My First Investment / Post

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My First Investment / Post

Gabe Shapiro
Real Estate Agent · NY · Member since 2021 · 2 posts · 8 votes

Hi All, 

I am really excited to take the next step in my financial independence. I am 29 years old and have have sacrificed a-lot of free time to be able to save money and invest. I am from Long Island, New York and looking to start purchasing multi-family rental properties in Connecticut (or maybe elsewhere).

Officially, I have not decided on a particular neighborhood in CT, but I am leaning towards New Britain, CT. I might be interested in forming a partnership with some one who is from Connecticut to help with the management side of things. 

New York real estate is practically unaffordable to most, so I am curious to hear some suggestions on other areas in Connecticut you all might like?

I am especially wondering what type of loans are offered to first time home buyers to be able to limit down payments? I do not plan on living there. 

I am looking forward to connect with everyone and expand my knowledge of real estate through this website. Feel free to give me any feedback for a first time buyer. Any advice is greatly appreciated. 

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Most Popular Reply

Brent Kane
Investor · Manchester, CT · Member since 2021 · 36 posts · 34 votes
4y

Hey @Gabe Shapiro

I'm a newbie investor in the Hartford CT area and would be happy to connect. I have one SFH right now and looking to move out either into a house hack or another SFH and rent this in the next 4-6 months. I love running numbers and talking shop and would definitely be open to a working relationship if our visions and goals align. I'll shoot you a message on here, looking forward to chatting.

3Reply
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18 Replies

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  • Samuel Eddinger
    Meriden, CT · Member since 2018 · 702 posts · 501 votes
    4y

    Hey Gabe.  I’d love to connect and offer any insight for the CT market.  Reach out to connect.

    2Reply
  • Bill Gallagher
    Member since 2020 · 23 posts · 2 votes
    4y

    Hey Gabe. Also happy to chat. I have some investments in Bridgeport and have looked to other areas of CT as well.

    0Reply
  • Renita G Ezell
    New Britain, CT · Member since 2020 · 27 posts · 23 votes
    4y

    Hi Gabe, I'm a New Britain resident and purchased another home in zip 06053 (my favorite area) from the HUD Home Store at the end of February to house hack and renovate. I started to Airbnb at the end of August. I have another property where I provide a shared living community (rent by the room). I would be willing to assist on the management side if you choose to invest in New Britain or Hartford.

    0Reply
  • Gabe Shapiro
    OP
    Real Estate Agent · NY · Member since 2021 · 2 posts · 8 votes
    4y

    Appreciate all the responses and insight! 

    0Reply
  • Ryan Newport
    Investor · Meriden, CT · Member since 2020 · 35 posts · 22 votes
    4y

    Hey @Gabe Shapiro I'm sending you a message. Check your inbox ! 

    1Reply
  • Gaetano Ciambriello
    Lender · Member since 2021 · 277 posts · 150 votes
    4y

    Hi @Gabe Shapiro

    I am an investor in Fairfield. I focus on student housing. I am also a mortgage lender. Happy to provide insight on either areas, feel free to reach out!

    1Reply
  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    4y

    @Gabe Shapiro congrats on all the sacrifices you made to get where you are now. I know that must feel really good. 

    The Assumable Guy544 Reviews
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    0Reply
  • Luis Giraldo
    New to Real Estate · CT · Member since 2020 · 1 post · 1 vote
    4y

    Hi, I am fairly new on this forum. I moved from New Jersey about a year ago for a new job opportunity and just bought my first 3 family in new Britain. Lots of Multi-families in this area. Feel free to reach out if you she. Any questions. If you need any help.

    1Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    4y

    @Gabe Shapiro is there a particular reason you want CT?  A lot of investors from NYC or LI have been investing in North Jersey.  Have you considered NJ at all?   

    973-975-3895
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  • Lindsay Op de Coul
    Chicago suburbs · Member since 2021 · 98 posts · 52 votes
    4y

    @Renita G Ezell I saw that you have a shared living community/rent by room.  My husband and I have thought about doing this.  Would you be open to chatting with me about it?

