Investing in Connecticut

[Tyler Hespeler]

Hello Everyone,

I am just starting my buy-and-hold investing career and I am located in southeastern Connecticut.  I have done some brief market research and I believe the local market I'm in, the Groton/Mystic area, would be a good place to start.  It is home to two casinos, Electric Boat, a Navy Sub Base, and a National Guard Base, so the potential for future renters is promising.  However, Connecticut as a whole is seeing a large population decrease as people are leaving the state to avoid high taxes, and there is fear in the speculation of adding tolls to our highways.  I do live about 30 minutes from the  Rhode Island line, so I am wondering if it would be a good idea if, as a new investor, I spent some time researching Rhode Island markets.  Has anyone had any luck beginning investing outside of their home state?

[Charles Carillo]

Hi Tyler,

I am originally from Connecticut and have a portfolio of multifamily in New Britain. I am not sure about Groton but New Britain is a cash flow market, not much appreciation. CT is not a landlord friendly state but if you have boots on the ground and the deals are good, you will make money. I am now based in Florida where there is both appreciation and cash flow. If you are investing in a syndication, it is much easier to invest across state lines. Otherwise you need to build a new team in each market which is very time consuming.