All Forum Posts by: Allan Smith

Congrats and Thank you for investing in Hartford!

Thanks Mike. Working on getting it all buttoned up asap. :) 

I just purchased an oceanfront penthouse in Guayacanes (not exclusively as an investment property, but also for enjoyment). They are improving the highway from the airport along the southern coast, so hopefully more building and investment along there will continue to come. It's very convenient for Santo Domingo and the airport (SDQ).  

I agree with all of the above but I wouldn't describe that as a red-flag. More like a yellow flag...

There's no problem with a property that money can't solve (a lower price, etc) :)

That being said, depending on what your strengths are, taking on big problems for your first property (when you don't have a full team in place yet) may be an even bigger challenge than it may seem. 

Hi Andres, 

I’ll be watching this too. We just bought a penthouse closer to Santo Domingo (Guayacanes), but it hasn’t gone live yet. Perhaps in the coming months we will be able to commiserate with eachother about our experiences! We’ll be there in the first week of September to finalize the property for renting. 

Hi @Ernest Partin, I lived for a short time outside of Boston (Somerville) before moving to the Hartford area. While I've visited ATL, Chicago, and Charlotte, I can't say I know a lot about that market. As for Hartford, you'll find this is not a very large "city", especially compared to the others you've mentioned. The actual "downtown" is only about 6 blocks. It feels like right now Hartford is on an upswing (economically), but it has also been on a downward trend (pretty steeply) since the '90's, so it has a ways to go before it has fully recovered. The numbers are pretty good for rental property owners in the area (especially in urban centers), and your money will go a lot further than in Boston. 

The only note I will add is (and I'm sure those other cities are this way too, and may already be doing this) there are some suburbs that may get you a similar return, while offering more B-class class and C-class areas to choose from. It may be worthwhile to expand beyond the boundaries of the actual city when doing your search. 

Hope that helps, and don't forget #HartfordHasIt !

Hi Shahar, 

Yes, I would recommend connecting with Stephanie then. That should be easy enough. I think if you live in the area, it should be easy enough to drive through any area that you are looking at and get a feel for it. That'll give you a better idea than someone else's opinion of the area because you may have different criteria. 

In terms of "good" areas or areas to stay away from in Manchester, or any other town. Around here, I feel like neighborhoods can go block to block. There certainly may be a street that you don't want to park on late at night and go for a stroll, but if you are focused on the property more than the neighborhood, you may be able to become the "best" property on the block, which wouldn't be so bad either! Wouldn't it feel good to be the catalyst that brings UP an area by new investment? :)

Short answer, if you are looking at Manchester, look at East Hartford too ;)

Hello Heidi, 

Around Hartford we've seen big growth over the last year in selling prices (especially in some towns), but it's hard to have a crystal ball for how much values will grow organically in the next couple of years. 

I think if you know you're only going to be there for 2 years, the only way you can depend on the value of the home going up is by adding that value yourself. Even in the best neighborhoods, if you buy a home now, and list it in two years for a lot more money, the buyers are all going to ask "what has improved since it was last sold to justify the increase?" You've got to have an answer. (Just looking at is as an agent). It may just be cosmetic improvements, but there's got to be something.

Cheap homes in cheap areas is no guarantee of large appreciation (even with drastic improvements), just like expensive homes in expensive areas have no guarantee that there is enough meat on the bone to appreciate further. Look for C homes in B areas, or B homes in A areas. Or in other words, look for a home with "baggage" that you are willing to take on, that someone else is not. :)

Hi @Jeremy Rosner. I would 100% get pre-approved by a bank. That does 2 things. It gets you started, because you won't want to waste that credit inquiry and go through the work, only to never submit an offer on something, and secondly, you will have one less barrier in your way when you DO see something that you want to place an offer on.

I'm watching this as well. I have a STR that should be going live this summer in the DR, and my plan was to just keep Pesos there, and dollars here.