Rental Property Investor · New York Ciry, NY · Member since 2015 · 33 posts · 14 votes
I was in New Britain CT this weekend trying to get a sense of the opportunities that are available in that market. Anyone active and can provide any insights. I am looking for 3-4 units with positive cash flow. Unsuccessful finding agents that are experienced with the investor community.
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
6y
@Ishmael Carter hey Ishmael, I own a few properties in New Britain. I think it’s a great area to invest for cash flow but you really have to know the area well. The good and bad areas really vary street by street. I’d be happy to answer any questions you have about the area and also any recommendations on investor friendly agents.
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
6y
@Ishmael Carter hey Ishmael, I own a few properties in New Britain. I think it’s a great area to invest for cash flow but you really have to know the area well. The good and bad areas really vary street by street. I’d be happy to answer any questions you have about the area and also any recommendations on investor friendly agents.
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
6y
@Ishmael Carter hey Ishmael, i also own a few properties there. always happy to answer questions for anyone. new britain is an incredible town for rentals and has the potential to produce big cash flow numbers. market is hot there right now so watch out for the prices on the MLS. off market is where it's at there right now.
I've also been looking in New Britain for multi-family rental properties. My wife is from the area and suggested looking in this area. It seems like there are some available foreclosures. I'm a little concerned about investing in an area that I'm not familiar with. I'd love to get some insight from someone with local knowledge
We as real estate agents and property managers we currently manage a few buildings in New Britain and like others have said, it can be a cash flow steady town as long as you get involved in the right areas. Generally we try to stay north of Allen st and south of Monroe st. The area immediately adjacent to the intersection of Ct-72 and CT-9 is also not the greatest.
We've also found that the closer you can get to the borders of the town the better the neighborhoods - usually. Berlin, Plainville and Newington are good towns to border, so we try to stay on the outskirts of New Britain if we can.
Feel free to reach out with any questions, happy to help!
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
6y
No specific area, I do like to be on the edges of the town if I can be @Anthony Frascone. Speaking of New Britain, this just came out a couple of days ago:
New Britain council OKs an increase in sewer use rates beginning July 1
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
6y
@Anthony Frascone@Ishmael Carter I would agree with Filipe and add that I have been adding units to my portfolio that are closer to the new Fuel Cell Project being developed in New Britain (Corner of Myrtle and Curtis Street). Upon completion it will be the largest Fuel Cell Plant in the Country and poised to bring thousands of jobs.
Real Estate Agent · Winter haven, FL · Member since 2011 · 572 posts · 336 votes
6y
Great area to invest in but many sellers are priced unrealistic. I see the slowest price reduction on properties that need to be slashed heavily. Good properties go quick on MLS. I recommend marketing to preforeclosures. I've done great deals come out of there.
@Ishmael Carter hey Ishmael, I own a few properties in New Britain. I think it’s a great area to invest for cash flow but you really have to know the area well. The good and bad areas really vary street by street. I’d be happy to answer any questions you have about the area and also any recommendations on investor friendly agents.
@Michael Doherty do you own any properties from 1920's? Is it easy to rent them in NB?
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
6y
@Matt Dabek Hey Matt- yes I own a few properties from the early 1900's and no issues for me renting them out. Is there a particular issue with houses from the early 1900's you are worried about?
Contractor · Kensington, CT · Member since 2014 · 39 posts · 16 votes
6y
@Michael Doherty no issues really... I just find them very outdated and I wasn’t sure if it’s easy to rent them out. I own properties built after 1950 and felt like it’s different kind of animal. But I guess it’s not. I did get few feedbacks that I should not worry about the age of the house but more of if it’s cleanliness and if it’s updated inside.
Thank you for your answer. It does help to hear your opinion.