairfield, CT · Member since 2019 · 36 posts · 19 votes
6y
@Molly Mayeux
Right now I’m doing buy and hold in the valley area. And looking for my second deal in Fairfield/New Haven counties. Taxes and crime aren’t as high near Ansonia as some of the other parts of the state and rents are on the rise.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
6y
Molly,
There are two monthly meetups (Norwalk & Fairfield) that are attended by experienced and new investors. They may be good places to gather the info you are looking for about the CT market. These simple meetings to network (no sales pitch/sell you the program). PM me if you want the websites/emails for them
Rental Property Investor · Norwalk, Connecticut (CT) · Member since 2016 · 140 posts · 44 votes
6y
Hey thanks every one for your replies. I am an active investor but have in general avoided CT but thinking more and more about buying here. I own a duplex in Black Rock. My main focus is apartment buildings in emerging markets - right now OKC and NW Arkansas. I also might consider wholesaling which is why I am curious about your criteria. Thank you again. Please let me know if I can help you in any way.
Investor · Member since 2019 · 39 posts · 14 votes
6y
I'm looking to do some BRRRRs on SFR and 2-3 unit multi's in BPT at the moment. The higher rents in some parts of BPT can make it worth it. We're working our way up to larger multi's. The taxes kill up here though. My partners are looking at some mid western markets where things are cheaper but I'm old school. I like to see what I buy lol.