Connecticut Multi Family Investors

[Mark Leclair]

Looking to network with my local Connecticut area or Connecticut investors. Where are you all at over here? Let me know and let’s connect. 

[David Cikatz]

@Mark Leclair I’m in southeastern CT.

[Craig Bellot]

Hello Mark,

I am an investor as well as Property Manager in CT. Looking forward to connecting with you.

A quick recommendation if you want to build your network is to look into REIA groups or on Meetup.com. Not sure if they are meeting up in person yet but meeting virtually works too.

-Crag Bellot

[Mark Leclair]

@David Cikatz are you interested in the Waterbury, Meriden, Bristol, Stamford area are all? I have deals in all of these. 

[David Cikatz]

@Mark Leclair Thanks but no thanks. Call me old fashion but that’s too far away from me and I don’t know the market at all over there.

[Peter Anderson]

@Mark Leclair what do you have in Stamford?

[Rob Hines]

Hi All - Can anyone recommend a good property manager and mortgage broker that has knowledge about the Torrington, Winsted, Winchester, New Britain areas? 

[Ryan Twombly]

@Mark Leclair

What do you have in Meriden?

[Mark Leclair]

Stamford would be a 3 unit property and Meriden would be 12 units. Hamden would be 33 units 13 fully leased commercial and 20 apartments up above that. 

[Leigh Ann Voegler]

I’m looking for a place to invest in an apartment building in CT . Is there one you would recommend above the rest?

[Filipe Pereira]

Originally posted by @Leigh Ann Voegler:

I’m looking for a place to invest in an apartment building in CT . Is there one you would recommend above the rest?

I think this really depends on what you want to get out of your investment property.

Here are my thoughts on the greater Hartford (Hartford county, really) rental market in the event that you come up this far. As a licensed real estate agent myself, I can get into trouble for "steering" you to an area, so please accept these as just some generally vague thoughts based on my experience of the area and property management industry.

Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)

Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high. Expect high prices too, though. Appreciation likely.

Enfield is better on cashflow, but has some rough parts of town that I personally avoid (Specifically T'ville). It does have a busy shopping area, and a mall that desperately needs attention. The proximity to MA is a benefit.

Manchester strong rents, but getting into the market can be tough, as multis are priced accordingly.

West Hartford if you're in this town you're probably banking on appreciation, not cashflow.

Glastonbury Strong rents, but expensive. Multis / rentals are not common, and in demand. Appreciation likely.

East Hartford Mostly a B/C class community. I like it. Rents are strong, proximity to downtown Hartford is a major plus. Prices have gone up steadily since 2015/2016.

New Britain Still has quite a negative stigma, mostly due to crime. I hear it all the time when I'm showing tenants units in other towns and I get asked "Do you have any other units available." You can see the expressions if you say "Yes we have one in New Britain." We manage in town, but I don't feel comfortable enough to purchase in NB myself. That being said, prices can be attractive.

Bristol Strong rental market. Seems to always have demand given proximity to Hartford, Waterbury and Meriden.

[Mark Nguyen]

@Filipe Pereira

Hi,

I m currently residing in east hartford & looking to find deals for duplex, triplex, or small flip. I was a contractor for over 10 years but a newbie at real estate investment. Any insights or suggestions would be greatly appreciated.

[Spencer Glaser]

@Filipe Pereira That was an amazing post. Thank you!

[Filipe Pereira]

@Mark Nguyen, I could talk for hours about this stuff, so it's best to ask a specific question so that I can give you the best answer possible. 

@Spencer Glaser happy to help! Update your location by the way! ;)

[Mark Nguyen]

I apologize...i didnt mean to ask such a broad question. I m looking to start a small flip just to get my feet in the game & learn more. I have been looking at the MLS feeds but not sure what a good deal normally appears to be. I have also used flipping & rental calculator to be familiar with running the numbers. Hence, maybe you can help me clear up this concept...a good deal heavily relies on just the number or other factors ? Also, is a small or light rehab flip even possible in the hartford county & in the current hot market ? Thanx

[Filipe Pereira]

Originally posted by @Mark Nguyen:

I apologize...i didnt mean to ask such a broad question. I m looking to start a small flip just to get my feet in the game & learn more. I have been looking at the MLS feeds but not sure what a good deal normally appears to be. I have also used flipping & rental calculator to be familiar with running the numbers. Hence, maybe you can help me clear up this concept...a good deal heavily relies on just the number or other factors ? Also, is a small or light rehab flip even possible in the hartford county & in the current hot market ? Thanx

A good deal usually relies on the numbers, because most people are in it for the profit (understandably so). Most flippers I know in Connecticut have always tried to be all in at 60-70% of the ARV (after repair value). In other words, the purchase price, plus the repairs and commissions had to equal less than 70% of the final sales price (after you've flipped it). I imagine covid has made this much more difficult because of supply / demand, but I am sure it has also raised ARVs.

Flips are possible in any market, you just have to find the right deal. 

[Kevin Hunter]

@Mark Leclair, I have a portfolio of small multis in Fairfield County.  Let me know if you ever come across anything down there.  Thanks.

[William Ortiz]

@Mark Leclair that’s awesome! I hope one day I can grow my portfolio to that extent. I live in the Stamford area but I bought my first investment property in Meriden.

Would you by any chance recommend any repairmen or snow plow removal workers in the Meriden area? I’ve been recently looking around and hope to have someone I can call for a good price.

Thanks!