Hey folks - i'm considering a multifamily property in Bristol, Connecticut , but I know nothing of the area. Someone mentioned it was a "Dying Town" - so I should stay away. Can anyone confirm or deny that? Anyone investing there? I know it's close to Hartford but that's about it. Thoughts? 

It was a big manufacturing town which has taken a hit but they are starting to turn some of those old factories into apartments and offices.  The commute wouldn't be too bad to Hartford, New Britian, or Waterbury.  I am under contract on a duplex not far from the mobile home park that is for sale.  My guess is that is why you are asking.  

Originally posted by @Brandon Turner :

Hey folks - i'm considering a multifamily property in Bristol, Connecticut , but I know nothing of the area. Someone mentioned it was a "Dying Town" - so I should stay away. Can anyone confirm or deny that? Anyone investing there? I know it's close to Hartford but that's about it. Thoughts? 

What's up Brandon, I'm actually heading out to Bristol to view a property at 11AM EST today for an investor out your way. We might be talking about the same one :)

Like many other towns, Bristol can be hit or miss. There are parts that can cash flow pretty well, yet there are areas you won't catch me buying, selling, or managing. Bristol benefits from it's proximity to Hartford, as that is one of the main employment hubs in the state of CT. For those that don't know, Hartford is still regarded as the "insurance capitol of the world". It's also near Farmington and West Hartford, which have more "upscale" and "boutique" shopping areas / stores.

We have a couple of properties under our management in Bristol, mostly owned by out of state investors. So long as your rent is fair, the location is OK, and there is parking available for the tenants, we don't forsee it as an area that is difficult to rent out. As a matter of fact, our most recent vacancy in Bristol was filled rather quickly, and on a 2 year lease. The investor won because he only had to pay a 1 month placement fee for a 24 month lease (instead of 1 month per 12 month lease), the tenant won because they locked in their rent for 2 years, and we won because, well, our client is happy and will therefore continue to refer us! Hard to beat that! 

Hope that helps!
Filipe

@Brandon Turner Most areas in Bristol are good for investing. There are a couple areas to stay away from. Shoot me a PM with where the property is you are considering and I will let you know exactly what you can expect in terms of tenant class, rents, etc..

Bristol has properties that range from solid B class neighborhoods to low C class neighborhoods. 

Hey Brandon, 

I'm actually brokering a multi-family deal in Bristol right now.  The area still rents well if that is your concern.  It is definitely a town that needs good property management in place to make sure you are getting the best tenants in to begin with.

Happy to talk more in DM if you have additional questions!  

Good luck in Bristol!

Stephanie

@Brandon Turner , if you don't have boots on the ground yet, @Filipe Pereira is a great resource. As both Filipe and Mike stated, there are some areas you should not purchase in. Bristol is located in an area that has access to a lot of jobs in this part of the state.  Some could argue that CT is not exactly exploding with job growth (this is correct), but there are some major players here for sure.. ESPN is a big one right in town (one of our tenants works there), and as already discussed, it borders some nice Class A top notch towns with great amenities. I love Bristol for cash flow, and have for quite some time.

@Brandon Turner of all the places you chose Bristol :). I live in a town next door, New Britain. Here is the link with town profile for 2017 for Bristol with info on unemployment and poverty rate, ethnic breakdown, criminal data, budget proficit / deficit, etc. 

https://s3-us-west-2.amazonaws.com/cerc-pdfs/2017/...

However neighborhoods differ drastically. 

P.S. It is not exactly rurrraal area though xD

@Stephanie Romano a 15plex we are talking about with studio/1bed unit mix?

@Brandon Turner  I own a brewery and several properties in the town.  The area is good, but as always some streets are to be avoided. The one thing is out here make sure you look at property taxes.  My wife is from the Pacific Northwest (and we have driven through your town), and I know your tax values are not in line with the Northeast.

Hi Brandon,

I'm not sure about Bristol, but I recently started a forum on if I should invest in a State with a budget crisis. I would love to hear your thoughts on investing in a state with budget issues as it looks like you are interested in CT? I know everyone says if you buy right, manage right and diversify it will increase your chances should more employers & residents leave CT and they raise taxes  and not fix the long term issues.  More info on the budget problem.

https://ctmirror.org/2017/09/21/gop-dems-both-lack-solution-to-cts-cycle-of-budget-deficits/

Thanks

Ryan Plesz

@Brandon Turner Bristol is not a bad area at all - depending on the neighborhood. I grew up one town over and still visit the area frequently as my parents live about 5 minutes from the town line. If you are going to make a trip out I would be happy to give you the lay of the land from my perspective and can even offer some Greer's Chicken - some of the hands down best chicken I have ever eaten. My 2 cent tour could include some good neighborhoods and ones to avoid. I remember growing up Davis Drive was a big no no - I think it was mostly a high school locker room type talk as I have driven through and it is not that bad. 

PM, call or text me I'm around. 

So, which neighborhoods are the ones to be cautious about?

Originally posted by @Nicole Daskalakis :

So, which neighborhoods are the ones to be cautious about?

Hi Nicole, 

I manage property in Bristol and have represented buyers out that way as well. The following information is based on my experience only. Above all else always do your own due diligence. That being said, here's what I've seen as the less desirable areas:

-Between Jerome ave and Stafford ave (north of route 6)

-South east Bristol between Lake ave and Birch St south of Pine St

 -N. Main St / School St / Rt 72. interchange

@Michael Noto is also highly educated in this area of CT so hopefully he can chime in. I think @Michael Doherty is pretty familiar with it as well. 

@Filipe Pereira thank you for the shout out. @Brandon Turner Bristol is just like any other town, there are good and bad areas. One street would be okay to invest in but the other not so much, so you definitely want to have boots on the ground like others have mentioned. If you are looking in Central Ct I would also consider New Britain and Middletown. It's my thought that both these towns will appreciate faster than Bristol but still provide a similar return from a cash flow standpoint. 

1. New Britain just approved the largest Fuel Cell Plant in the Country. It is currently being developed and poised to bring thousands of jobs. You can read more about it here. 

2. Middletown is nice little city that I have seen emerge since buying property. Small local Micro Breweries, luxury apartment buildings, restaurants and shops are a few to name that I have have surface in recent years. You can still buy Multi-Family buildings with similar returns as Bristol and New Britain. All these cities have their fair share of war zones so feel free to reach out for street by street specifics.