I currently own (2) 3 unit properties down in the Bronx. I'm looking to buy 1 or 2 more 3-4 unit properties In Bridgeport. Prices down here have gotten extremely high, and the cap rates aren't making much sense for me. I'm looking to buy and hold for the long run, ideally pay them off as fast as possible. I'm seeing a lot of double digit cap rate returns upstate, and in places like Connecticut. My main concern is good cash flow/ good double digit cap rate return. I also want to be no further than 1.5 hours from the Bronx. Based on this criteria I've started searching in Poughkeepsie, NY and in Bridgeport, CT. I'm not very familiar with either city, other than the fact that the numbers make more sense for me there than down here currently. If anyone can share input (ideas, comments, pros/ cons, what to expect, and general info about both cities, their markets, and wether or not they're good rental markets) please share. I don't mind urban areas, I'm a Bronx boy : )securing my long term financial future is my main concern here. Thanks in advance to all.
I can't tell you much about Poughkeepsie other than the fact that it's North of you :). There are plenty of cash flow opportunities in Bridgeport but they vary block by block, much in the same way as the market in the Bronx. I'd be happy to help you out around here. Feel free to shoot me a message
I have two buildings in middletown ct which I love. I work in Stamford and my boss owns a two family where he added a third apartment in the basement. After talking to him. A basement unit, which was all brand new, gets 1600 in Stamford.
...and that's on the low end. Median rent is $3k+ here.
@Ramon Guzman are you working with a real estate broker/agent yet? Find a good one and they will be able to help you for sure. Bridgeport offers some great opportunities (and also some not so great...) We have two offices in CT, one being in the Bridgeport market. One of our agents would be happy to assist you. PM me if you would like any more info or would like to chat about your long term goals.
Hello Ramon, I live in Yonkers and I recently purchased a 3 unit in Bridgeport. so far so good . Taxes are a little high but as long as you factor that in to your numbers you should be good .