New Investor (Rental Properties)

[Pascal Guirand]

Hi, my name is Pascal, I’m a new investor out of New York. My family and I are looking to invest out of state, considering PA, NJ and CT, which one has the best cash flow and any realtor recommendations for Them or should I just do NY?

Thank you!

[Filipe Pereira]

Hi Pascal, welcome to BP! Lots of good information being shared here. I'm a bit biased in my opinion, as my property management company manages Hartford County, from Bristol to Vernon up to the MA border. Here's some of what I have observed during my time. This is by no means an attempt to push anyone into any market, but rather just some generally vague thoughts.

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.

Best of luck, and if you have any questions, just reach out!