investing in rental properties in Connecticut pls help

investing in rental properties in Connecticut pls help

Frederic MileoPro Member
Bayside, NY · Member since 2014 · 5 posts · 1 vote
Hello all, I’m a resident of New York and until my children go to college I will continue to be a resident of New York. I’ve done small deals in New York basically flipping houses on a small scale and i’ve been added as an additional investor on certain rental properties around the area. Due to these investments I now have good amount of capital to seriously look into investing in a rental property solo. Doing a lot of research I was looking in the Connecticut market. I recently was in Albany with a bunch of landlords and some small business owners talking to state senators about legislation that recently has been passed in New York that is making it extremely difficult on landlords especially with rent stabilized housing. To make a long story short New York is not only a very difficult market but it’s going to be increasingly more difficult due to my experience in Albany, where a lot of these political figures want universal rent control. My question is if anybody has experience in Connecticut and how difficult or lenient it is due to or comparable to the New York market. I know these are both blue states, but I am curious because Connecticut definitely has a wider range of a market where there’s things that are fairly inexpensive two things that could be increasingly expensive, so if there’s anybody out there that has any experience in the Connecticut market I would and love to hear anything about the legislation in the laws in Connecticut. I would really appreciate it and would love to hear anybody’s experiences or thoughts of the Connecticut market now and in the near future... thank you in advance Fred
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Deer Park, NY · Member since 2016 · 115 posts · 85 votes
6y

@Frederic Mileo

I’m a Long Island resident and I invest in CT. I love the market and we have had great success with our buy and holds and BRRRs. The multi fam houses are great there, and taxes are 1/3 of what we pay here.

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  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    6y

    @Frederic Mileo, I'm no lawyer. By comparison to it's neighbors, CT is more owner-friendly. Of course, that's because NY and MA are arguably the least friendly. I've certainly heard some horror stories, but there isn't any (serious) talk of rent control or other major changes in the state assembly. 

  • Frederic MileoPro Member
    OP
    Bayside, NY · Member since 2014 · 5 posts · 1 vote
    6y
    Thank you so much for reaching out. I’ll do a little bit more homework but due to your comment I I’m going to look and pursue a little bit more into Connecticut so thank you so much for reaching out... I I truly appreciate it
  • Deer Park, NY · Member since 2016 · 115 posts · 85 votes
    6y

    @Frederic Mileo

    I’m a Long Island resident and I invest in CT. I love the market and we have had great success with our buy and holds and BRRRs. The multi fam houses are great there, and taxes are 1/3 of what we pay here.

  • Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    Hi @Frederic Mileo we've got about 75 units in CT right now, all in different economic classes. One thing remains true - there's strong rental demand across the classes so long as you're in a location that is suitable for renting. In other words, don't go buy a place in the sticks and wonder why it is still available for rent after 90 days. 

    We've found that areas within 30 minutes of Hartford are the most successful for us, and least problematic. 

  • Property Manager · Groton, CT · Member since 2017 · 130 posts · 81 votes
    6y

    Hey @Frederic Mileo just as @Filipe Pereira said, rent demand is strong in a lot of areas here in CT.  We primarily invest and manage around SECT (Groton, New London, Mystic), we have a few large employers as well as the Navy here so we don't see a decrease in demand for some time.  Hartford area definitely has significantly more inventory at the moment, but there are definitely opportunities to be had. 

    What type of investment are you looking for? simple 2 or 3 unit houses or more like 30 unit complexes?

  • Frederic MileoPro Member
    OP
    Bayside, NY · Member since 2014 · 5 posts · 1 vote
    6y
    Thank you all for the reply’s. I’m generally looking in Waterbury and New Britain Connecticut anything from three units to six units
  • Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
    6y

    @Frederic Mileo hey Frederic... I'll share my 2 cents. I have been investing in New Britain, and other Central Ct markets since 2016... not as long as some others but I have had success with it. I've also lived in New Britain for the past 4 years now and have seen the MF really pick up. There is a large fuel cell plant currently being developed which is poised to bring thousands of jobs over the coming years. I continue to invest in New Britain for cash flow primarily, but have seen some appreciation as well. 

    Other towns to consider are Manchester, Bristol and Middletown. I own/have own in those towns as well and have had similar success. Let me know if I can be of any help. 

  • Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
    6y

    @Frederic Mileo hi Frederic, i understand your struggle with NY as i have had a multitude of investors from NY and NJ reach out to me for advice on other markets to invest in, primarily CT. Happy to help you here. I think you are off to the right start in thinking about investing outside of your area and CT, at least from a geographical perspective, makes sense. Furthermore, it would be important for you, as i'm sure you are beginning to understand, to align yourself with someone that knows the area or a specific area really well. as some others have mentioned, central CT is a great market. i have been investing there since 2012 including during my 4 years living in Houston, TX. the numbers there are awesome. let me know how i can help. definitely have great contacts i can share also, like an agent, attorney, etc. 

  • Property Manager · CT · Member since 2014 · 687 posts · 329 votes
    6y

    @Frederic Mileo The eviction laws are friendlier to owners than NY for sure.

    We can have a tenant out within 30 days for non-payment of rent. 

    While there are bills that are trying to be passed to increase the responsibility of owners, they are currently decent to investors.

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