Looking to invest in CT, but where ?

Question

Hello, my name is Max, I am a contractor in the NYC Metropolitan Area, looking to invest in CT, done a lot of research, but can’t seem to find a city that is worthwhile, been looking into deals in Waterbury, New Britain, New Haven, and Hartford. What are your location recommendations?

Ryan Newport · Answer

Hey @Matthew Evora.

I love the Meriden investment market. In fact I live in Meriden right now house hacking in a triplex. There are definitely a couple areas that I would steer clear of, but lots of areas I'm more than happy to invest in. I think the numbers work very well and I appreciate the tenant quality and overall comfortability for myself living here.

When it comes to house hacking, I think the real bang for your buck comes with a triplex or a quad, 3 or 4 doors. I think the duplex is a bit too limiting on how much it'll help reduce your expenses and how much cash flow you can obtain. I often see lots of duplexes selling for only 20-30k less than a similar quality triplex, so to me I'd rather pick up the 3rd unit for pennies on the dollar, ESPECIALLY if you're utilizing a low down loan product.

Of course, it all comes down to personal preference as well. What is Matthew looking for out of a house hack. Reduced expenses? Future cash flow? Where is your personal comfort level? When you can dial in on those targets, you'll be able to filter your criteria and hone in on a target property. It's easier said than done of course, especially in a hot market, but you'll make it happen.

Please feel free to message me to talk more. Happy to hop on a call and tell you about my experience and perspectives.

Samuel Eddinger · Answer

I agree with everything that everyone has said so far on this post.  We property manage in Meriden and there are good and bad areas.  If you want to self manage, stay out of Waterbury and Hartford.  You don't know how many people call me begging for me to manage those areas.  Reach out if you want to connect.  I'm pretty knowledgeable in the entire central CT market.

Matthew Evora · Answer

Hey @Ryan Luby curious as to what your thoughts are for the Meriden market…more specifically duplex as a house hack.

Ryan Luby · Answer

Like @Michael Noto stated, you have to get a bit more specific. I would also recommend picking your preferred investment strategy first, then find a market where the data supports that approach. I'm sure Michael can offer more insight into all CT markets.

If you try to pick a market first, then you have to do research to figure out what investment approach and asset class work in that market, which can be more difficult than the first approach.

As a rule I would avoid Waterbury, not saying investors aren't doing well there but it's better to stay out of that market. If you have any interest in New Haven county reach out anytime I would be happy to talk. I'm a licensed contractor & realtor, I live & invest in New Haven county.

Michael Noto · Answer

@Max Skoryk What strategy are you looking to execute investment wise?

I would advise you differently if you were looking for a conventional buy and hold deal vs. a BRRRR vs. a house hack for instance. Also budget plays a role as well.

William Collins · Answer

@Max

@Max Skorykundefined  So fixer triplexes are hard to find in the state. There are plenty of stabilized properties in that category. Is your financing going to be residential or commercial?

Ryan Luby · Answer

@Matthew Evora I don't know Meriden well, unfortunately.

Maybe a cop out answer but I'm aggressively supportive of house-hacking in general, so if you're trying to get started and for whatever reason Meriden works for you to house-hack then do your due diligence and get inspections, but otherwise jump in.

Feel free to message me with more specific questions & I would be happy to review what you're looking into.

Michael Noto · Answer

@Matthew Evora Meriden is like the other small cities in the state, there are 1-2 areas to stay away from, but the majority of the areas are solid for a house hack.

Max Skoryk · Answer

@Michael Noto @Ryan Luby I’m looking to stay away from single family homes, looking at triplex and up. My main focus is to buy, fix, bring the apartments to up to date to get the maximum rents, and have monthly cashflow. House hacking is definitely not for me.

Im also looking  to also buying, renovating, and refinancing into another deal to increase monthly cash flow.

Looking to invest in CT, but where ?

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