Buying first Multifamily Property during covid 19

[Angela W.]

Hello I’m looking for my first multifamily property in CT .Any were in particular? Any recommendations ? Would covid 19 affect anything? Thanks,Angela 

[Cameron Norfleet]

Hi Angela, Yes COVID-19 is affecting a lot in the mortgage industry. Banks are tightening up on their standards for approval. But as far as the market goes, properties are still selling. The market in general is doing much better than most people expected. 

The Naugatuck Valley area (Ansonia, Derby, Waterbury etc) is a good place to invest. But I come from the school of thought that the individual property that you're considering is more important than just looking at the city/town. At least when it comes to most places in CT. For instance, Waterbury has been a depressed city for decades, but there are still some great deals there. 

With that said, it is important to be familiar with the market that you're investing in. That way you'll know what businesses are moving in & out, what changes the local politicians are proposing and how it will affect your business, and the quality of the local neighborhoods & schools.