Greetings CT Forum,
My husband and I are looking to purchase multi-family homes in central CT, Bridgeport or any other places that make sense. We currently own a duplex in NYC. However, we are seeking to invest outside of New York (too expensive).
However, we are not familiar with the CT market. We have searched RedFin & LoopNet and currently interested in property in Norwich, CT, Cap Rate is attractive, and there is meat on the bone after Loan Payment & expenses.
Does anyone have insight on this market? We are explicitly looking for B & C class Multi-Family properties preferably close to the Metro-North.
I would be happy to help you with looking for investment properties in Bridgeport CT or any of southern Fairfield County. If you send me a message with your criteria (cap rate, price point, etc) and contact information I'd be happy to send you over property that might interest you.
You’re talking about several very different markets. Central CT is not Norwich and neither is close to metro north. Based on everything you say I would say Bridgeport might be the best place for you to start. This is closer to you, offers reasonably priced multis, good returns, some decent neighborhoods and metro north.
@Dan Leyden I will message you with my contact details.
We were thinking of focusing on Bridgeport but don't want to limit ourselves.
@Minna Reid I'm quite ignorant of the landscape of CT, but something fell in our lap recently and did some research we were surprised to see some attractive Multi-Family investment properties in CT.
Bridgeport is a great multi-family haven. Lots of them with great spreads between properties that have not been renovated and those that have.
Neighborhood in Bridgeport is everything. Check crime maps for sure.
We did loans on Orland St and Briarwood St. Borrowers were very happy with that neighborhood.
@Evelyn Maguire Prices are sky high at the moment. I would analyze many deals in Bridgeport until you find one that meets your cash flow numbers.
When the market cools off in a year or two, it may be better to jump in.
"Be fearful when others are greedy, be greedy when others are fearful" - Warren Buffet.
I like Branford. Not as expensive as Guilford/Madison, better area than West Haven/parts of New Haven.
Proximity to Yale, good schools/restaurants, low crime, affordable all make it ideal. I have a couple potential MF homes in town that may be FS soon too :)
Why don't you just drive to the areas and see for yourself? Your in NYC and talking about nearby cities in CT. It's not like you're investing 2000 miles away. Go get a firsthand perspective and then ask specifics.
I'm from the NYC area and currently invest in Bristol, Waterbury, New Britain. All within two hour driving distance. I avoid Bridgeport but I'm sure an investor with the right approach can be successful there.
I invest in Bridgeport and its a good place for investing. You can buy multi units really cheap and can get great ROI.
@Evelyn Maguire I am an investor in the New Britain market. I am very familiar with that area. Please feel free to reach out. I may know of some properties that could be of interest to you.
I have been looking in Bridgeport. How is it with tenants?
Craig, I am reading your post 1.5 years after you wrote. Whats you opinion now? Prices cooled off or still high?
@Tiago Pina they are still pretty high, however there are always deals to be found. Smarter marketing and driving around can find you deals others miss.