New member looking for Multifamily homes in Black Rock (Bridgeport) Ct

Investor · Stratford, CT · Member since 2015 · 110 posts · 16 votes

Hi,

My name is Lesley. I'm new to investing and this site. I'm interested in buying a Multifamily home in the Black Rock area of Bridgeport. I own in Black Rock at the moment but I'm in a Coop that can't be rented. I want to sell my place and purchase a multifamily to live in and with some cash flow. I'm finding it rather daunting and some of the lower priced properties need a lot of work.

I have no problem putting work into the property but I don't want the upgrades to be crazy or out of my price range.

Any advice would be appreciated.

Lesley

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Peter MacKercherBusiness Member

Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes

11y

Welcome to BP, Lesley! If you're curious about rehab costs in particular there's a book about that available in the BP Store, which you'll find under the Resources tab up top. That should help you fine-tune your rehab costs.

It might help for you to look up comparable rental properties in the area to get an idea of where you'll shoot for in your market, if you haven't already done that. You don't have to have the best property after renovations, but you also don't want the worst.

Cheers!

[email protected]

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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
11y
@Lesley Govan
Welcome to the site.
I'd recommend setting up some keyword alerts for Black rock and Bridgeport. When other members mention those areas you will receive a notification.
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Colin SmithBusiness Member
Realtor · Colorado Springs, CO · Member since 2013 · 989 posts · 447 votes
11y
Check out some of the landlording podcasts, especially those that are looking to bulletproof their rental properties from tenant wear and tear.
Welcome to BP!
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Jason Roberts
Involved In Real Estate · Trumbull, CT · Member since 2013 · 31 posts · 13 votes
11y
Hi @Lesley Govan,
Welcome to BP! Great to see another member from Black Rock. I was there for many years and just moved out last year but still own two rentals there. Love Black Rock.
Let me know if I can help ya find the just right multi!
Jason
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Peter MacKercherBusiness Member
Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes
11y
Welcome to BP, Lesley! If you're curious about rehab costs in particular there's a book about that available in the BP Store, which you'll find under the Resources tab up top. That should help you fine-tune your rehab costs.
It might help for you to look up comparable rental properties in the area to get an idea of where you'll shoot for in your market, if you haven't already done that. You don't have to have the best property after renovations, but you also don't want the worst.
Cheers!
[email protected]
1 Reply
Mark Nolan
Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
11y
@Lesley Govan
BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”
1 Reply
Raymond B.
FL · Member since 2009 · 2k+ posts · 357 votes
11y
@Lesley Govan,
Welcome to the Best Real Estate Site on the Net.
It is always nice to see another 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.
Raymond
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Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
11y
Hey @Lesley Govan welcome to the site!
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Travis Lloyd
Real Estate Broker · Fairfield, CT · Member since 2015 · 312 posts · 231 votes
11y
Hey Lesley, welcome to BP! I too am new to this site, but not new to investing and I live in Black Rock. Would be happy to meet and go over multi families in the area with you. PM me
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Nhrai Jordan
Real Estate Agent · Bridgeport, CT · Member since 2014 · 38 posts · 21 votes
11y
@Lesley Govan welcome to BP! Congratulations on setting out to convert from an owner to an owner/investor.
You are right, finding a good deal is harder in the Black Rock section of Bridgeport, CT. It's the 'new' place to be and there are a ton of people that want to be in commuter friendly, walkable, hip community with a local beach. You're competing against investors and other owner/investors but there are a ton of ways to get a leg up on the competition.
Get financing: You may be selling yourself short with criteria. Talk with a mortgage specialist or explore getting a mortgage that includes a 203k loan so you know exactly what you're able to afford. Being able to finance the the repairs may allow you to purchase a multi-family with a slightly higher price point.
Find a patient realtor: let them know that you are looking for a specific property in a specific area. a good realtor will set your criteria up on a search and feed you these properties. some of the better ones will call you personally as soon as they find something that will fit your needs.
Work your area: start walking and talking with your local neighbors. You never know if the multifamily on the corner is going up for sale and you want to get to it before anyone else. See an older person sweeping the sidewalk? say hello and introduce yourself. You'd be surprised at the number of older folks living in a fully paid for (and sometimes empty!) multifamily. Call the numbers on the rental listings in the windows and ask if they would be looking to sell. Use the bulletin board at the local coffee bar and scrawl a note with your number.
Find the labor: someone you know (or they know) is a licensed and insured tradesperson (plumber/electrician/roofer, etc). Make contact with them and put them on notice that you're going to need them in the near future. Ask them about pricing and see if they can work with you (especially if you plan on getting another property). Bonus: your realtor should be able to point you in the right direction and put you in contact with companies or folks they have worked with in the past.
Best of luck and let me know and keep the questions coming!
N
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