Small Multifamily in Connecticut

[Christina Varvatsis]

My husband and I are looking to buy our first rental, ideally a small multifamily.  We'd like to keep the price around 150K.  Some areas we have considered have been Bridgeport, Bristol, New Britain, Manchester, Meriden, and East Hartford.  Has anyone had experience in a few of these areas that could offer some comparison?  Thanks! 

[Craig Bellot]

Hey Christina,

The first steps I would recommend as a new investor is to get a handle on analyzing the income, expenses and ROI of these properties in Bridgeport CT. Connecticut in general is in a sellers market. You will need to be creative in negotiating to get the price / terms you need.

You can use the Bigger Pockets calculators to start. Right now rents are strong, you can get $800 for a 1 bed, $1100 for 2 bed, and up to $1300 for a 3 bedroom. 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 by contacting the listing agent.

Let me know if you have any questions.

-Craig Bellot