    0Reply
  • Ryan LubyPro Member
    Rental Property Investor · CT · Member since 2016 · 258 posts · 227 votes
    4y

    @Gabe Shapiro I'm also 29 & trying to get financially free ASAP lol

    You already have some great contacts who've replied above, take the time to touch base with them, if you need anything else reach out anytime. I'm based in New Haven County but I have a few great contacts who may be worth reaching out to as well

    2Reply
  • Brent Kane
    Investor · Manchester, CT · Member since 2021 · 36 posts · 34 votes
    4y

    Hey @Gabe Shapiro

    I'm a newbie investor in the Hartford CT area and would be happy to connect. I have one SFH right now and looking to move out either into a house hack or another SFH and rent this in the next 4-6 months. I love running numbers and talking shop and would definitely be open to a working relationship if our visions and goals align. I'll shoot you a message on here, looking forward to chatting.

    3Reply
  • Edwin De leon
    Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes
    3y
    Quote from @Samuel Eddinger:

    Hey Gabe.  I’d love to connect and offer any insight for the CT market.  Reach out to connect.

     Hey Sam, read an article on your blog, confused what you meant by the following , can you clarify more on the statement below LOST confused 15% rise in what area are u talking about lost :( 

    "While we probably will not see the 15% rises, I would expect 5 or 6% is completely reasonable, even in the face of rising interest rates. "

    Link to your articlehttps://www.ironcladpm.com/blo... 
    Article Title = What the CT housing market will look like in 2022




    0Reply
  • Samuel Eddinger
    Meriden, CT · Member since 2018 · 702 posts · 501 votes
    3y

    @Edwin De leon - In 2021 we saw about 15% increases in rents.  My point was that in 2022, I didn't expect 15% but rather 5-6% increases.  I think that 20% increases in rent since the start of COVID is about correct for my market.

    1Reply
  • Edwin De leon
    Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes
    3y
    Quote from @Samuel Eddinger:

    @Edwin De leon - In 2021 we saw about 15% increases in rents.  My point was that in 2022, I didn't expect 15% but rather 5-6% increases.  I think that 20% increases in rent since the start of COVID is about correct for my market.


     Thank you ... Now I am clear thank you, so your projections for rent increases in 2022 was 5-6% increases, was these figures based on data you read up or because 5-6% yearly rental increases is what you see normally in your backyard or all of CT in general, also you  think that it may be possibly higher as high as 20% impressive hummm :>) 

    0Reply
  • Samuel Eddinger
    Meriden, CT · Member since 2018 · 702 posts · 501 votes
    3y
    Yes, over the last two years, I think in CT it has gone up 20%.  The 5-6% yearly rental increase is based on some theories.  I rent to C class tenants (mostly minimum wage).  Minimum wage has increased every year by $1 and is now $14 but going up to $15.  If tenants pay on average 1/3 of their income towards rent, the increase in minimum wage should help.

    Additionally, with the eviction moratorium, owners are having to recoup loses in revenue.

    Finally owners that were not doing management well could sell and finally make a profit.  I think many of them did.  This group of owners were the ones renting below market which is why they never made profit.  The new owners bought with an expectation to raise rents to market rates.  This will push out additional tenants continuing to make it competitive to secure housing.  In general, unsophisticated owners keep a natural floor in real estate and when more sophisticated owners buy, the rents raise for everyone.
    1Reply
  • Edwin De leon
    Investor · bronx, NY · Member since 2008 · 265 posts · 42 votes
    3y
    Quote from @Samuel Eddinger:
    Yes, over the last two years, I think in CT it has gone up 20%.  The 5-6% yearly rental increase is based on some theories.  I rent to C class tenants (mostly minimum wage).  Minimum wage has increased every year by $1 and is now $14 but going up to $15.  If tenants pay on average 1/3 of their income towards rent, the increase in minimum wage should help.

    Additionally, with the eviction moratorium, owners are having to recoup loses in revenue.

    Finally owners that were not doing management well could sell and finally make a profit.  I think many of them did.  This group of owners were the ones renting below market which is why they never made profit.  The new owners bought with an expectation to raise rents to market rates.  This will push out additional tenants continuing to make it competitive to secure housing.  In general, unsophisticated owners keep a natural floor in real estate and when more sophisticated owners buy, the rents raise for everyone.

     Sam ..Thanks for clarifying it further 

    0Reply
  • Rick BassettBusiness Member
    Property Manager · Greater New Haven, CT · Member since 2010 · 377 posts · 434 votes
    3y

    @Gabe Shapiro a number of our PM clients (property owners) have been purchasing investment property in New Britain as there is an abundance of multi-families that are somewhat affordable compared to other nearby towns/cities. The proximity to employment is pretty good for tenants who live in New Britain as well. 

    475-900-3100
    Bassett Property Management5108 Reviews
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    1Reply
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