Where there's renters there's a potential to brrrr!
As for STR, you're generally going to want to be looking for one of three markets: (1) Destination Markets -> Think Hawaii or Malibu or Aspen (2) Industrial Markets -> Think Austin, Greenville, Atlanta (places where tourists don't contribute to the better majority of all dollars spent or (3) Vacation Markets -> Areas with a good mix of tourists and long term residents and the vacation goers don't need to book their trip that much in advance.
Meriden, CT · Member since 2018 · 700 posts · 501 votes
4y
Hartford is a tough area to invest. I consider Hartford to be D class. Most people cut their teeth with Section 8 but the tenant quality is tougher on properties so expect a lot of money each time to turn the property. Other areas, West Hartford, etc are much better. Happy to discuss more if interested.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
4y
@Shelia Stokes Bigger Pockets is really good at learning, asking questions, and your post is a version of this but I think it would also be good for you to visit your local REI groups. There are many groups that meet across the country. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Even facebook will have some. Come here to get the general stuff answered but very specific, market types of questions - go local. Hope all of that makes sense.
Lender · PA · Member since 2019 · 533 posts · 461 votes
4y
Hi Shelia, if you already have some connection with the Hartford market and you want to invest in that market I suggest you find the meet ups and the REI groups and participate in the discussions. In reality only areas with high crime are a no go. In my experience I have witnessed and experienced people hitting home runs in areas I would not dare to work in and I know of failures where failing is almost impossible. It is all in the buying so if you can find a great deal than it is a great deal. I do nto think the geography is the issue.
Where there's renters there's a potential to brrrr!
As for STR, you're generally going to want to be looking for one of three markets: (1) Destination Markets -> Think Hawaii or Malibu or Aspen (2) Industrial Markets -> Think Austin, Greenville, Atlanta (places where tourists don't contribute to the better majority of all dollars spent or (3) Vacation Markets -> Areas with a good mix of tourists and long term residents and the vacation goers don't need to book their trip that much in advance.