Newbie!- Norwalk, CT

[Sammie Reynoso]

Hi all! I'm very new to real estate and am excited to gain as much knowledge to apply it to this business. Although this is not my career path, I have always loved the idea of designing homes or fixing them up and have been wanting to add real estate to my investment portfolio! I reside in Connecticut and am looking forward to being a part of this BiggerPockets community. I am looking into either house hacking/ investing into rental properties as I am a college student with limited funds. I have looked into FHA loans and are looking into many creative financing options. I am also wondering if there is any advice regarding renting to college students near local colleges and what is the best locations to look in for purchasing real estate as a newcomer. Any advice, tips and hints are incredibly appreciated. The areas where I most likely be purchasing in will be around Norwich, Mansfield, Stafford Springs, etc. Just wanted to briefly introduce myself and familiarize myself with the forum!

[Chad Fagan]

Hello Sammie,

Welcome to Biggerpockets and the Connecticut RE investing community. FHA on a 2-4 family is option for your first deal. You can purchase one with 3.5% down. I purchased a 4-family last year using this method and would do it again in a heartbeat.

Student rentals can be lucrative because they rent by the bedroom, but are hard to come by. In Mansfield, for example, there is a town zoning regulation that allows only 3 unrelated individuals to live together in a SFR. Only a handful of properties in the town have been grandfathered in.

I can't speak much about Norwich or Stafford Springs. Stafford Springs is about 20 minutes from the University of Connecticut and considered less desirable in terms of the commute time for off-campus housing.