Multifamily Markets in CT

Member since 2023 · 3 posts · 5 votes

Hi there! My name is Emily and I am researching for my first multifamily investment property. My plan is to house hack a duplex or triplex. I have researched some markets in Middlesex and Hartford counties (looking at factors such as population growth, industries, demographics, percentage of renters, taxes, crime rates, and school districts) and so far am most interested in the Middletown, Cromwell, and Southington areas. Are there certain markets in Hartford or Middlesex counties that you would recommend to invest in or recommend to avoid? Are there other factors that I should be researching during the market analysis? Thank you for your time reading my post and I hope to hear from you soon!

Emily

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Samuel Eddinger

Meriden, CT · Member since 2018 · 703 posts · 501 votes

@Emily Etter - I'm extremely familiar with central CT (I own 20+ properties mostly in Middletown, but also in Cromwell, Durham, Middlefield, Portland). I'm an investor first but I also own and run a property management company so I have experience throughout central CT.

@Brandon Rush & @Joseph Salzillo - are the two investor friendly, house hacking friendly agents I recommend. Both are extremely active as well and have house hacked in central CT.

You can DM me if you have specific questions. I'm always looking to help people figure out ways to buy real estate!

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Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
3y
@Emily Etter you may get some advice here, but I think your best plan would be to connect with a house hacking agent it CT. @Sean Lynch is active on these forums and a realtor in that area.
The Assumable Guy544 Reviews
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Ryan ThomsonBusiness Member
Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
3y
@Emily Etter Here are some resources I found really helpful on my journey.

1. For podcasts I really like the Huse Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb

2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf

3. The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book

4. Happy to talk if you want more advice
The Assumable Guy544 Reviews
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Emily Etter
OP
Member since 2023 · 3 posts · 5 votes
3y
@Ryan Thomson Thank you for the resources! I have been trying to get my hands on as much information as possible so I will be sure to check them out!
1 Reply
Samuel Eddinger
Meriden, CT · Member since 2018 · 703 posts · 501 votes
3y
@Emily Etter - I'm extremely familiar with central CT (I own 20+ properties mostly in Middletown, but also in Cromwell, Durham, Middlefield, Portland). I'm an investor first but I also own and run a property management company so I have experience throughout central CT.

@Brandon Rush & @Joseph Salzillo - are the two investor friendly, house hacking friendly agents I recommend. Both are extremely active as well and have house hacked in central CT.
You can DM me if you have specific questions. I'm always looking to help people figure out ways to buy real estate!
5 Reply
Brandon RushPro Member
Real Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votes
3y
@Samuel Eddinger thank you for the shout out! @Emily Etter, Sam is defintely a great resource, I have learned ALOT from him. I myself house hack in Portland CT in a multi. If you need assistance from an investor based agent in CT, would love to help out! I will message you.

Podcast Guest on Show #221
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Emily Etter
OP
Member since 2023 · 3 posts · 5 votes
3y
@Samuel Eddinger Thank you for the referrals for great agents in the area. I am always looking to make more connections!
2 Reply
Anita Chu
Member since 2022 · 31 posts · 11 votes
3y
it's great that you're doing your own research. i'm an investor and realtor myself, and service in hartford and middlesex counties, so i'm familiar with the towns you listed. house hacking is a great way to start home ownership and get experience as a landlord. the towns that have the most multifamily inventory in the area is hartford, manchester, bristol, new britain, middletown, east hartford. is school a factor? normally it's hard to find a multifamily in a town with good school rating. if you're living in the home, check out bristol, windsor locks, meriden, manchester because you want to like the neighborhood too. as for other factors you should research, also consider rental price, because you'll want to do analsysis on rental price to purchase price.
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Hamlet J.
Rental Property Investor · Stamford, CT · Member since 2015 · 69 posts · 32 votes
3y
Hello @Emily Etter,
I personally own a multi-family in Waterbury, CT. But since you are investigating in another area, these are my input to your question. Hartford County in Connecticut has several cities and towns that may be suitable for house hacking and investing in multi-family properties. Here are some areas to consider:
- Hartford: This city is the capital of Connecticut and has a strong rental market with good demand for multi-family properties. It also has several colleges and universities that may provide a steady stream of potential tenants.
- West Hartford: This town is located just west of Hartford and is known for its good schools and strong housing market. It may be a good option for investors looking for higher-end multi-family properties.
- Manchester: This town is located east of Hartford and has a growing economy and affordable housing market, making it an attractive option for investors looking for cash flow opportunities.
- New Britain: This city is located southwest of Hartford and has a diverse economy and affordable housing market, making it another good option for investors looking for cash flow opportunities.
- East Hartford: This town is located east of Hartford and has a strong rental market with good demand for multi-family properties. It also has several colleges and universities that may provide a steady stream of potential tenants.
Again, it's important to conduct your own research and due diligence before making any investment decisions. Consult with local professionals, such as real estate agents, property managers, and attorneys, to get a better understanding of the local market conditions, regulations, and potential risks and opportunities.
Sincerely,
Hamlet
Waterbury investor
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Anthony David
Member since 2022 · 3 posts · 0 votes
3y
These forums are great..
Any suggestions for contractors in Hartford? Or surrounding area?
0 Reply
David Constant
Real Estate Agent · Connecticut & Rhode Island · Member since 2020 · 43 posts · 23 votes
3y
@Anthony David What kind of work are you looking to get in particular? Depending on the specific projects I have a whole list of folks I'd refer out. Let me know!
David Constant
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