Rental Property Investor · Member since 2019 · 199 posts · 42 votes
Greetings. I am interested in purchasing a second triplex and House hacking. Given the current state of the country/economy, I am concerned about finding renters. I am located in New Britain Connecticut. Are you all still purchasing rental properties what are your thoughts?
I just had a unit up for rent in New Britain CT and had no issues finding renters. I had a ton of hits on the unit and found a qualified renter in less then a week. I would not worry about finding renters or let that stop you from buying a multi family.
I just had a unit up for rent in New Britain CT and had no issues finding renters. I had a ton of hits on the unit and found a qualified renter in less then a week. I would not worry about finding renters or let that stop you from buying a multi family.
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
6y
Totally agree with @Rachael Agruso on this one @Simon Obas! In the last two weeks we've rented a townhouse apartment in Manchester, a first floor apartment in Windsor, and have received multiple applications for our New Britain and East Hartford units (currently vetting tenants for those). The Manchester and Windsor units were listed for less than 2 weeks, and the New Britain one received a qualified applicant after the first showing.
Those who are out there now are serious and if you price it right within the market, you should be able to get tenants without any more difficulty than usual. CT is experiencing COVID at a higher level than most parts of the country, but we're on our way up and real estate isn't stopping!
Feel free to reach out with any specific questions.
Rental Property Investor · Member since 2019 · 199 posts · 42 votes
6y
@Filipe Pereira Hi Filipe. Thanks for responding. You always have good advice. I was wondering if you can help analyze a deal. Specifically, I’d like to know if the house is worth me paying for what I was approved for., plus what I will be able to rent the units for. Can you help me out?
Investor · Wake Forest Area NC · Member since 2020 · 42 posts · 70 votes
6y
Demand for clean, safe and well maintained rentals is strong and recent economic events will likely increase demand.
Given the incredible range of outcomes from 3 months of turbulence, demand is not the driving factor.
Are the fundamentals sound? Run your analysis again with 50% tax and insurance increases. Last stress test for short term, could you withstand no income on the property for 6 months?
The examples above are well within the range of possibilities. Apply your stress test to your analysis and there is your answer.
Rental Property Investor · Hawaii & Maryland · Member since 2019 · 31 posts · 24 votes
6y
In 2008 before the market crashed, around 10,000 single family homes were for sale on the Dayton MLS. Before COVID hit this year there was probably 2100. Today there are only 1736 homes listed! Real estate has been suffering from low inventory for the last 2-3 years, which has made it a sellers market. With COVID, some buyers and investors definitely dropped out of their search, but sellers also hit pause, and the number of homes coming online isn't the volume you would expect in a Spring market. Interest rates are still low from a historical perspective, and that has equaled-- housing prices staying about the same. Overall, we have a shortage of homes, and way more buyers than sellers -> Invest! :P
Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
6y
@Simon Obas
I'm not in your market but here In Montana covid has made our market even stronger it feels like. I just rented a house and had 12 applicants in 3 days. I currently have 14 houses and wish I had 14 more.
I will say I'm glad I'm not in urban centers with bad tennats though. Seems like the laws they are writing are crazy silly.
@Simon Obas It depends on the neighborhood, condition, what's included with rent. I rented my recent 2 bed for $1,100. However, it was just renovated last year, in a good area, on a dead end street. I’d say the range for 2 beds is $925 on the low end to $1,100 on the higher end.
For 1 beds, same applies for condition and neighborhood, but you're looking at $750 low end to $1,000 high end. I rented a 1 bedroom that was in a great neighborhood in NB, for $950 back in February with no utilities included.
Rental Property Investor · Member since 2019 · 199 posts · 42 votes
6y
@Rachael Agruso thank you Rachel. I appreciate this. Also, if you don’t mind sharing the services you used to find tenants, I would greatly appreciate it.