Buying cash in Connecticut for BRRRR $60k max

Starting Out
9yFollow

Buying cash in Connecticut for BRRRR $60k max

Sourabh Bora
Bronx, NY · Member since 2016 · 58 posts · 60 votes

Hi BP Family

I am a traveler and a part time technology consultant. I would like to build a passive income stream so that I can travel more and follow my other passions , and do less of the 9-6 grind. 

What am I looking for

1. Maximum cash flow, future appreciation will be nice to have

2. Within two/three hour driving distance from New York city, so I can live in NYC and take care of stuff 

3. Willing to sacrifice cash flow for peace mind while landlording

4. $60,000 max to begin with. Once I have more teeth in the game, willing to break my other investments and put them in RE

5. Repair opportunities. Willing to learn the rehab process . Higher ARV when the time comes for bank refinance

Experience so far

Zero in USA. Bought a 3 bedroom for my parents , but it was new construction and father took care of the whole process

Education so far

1. Read to the BRRR book, About 50 podcasts, Reading the book on rehab by J Scott etc

2. Drove around Norwich, New Britain and New Haven

I hope to network with the local experts and take bold steps in this new chapter of my life.

Starting with the meetup this evening in Manchester. 

Thanks  guys

Sourabh Bora

2Reply
34 views

Most Popular Reply

Martin Grizzanti
Investor · Rochester, NY · Member since 2015 · 499 posts · 169 votes
9y

I am biased but Rochester, NY has been ideal for the type of investing I wanted to do.

I wanted to have 15-20% cash on cash returns.  This is extremely difficult in other areas of the NorthEast.  This is a deal I am working on selling currently

https://docs.google.com/spreadsheets/d/1P5JKa8k-OjJDKv7cgUNai7Q7uz9VIpfi_thU73dpxkk/edit#gid=1098723612

2Reply
See this reply in the discussion

8 Replies

Jump to latestLatest
  • Scott Hollister
    Rental Property Investor · CT · Member since 2015 · 400 posts · 432 votes
    9y

    Hello @Sourabh Bora!!

    I am glad that you're looking to get into the USA market! And I'm even happier that you're going to the meetup tonight, see you there and we can talk more about getting you in contact with the local investors to help reach your goals! 

    Keep up with that education:) 

    1Reply
  • Scott Starrett
    Rental Property Investor · New York City, NY · Member since 2016 · 49 posts · 36 votes
    9y

    Just curious -- why do you favor Connecticut over New Jersey or New York?

    e.g., For passive income, do COC returns look more favorable (in general) in CT, versus NJ or NY? I have similar constraints/goals to yours, which is why I'm wondering what you've learned so far about these markets.

    0Reply
  • Sourabh Bora
    OP
    Bronx, NY · Member since 2016 · 58 posts · 60 votes
    9y

    Thanks Scott! (Both)

    I lived in New Haven for four months and the weekend commute to New York was easy with the metro north train. I have great memories of my stay and hence starting here. 

    I went to grad school in upstate new York (Rochester) and I liked it LESS than Connecticut. However, I am doing some research on cities and rural areas along the Hudson line and up to Albany. I am going drive down to a few cities later this month.

    I lived in Journal Square, NJ and Rutherford , for a couple of months. While I did not enjoy that much, I am not opposed to looking at that state too. 

    Philly is also within driving distance of NYC.

    I would be very curious where your research leads you. 

    My thing is, I want to get my hands dirty soon, and I have learned that good deals can be found anywhere. 

    Let's stay in touch. 

    I will write a summary of my research on CT and upstate new york , once I am done with it.

    Thanks

    0Reply
  • Martin Grizzanti
    Investor · Rochester, NY · Member since 2015 · 499 posts · 169 votes
    9y

    I am biased but Rochester, NY has been ideal for the type of investing I wanted to do.

    I wanted to have 15-20% cash on cash returns.  This is extremely difficult in other areas of the NorthEast.  This is a deal I am working on selling currently

    https://docs.google.com/spreadsheets/d/1P5JKa8k-OjJDKv7cgUNai7Q7uz9VIpfi_thU73dpxkk/edit#gid=1098723612

    2Reply
  • Scott Starrett
    Rental Property Investor · New York City, NY · Member since 2016 · 49 posts · 36 votes
    9y

    @Martin Grizzanti Thank you so much for posting this example!  I've been looking at Rochester recently also, with similar figures.  This is definitely a market on my shortlist, tho I'd want to learn more about Rochester ins-and-outs.

    1Reply
  • Martin Grizzanti
    Investor · Rochester, NY · Member since 2015 · 499 posts · 169 votes
    9y

    @Scott Starrett  I honestly believe we are some what of a hidden gem here in Rochester.  If you have any questions feel free to dm. 

    0Reply
  • Jasmine Wilborne
    Baltimore, MD · Member since 2016 · 57 posts · 17 votes
    9y

    @Sourabh Bora I'm originally from CT and it is wonderful to hear about how much you enjoyed your stay. I wish you luck. 

    I'm trying really hard to convince my father who lives in CT to start educating himself so he can start looking for deals to. 

    Good for you, you've got a "leg up" in the game :D 

    0Reply
  • Aqil Dharamsey
    Rental Property Investor · Rochester, NY · Member since 2016 · 303 posts · 154 votes
    9y
    Hey Sourabh Bora nice to hear you went to college here in rochester ny. I am Echoing what Martin Grizzanti said earlier. I really think rochester is a hidden gem. COC return here is great. It was named a few years ago top 10 cities to invest in by money magazine. Good luck!
    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free