My First Investment / Post
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.
Hey Gabe. I’d love to connect and offer any insight for the CT market. Reach out to connect.
Hey Gabe. Also happy to chat. I have some investments in Bridgeport and have looked to other areas of CT as well.
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.
Appreciate all the responses and insight!
Hey @Gabe Shapiro I'm sending you a message. Check your inbox !
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!
Lender Tennessee (#2801), Pennsylvania (#2801), Texas (#2801), Florida (#2801), South Carolina (#2801), North Carolina (#2801), New Hampshire (#2801), Vermont (#2801), New Jersey (#2801), New York (#2801), Massachusetts (#2801), and Connecticut (#2801)
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#1 House Hacking Contributor
- Real Estate Agent
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@Gabe Shapiro congrats on all the sacrifices you made to get where you are now. I know that must feel really good.
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Real Estate Agent Colorado (#100092341)
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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.
@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?
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Real Estate Agent New Jersey (#1326442)
- https://shawnmcenteer.exprealty.com/
@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?
@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
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.
Quote from @Samuel Eddinger: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 :(
Hey Gabe. I’d love to connect and offer any insight for the CT market. Reach out to connect.
"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
@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.
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 :>)
Quote from @Edwin De leon: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.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 :>)
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.
Quote from @Samuel Eddinger:
Quote from @Edwin De leon: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.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 :>)
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
@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.