I am a newbie in the southern CT area and would Like to introduce myself to the community. Looking to find buy and hold SFRs with value add opportunities to start off. I am a commercial architect by trade and I hope that my experience can be put to use in my investing venture. Looking forward to exchanging ideas with you all. - Sam L
You're in the right place. Welcome. I joined a short time ago and have already found invaluable resources on the site. Be sure to reach out to people, they are more than willing to help.
Thanks Matthew. Would love to know what areas you are investing in CT, and why.
I'm looking to buy my first property by the end of this year. Originally I had been looking in Groton, CT. Taxes are reasonable, and two significant employers are in the city(Pfizer and Electric Boat). Also I live in New London, taxes are quite high here though. I had seen several articles regarding an affordable housing shortage in the area and EB just landed a contract for 5 billion dollars worth of submarines. I have been in contact with a mentor who suggested New Britain. Central CT University is on the edge of the city and it's right in the center of the state. Its fairly affordable, and reasonably safe in the right neighborhoods. Keep in mind I'm looking to invest in multi-family. From what I'm hearing in the forums you can probably find a deal under the right circumstances anywhere. How about you?
@Matthew Avery you bring up a lot of good points here. I'm a huge advocate for North Central Connecticut (basically Hartford County). I like the proximity to two cities of employment (Hartford/Springfield) and the universities (UCONN and CCSU). I personally have a 4 family in East Hartford and a SFR that I rent out rooms to young professionals in Windsor Locks.
@Sam K. how is the architecture world treating you down there? I come from an architecture background as well, but "retired" last year to go full time in real estate and property management. I can't say I miss the long hours and not-so-great pay of being the youngest guy at the firm!
Feel free to read about my story here:
@Filipe Pereira I grew up in Windsor, work in Meriden, and am open to those areas for all the same reasons you stated. Thanks for sharing your story and thought process.
@Matthew Avery Thank you for sharing information on Groton, I will definitely check it out. Since I am interested in buy and hold, I have been searching for properties with a rent to price ratio at around 1% or above. Mostly I find these areas to gather around the I91 corridor between New Haven and Hartford (Meriden, New Britain, Hamden etc). Waterbury is also a town that seem to have one of the most RE investors in CT.
Another interesting area i was looking at was Stratford and Milford area, where there is a new beer industry coming along. In addition, I have heard news that Sikorsky had decided to stay. Price have appreciated high there and seem to continue to do so; so to me those areas are more for flipping.
What are your reasons behind choosing multifamily over SFR? I know there is a pretty big discussion between the pros and cons of each; what are your thoughts?
@Filipe Pereira Thanks for sharing your story! Very inspiring!
It's good to know you are finding good properties between Hartford and Springfield. With the new opening of the Springfield MGM, I have heard through some news channels that people that have migrated out of that area are moving back for the new job openings.
I must concur architecture is a tough profession that requires a lot of you, but can be rewarding if you have the passion for it. With the construction boom after the '08 crash, that industry had been pretty good to me. With an architecture background, how has it benefited you in your past deals? Are there properties that have been passed up by others but you were able to benefit from due to your industry knowledge?
@samk. I'm mainly looking for cashflow,loan paydown,tax benefits,rather than appreciation. I like the added safety of multiple tenants as far as vacancies go. I can improve the operations of the property to increase value.
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Hello! @Sam K.
Welcome to BP, and congratulations on making the decision to invest in your future via real estate.
I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.
First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:
The second is a post that will help get you focused with your real estate investing goals:
The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.
I love answering questions if you have any! Good Luck :)
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