Rental Properties in New London, CT

[Remy Bonser]

Hello,

I am looking to begin my journey into real estate starting with a rental property. I am originally from New London, CT and was wondering if anyone has any experience investing in this area or thinks it's a good place to invest in rental properties. Any advice or direction would be very appreciated.

[David Wolber]

Hi Remy!

New London is a thriving rental market. There are a lot of people with rentals in NL that are active here on BP.  We own a duplex and a 6-unit as well as manage several others.  Just like any other city, there are better parts and not-so better parts.  People of all walks of life need a place to live.  It's up to you how much management of the property you want to put forth.  More management means more affordable for fist time buying usually.  It also means more cash flow usually as well. HOWEVER, you have to take the bad with the good.  

Find a place you wouldn't mind living in with either absentee landlord or one that just didn't care.  Fix it up.  The more you do when vacant the fewer problems you will have while tenant is living there.  Also, the nicer the unit the nicer the tenant (usually).

We have a meet-up Tuesday the 24th at 5:30 at East Lyme HS if your interested.  Mathew O'Grady runs it, he's on BP a lot. I'm surprised he hasn't spoken up yet.  Great place for open conversation, bouncing ideas and mingling with other investors.

Feel free to reach out and ask anything!

-Dave