1% Deals in Central CT?

[Joseph Baccash]

Hi Everyone, I've been a passive reader/podcast listener on BP for 6-8 months now, but this is my first forum post. 

For the last couple of months, I've been looking to acquire a 3-4 family property with an FHA owner-occupied loan in central CT (Middletown, Portland, Wallingford, etc. commuting distance to Hartford). I have a realtor and through the MLS we haven't found very many 1% deals. Any 1% deals we do find are in questionable neighborhoods and/or require repairs that push my cost basis up. I've seen several borderline 1% deals but they are always razor thin right at that 1%. Couple that with the high CT taxes making me nervous about applying the 50% rule and I'm not having much luck finding attractive opportunities.

Am I being impatient or is CT/Central CT an exception to the 1% rule?

Beyond seeking answers, I'm also looking to network to get to know some fellow CT BP'ers. Thanks!

Joe

[Michael Noto]

@Joseph Baccash there are 1% deals in good areas of Middletown. I know that for a fact as I helped a BP member buy one recently as their realtor. Did not need extensive repairs either. He had a FHA occupied loan as well.

It is possible in Wallingford as well, but as you know if something comes up in a desirable area there it is gone quick. Are you just looking in those 3 towns? If so, just be patient and ready to pounce. Deals are out there. Expanding your search may help but only if you are comfortable with doing so. 

Welcome to BP!