All Forum Posts by: Allan Smith

Hi Aemon, no problem! Glad to help. My first advice is to become really knowledgeable about one area of Real Estate Investing that interests you. Whether it's flipping or renting, dig into that one thing, so that you can identify opportunities when they come up. 

In the beginning its easy to see everything as either a "goldmine" or a "landmine" and it can be overwhelming. By that I mean, you either see how everything can go wrong, so you never take action, or you see the opportunity everywhere and get stuck trying to find the "best" option.

The other thing I'll say is that I'm originally from Maine, and it may seem like there are less opportunities when there is just less population, but you've got to also see it as less competition. 

If $ is the thing that you feel is holding you back, ask yourself "How do I eliminate that concern and move forward?" Either save the $, or figure out how to get financed. 

The sooner you buy your first property, the sooner you buy the 2nd one, and the closer you get to supporting yourself on rental income alone. :)

Feel free to DM me if you want to take a look at anything around here though ;)

Hi Aemon, there has been a steady stream of multi-family properties coming on the market in Hartford in the last year. It's hard to nail down the exact reason. I believe it is a combination of a couple of factors. 

1. The market in CT overall is very strong right now, so many owners may be selling now to try to get more for their MF than they could have in previous years. (So-called "top dollar")

2. Hartford, like some other urban areas tends to have a little "higher-maintenance" tenant. These are the exact type of properties that could be seeing non-pay tenants, exacerbated by eviction moratoriums, catalyzing some owners to decide they want to be done landlording. 

3. To a lesser amount than the previous 2 reasons, while CT is seeing population growth (for the first time in like 30 years), Hartford has practically no-one working downtown anymore, leaving a void in demand for renters. All of the companies with corporate offices in Hartford-proper have move to 100% remote. Think, Eversource, Travelers, Hartford Healthcare, every office job is now remote, plus every entertainment venue, hotel, and restaurant that services them. 

Its not all doom and gloom though. Hartford has a lot of positives that were in the works before the pandemic, and it looks like it is in a good position to come out better than it went in. 

If you are actually looking at investing you may want to take a closer look at neighboring towns like East Hartford, Manchester, and New Britain as well though. These towns will give you a little higher rent, a little less issues with tenants, and will still be in the same price bracket. 

Shoot me a message if you want connect or have any other questions about the area. Happy to help. As the slogan goes "Hartford Has It!"

@Mike Lambert, this sounds like a question for you. 

I second @Filipe Pereira. There's opportunity all over the state, depending on what you are looking for. I'm partial to Hartford County as well, but Fairfield County and the rest of the state can seem like night and day sometimes!

Great plan. 👍 

There’s really only a couple small areas that I would stay away from. But honestly it can go block to block. Sometimes I just do a quick “street view” to see what the neighborhood looks like.  

The numbers make sense in Manchester for sure, the Hartford area it's definitely a town that has opportunity. There is plenty of rental demand, and it tends to be a little better tenant. The renters that say "I need an apartment near Hartford, but not IN Hartford" will spend a little more to live in Manchester and commute for work. Compared to other "East of the river" (meaning on the Eastern side of the Connecticut river) towns, the taxes are a little better than East Hartford, and the property is a lot more affordable and available than Glastonbury and South Windsor.

Also, many of the neighborhoods with multi-family properties are quieter, with more space, so its the type of neighborhood that you might choose to live in as well. I was at a tri-plex just the other day that had two single-family homes on either side, and if it wasn't for the screaming kids in the occupied unit, I would live there for sure!

If you have any more specific questions or see anything that you want to take a closer look at, feel free to PM me as well.

What is his rationale for keeping it if it is doing nothing but costing him money?

Hi @Kevin Chandler, looks like you've done a bunch of research. If you're looking for areas with nightlife/ young people, have you also looked at Middletown? It's not as big as New Britain, Hartford, and New Haven, but it does have a great little main st with restaurants, and the walkability that young people like, while being centrally located for people who want to get around the state for work or fun. Wesleyan University is there, which is not huge, but is prestigious. (Can you say Lin Manuel?) Prices for MF there are not crazy either. If you keep looking in New Britain and Hartford keep Middletown on your radar as well. ;)

I would echo a lot of what has already been said. I don't disagree with any of it.

I think you're better off in the burbs around Hartford. Mostly because (certainly in the short run) there aren't many reasons for people to want to live in an apartment there. For the same money you can live in the next town over, and have less likelihood of crime, better schools for your kids, and if you are gainfully employed, most of the office jobs in the city have either gone away or they’re now remote anyway.

I love Hartford, and there are some beautiful homes as well as apartments there, but the typical MF building is not going to be in a great neighborhood, and demand will be low until the city gets its act together economically.

Hey Travis, I'm a rookie and a Realtor out of the Hartford area. I'm down for networking or talking shop whenever. Let's connect.