New Introduction: Intrested markets in MA, CT, RI, NH, and SC

Rental Property Investor · Worcester, MA · Member since 2020 · 21 posts · 7 votes

Hi everybody,

I’m a newbie investor mostly interested in the MA market. But am also drawn to the markets of CT, RI, NH, and SC (Mostly MA, and CT). My goal is to purchase a multi family property with great cash flow and appreciation potential. I prefer a proper that could use some fixing up but not enough to undermine a newbies (such as my self) investment.

I have very big goal and very big dreams. If anyone in any of these markets has suggestions on what zip codes I can continue my search please let me know. Trying my best to dive into the forum once a day so I may learn something new.

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Jonathan BombaciBusiness Member

Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes

Hi @Deion Moore and welcome. Me and my team operate in MA and NH and I grew up in CT so we know the areas you are looking in very well. I would recommend attending some meetups to connect with local investors however they're all been cancelled due to Covid-19. We had 3 monthly meetups going (Lowell, Woburn, Salem MA) however they're cancelled probably until at least June at this point. We have started doing them online and will be hosing weekly virtual ones until things get back to normal. I know it's not the same as the in person ones but its the best we can do right now.

Hope to see you on zoom. https://www.biggerpockets.com/forums/521/topics/821806-pints-and-properties-virtual-meetup

Best,
Jon

[email protected]978-710-8611

Candor Realty4.760 Reviews

Website View Page

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Filipe Pereira
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
6y
Hi @Deion Moore welcome to BP! Here's what I've got on local markets around Hartford County, CT
This is by no means an attempt to push anyone into any market, but rather just some generally vague thoughts.

Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)

Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.

Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.

Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.

West Hartford if you're in this town you're probably banking on appreciation, not cashflow.

Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.

East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.

New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.

Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.
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Craig CurelopBusiness Member
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
6y
Hey Deion. Welcome to BiggerPockets!

Congratulations in your big goal and very big dreams! That's what we are aiming too. You are starting right here in BiggerPockets site and a lot of information are just around the pages. But, here are some tips I would like to share with you for your introduction of the site:

  1. Subscribe to the BiggerPockets Money and Rookie Podcasts

  2. Attend the FREE WEBINARS

  3. Attend a Meetup in Your Area

  4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

  5. Peruse the forums! Ask questions! Answer Questions!

See you around the forums! Please be safe and stay healthy first.

Best regards,
[email protected]Podcast Guest on Show #350
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Deion Moore
OP
Rental Property Investor · Worcester, MA · Member since 2020 · 21 posts · 7 votes
6y
@Filipe Pereira Thank you so much for that advice. That's really great information and will circle back to this everytime I get the chance. Appreciate you.
0 Reply
Deion Moore
OP
Rental Property Investor · Worcester, MA · Member since 2020 · 21 posts · 7 votes
6y
@CraigCurelop Thank you so much for that inofrmation. I will be in the forum every single day trying to gain new information.
0 Reply
James McCard
Investor · New Hartford, CT · Member since 2016 · 282 posts · 104 votes
6y
Hey man I love the goals. Wanted to ask you something though. Is this something you intent to owner occupy or is it something you are strictly going to use as an investment? I invest in areas (Torrington and Winsted CT mostly) where natural appreciation is not promised. The cash flow can be lucrative though and you can force appreciation on places if you buy them right. The key to making money is when you buy, the key to making money is when you buy... I repeated myself as it is that important.
I own 3 houses in Torrington ( one is rented but that is a long story). The other 2 are vacant and I am fixing them up. Buy in was very low.
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Deion Moore
OP
Rental Property Investor · Worcester, MA · Member since 2020 · 21 posts · 7 votes
6y
@James McCard hey James. At the moment, my goal is to do strictly investing and not have to house hack. However am open to living in the house I buy if it means I have too for over down payments. I appreciate being able to communicate with investors in that community. If you’re open to sharing some advice, I would love to hear about it in my direct messaging.
0 Reply
Beth Mulholland
Real Estate Agent · Boston, MA · Member since 2019 · 14 posts · 11 votes
6y
Great cash flow is a lot tougher in the MA market - the best advice I can give you is to network with people who have access to/ knowledge of off market opportunities! The MLS is limited in deals with good margins, as housing prices are increasing faster than rents in most areas (Boston proper being the exception). Once we can all interact socially again I would highly recommend getting out there and meeting other real estate investors/professionals in the markets of interest to you! In the mean time, definitely don't hesitate to connect one on one with people in this and other investing forums!
0 Reply
Jonathan BombaciBusiness Member
Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
6y
Hi @Deion Moore and welcome. Me and my team operate in MA and NH and I grew up in CT so we know the areas you are looking in very well. I would recommend attending some meetups to connect with local investors however they're all been cancelled due to Covid-19. We had 3 monthly meetups going (Lowell, Woburn, Salem MA) however they're cancelled probably until at least June at this point. We have started doing them online and will be hosing weekly virtual ones until things get back to normal. I know it's not the same as the in person ones but its the best we can do right now.
Hope to see you on zoom. https://www.biggerpockets.com/forums/521/topics/821806-pints-and-properties-virtual-meetup

Best,
Jon
[email protected]978-710-8611
Candor Realty4.760 Reviews
Website View Page
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