New to Real Estate · Brooklyn, NY and also the Bridgeport CT area · Member since 2015 · 6 posts · 0 votes
Hello everybody I am a newbie who is still on the process of learning about wholesaling via YouTube,podcasts and as well as BP. I’m from Brooklyn but go to school in Bridgeport,CT. I have a few questions for those in the tri-state especially in CT. What is the potential of the Bridgeport market place? It’s a pretty run down town however it seems to have a lot of potential. The issue with the casino is still up in the air however I’m seeing new construction of multi family houses in the South End.
If the casino is ever built it will be a game changer for the city.
I see a lot of potential distressed sellers in the city and was wondering does anyone think the city is a good market to start wholesaling? I’m also interested in the Waterbury area as well. I’m just a newbie so there is possibly things I overlooked. And for my fellow NYers is it even possible to wholesale in the five boroughs?
Hi @Mardochee Augustin, I am not at all familiar with Bridgeport or Waterbury beyond the stigmas that both cities carry in the real estate / investing world. @Craig Bellot is a big Bridgeport guy and I'm sure he can shed a ton of light on the city for you, where to be, where not to be, etc.
Hi @Mardochee Augustin, I am not at all familiar with Bridgeport or Waterbury beyond the stigmas that both cities carry in the real estate / investing world. @Craig Bellot is a big Bridgeport guy and I'm sure he can shed a ton of light on the city for you, where to be, where not to be, etc.
Thanks Filipe, @Mardochee Augustin Bridgeport is a great city both for wholesaling and buy and holds / flips.
40 min from NYC with much lower cost of entry than NYC. Because of the pandemic we've seen a mass exodus from NYC to Bridgeport, CT and surrounding areas causing considerable price appreciation.
I personally invest in Bridgeport and still currently looking for deals. The BRRRR strategy can work well here, since people are looking for newly renovated apartments to set them apart from the many dilapidated ones on the market.
I believe the key is to act quickly, know your numbers and your buying criteria. Get a handle on analyzing the income, expenses and ROI of these properties in Bridgeport.
You can use the Bigger Pockets calculators to start. Use Zillow and rentometer.com to get data and analyze a few from your home to see what type if returns there are.
If these meet your investment criteria then start looking in person.
If you know you want multi-families with 9 bed 3 bath, set up an alert for that and get your paperwork ready to offer once you find one that matches.
Let me know if you have any questions, and good luck!
@Craig Bellot thank you so much for the advise. I’m still at the learning stages but I will keep coming to ask you questions. I see lots of potential with Bridgeport. It’s a hidden gold mine.
@Filipe Pereira in your opinion which markets in CT is ripe for wholesaling? And thank you for the advise!
I honestly don't know. It seems like anyone with two brain cells to rub together knows that we are in a massive seller's market, so why not take the risk / chance of listing their property first to see what happens? I think your best chance for success is to find someone who is in a unique situation and has to sell quickly or who is OK with leaving money on the table. Short of that, I am not sure why someone would go the wholesale route.
That said, I'm not sure if there is a market that this happens more or less in. I imagine there is going to be some opportunity in markets where owners are dealing with a high level of nuisance tenants and evictions so I would probably locate those areas and target them highly if I were trying to generate wholesaling leads. In CT that's probably Hartford, Waterbury and Bridgeport. I would focus on the out of state landlords who are going through lots of evictions first.