Time to begin laddering up- Connecticut
Duplexes are great 1031 stepping stones to growing your portfolio. My partner and I are looking at making big moves this year to change our portfolio mix. We currently own:
- 10 Duplexes
- 2 Triplex buildings
- 1 Quad
- 1 Six Plex.
Looking at the price per unit most of our duplexes are currently valued as 200-260, and we have about 100k equity in each building. Our goal is to now sell the bulk of these units to consolidate and expand our concentration in 3-20 unit buildings here in Connecticut. Sometimes referred to as the stack by @Brandon Turner this process will take advantage of the 1031 exchange to grow our tax advantages, minimize expenses,while increasing our profits.
For anyone who has a triplex to twenty plex here in Connecticut- towns of Bristol, Berlin, Rocky Hill, Cromwell, Middletown, Manchester, Vernon, Tolland, East Hartford, Windsor, Granby, Wethersfield, Southington, Newington, or Plainville- let me know. We are in the market.
Hi William, can’t help you with scaling up but I am in the market for a duplex in the Hartford area and might be able to help take one or two off your hands. Would love to take a peek the properties you’re looking to sell, sending you a PM now
@William Collins Nice to see another RH investor. Let me know what you are looking to sell, I’d be interested. Either way, best of luck.
I selling my 2 triplexes and a 6 plex in New Britain, just got under contract. I Will let you know if anything changes.
P.S. I also doing 1031 exchange and a stack method to grow my portfolio.
Love to see that there might be some opportunity opening up in the area, Rocky Hill particularly (my town as well). Any help you need from a local realtor, I’d be glad to. Either unloading some of your existing properties, or getting into anything you’re looking at. I can also connect you with some folks in our office that deal with larger multi-families frequently. LMK
If anyone is looking to sell rental properties I am in the market for one. I would love a side-by-side MF, but am open to SF units as well. Lets connect!
@Allan Smith Thank you for the offer. The big thing is I am looking at the sweet spot of 5-12 units. Things that require commercial loans. I am looking primarily for residential, but am open to mixed use.
@Anthony Hawkins I will definitely let folks know when they hit the market.
I would pay close attention to the 1031 rules for possible changes
@Michael Plante fair statement, but all proposals now on the table are far in excess of what I am looking to do. Each of these properties will need about 100,000 for 1031
Hi William - Came across your post by way of a reference (Ryan Newport). I'm in the process of closing on my first REI in New Britain and looking to acquire several more multi's. Happy to discuss what you have and see if we can't help each other out. Flexible on timing to help you coordinate your 1031 if we work together. I too will be following in your and so many other's footsteps so perhaps this is a win win for both of us. Look forward to the discussion.
--Drew
@William Collins check out the Cozzi Team, they list tons of units in the range you're looking at. Do you manage all the properties? If not and you have a manager, what's the reason for selling instead of just pulling equity and maintaining all the properties plus the new ones?
@William Collins - First of all congrats on growing your portfolio so much that now you are thinking about going to the next level and thinking even bigger. So happy to see please in action.
I would love to hear from you when any of your Duplex or triplex come to market. I am looking to buy my 1st REI and have been listening to BP podcast and reading RE books. Looking forward to apply that knowledge in real live by taking the plunge. Thanks!
@William Collins
Wishing you were down a bit more! We could definitely make each other money! The furthest I go is Fairfield since I’m based in Westchester
@William Collins Hi William, its been a few months since your initial post, I'm wondering how things worked with your stack?
I'm looking to buy a similar sized commercial MF here in central CT and wondering if could learn a thing or two from your search.
Would love to connect.
@William Collins: Just saw your post. I am looking for a multifamily in vicinity of Rocky hill area. Please let me know if you are still in market trying to get rid of such properties. Or please keep in my mind if such properties become available.