Hello Connecticut Real Estate Community! Military family of four moving from Kodiak, AK to Hartford, CT to attend UConn's MBA program in downtown Hartford. We will move sometime between 15JUN2021 and 20AUG2021. We'll be there until 2023, when we will transfer again. Requirements: 2bed/1bath minimum for our family. 3/2 ideal, but we're flexible for the right place. Also require great schools, low crime rates, off street parking, laundry, and a yard or very nearby park. Current search area: West Hartford, Farmington, Windsor, Glastonbury, Avon, Newington, and Wethersfield. Open to other viable options we may have missed. • Option #1 - 2 to 4 Unit Multifamily - would like to stay below $500k. Numbers must work @ $100 a door. Open to VA Loan or 20% Down. Willing to build sweat equity. • • • Option #2 - Single Family live in flip with buy and hold potential. $400k max including repairs. Would need to be livable by August, trying to stay away from complete gut jobs. Open to VA Loan, 20% down, FHA. • • • Option #3 - Rent - yuck. Would continue looking, but trying to avoid moving 3 times in 2 years. Seeking: • People - Knowledgeable and investment friendly realtors, lenders/brokers, inspectors, contractors, and property managers (for after we move). • Information - Leads, off market deals, real estate groups, foreclosures, networking, and market intel. Thank you for any input you can provide. We are originally New Englander's and are excited to get back to the Northeast! Cheers, Andy

You lucked out BIG TIME on this thread @Andrew R.! It's not often that a connecticut related thread picks up this much steam all in a matter of a day or two. I think all the major stuff has been said at this point, and your hunch that going off market may be the best solution, is indeed the best solution. Unfortunately, it's also probably one of the hardest. You can find small multifamily in West Hartford for under/around 500K, but the problem is that the cashflow often doesn't warrant the purchase price. I bought a small multi, house hacked it, and then bought a live and flip in Windsor Locks. Just now getting to the "flipping" part. Happy to share my experience if you'd like to hear it. My phone number is in my signature! @James Spinazola great advice ;)

For option #1 With those towns be ready to move quick. Not many available options on MLS. New Britain and Bristol are towns where those numbers easily work and one can find many options. For option #2 consider adding on Simsbury and Canton to your search. Not sure if you have any children, but those two are great towns with great school systems akin to Farmington and Avon. Best of luck Andy! Feel free to reach out with any questions! ~ Dave

Hi @Andrew R., Thank you for posing this question as I'm in a similar boat looking to purchase my first property in Hartford county knowing I'll be in the area a few years. I have a similar thought process on multifamily vs live in flip options. While others with more local knowledge have already highlighted some towns to pursue I have found Manchester and New Britain may have more opportunity for MFH, while both areas seem to have their connotations I'd try to reach out to some property managers to learn more about tenant experiences and best neighborhoods. I work at Tumble Brook Country Club in Bloomfield, there seems to be some more affordable SFH options with potential for a live in flip and depending where you look it's very close to WH which as mentioned can be very expensive and appreciating. *take with a grain of salt as I am still new to the area myself. Hope this helps and safe travels!

@Andrew R. welcome. Unfortunately you won't find too many multis in the towns you mentioned... if you want to find a good cash flowing multi you may have to look into other towns which typically are in a C or B neighborhoods. Out of your list WH has the most and they're in bigtime demand and priced accordingly. In my opinion buy and holds around here are tough for single families (especially in those towns) because of the property taxes.... unless you rent out an in-law suite or have another revenue source like a garage or something. If you do go the SFH route, I would probably go a live-in flip and just sell when you leave.

@Andrew R. Your kids are still pretty young and it sounds like you’ll be out of here in 3 years. As a parent I would never not encourage looking for the best school districts but you’re going to pay out of the wazoo in towns like that. If you’re out of CT before your oldest hits the 3rd grade then maybe the very top schools can be skirted a bit. With that said, I own a multi in Torrington which is certainly doable on your budget and should knock your $100/door out of the park! Not so sure if you can do Torrington to Hartford in 30 but it’s a pretty drive. Lol. Just be prepared to be taxed to death here in CT questioning what you get for it all. Welcome to the Northeast!

This is a very valid point. I primarily invest in Winsted and Torrington. I work in the Farmington Valley (in Canton). Winsted and Torrington are great markets. Jeff we should trade notes

@Andrew R. I understand. I am currently house hacking in CT. Check out West Hartford if it’s conveniently located. Feel free to PM me if you have any other CT questions.

@Jeff Piscioniere thanks for the intel. Those WeHa taxes pack a punch. Of course we want it all...a 3% rule quadplex in an A+ neighborhood for $200k shouldn’t be hard to find, right? We’re willing to compromise on the apple orchard and bocce court. So grateful for all the comments. Really helping us figure out where to compromise and why.

@Chris McClelland I hear you Chris, that is certainly the best move financially. Just doesn’t fit our goals right now. This is our first property. We are hoping to hold it and return when I am retirement eligible in 2029. Plan is to pay it off before our kids finish HS. This will allow us freedom to travel knowing home base is taken care of. I have a pretty demanding job. House hacking will be a solid introduction to life as a landlord and maintaining work/life balance. Long distance managing C or D properties long distance while working full time seems like a lot, but we’ll see. I’m lazy and have been fortunate (so far) dumping $ into VTWAX, IRA’s, and TSP. Do need to diversify... Figure, we need a place to live, may as well make it an asset. Thanks again for the input. We will look in those areas if the landlord game is right for us!

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Updated almost 4 years ago on 03/02/2021. Most recent reply

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Andrew R.Poster

West Hartford, CT

Connecticut Real Estate Q&A Discussion Forum

Best area for Multi Family House Hack within 30min of Hartford?

Andrew R.Poster

West Hartford, CT

Posted February 15, 2021 20:47

Hello Connecticut Real Estate Community!

Military family of four moving from Kodiak, AK to Hartford, CT to attend UConn's MBA program in downtown Hartford. We will move sometime between 15JUN2021 and 20AUG2021. We'll be there until 2023, when we will transfer again.

Requirements: 2bed/1bath minimum for our family. 3/2 ideal, but we're flexible for the right place. Also require great schools, low crime rates, off street parking, laundry, and a yard or very nearby park.

Current search area: West Hartford, Farmington, Windsor, Glastonbury, Avon, Newington, and Wethersfield. Open to other viable options we may have missed.

Option #1 - 2 to 4 Unit Multifamily - would like to stay below $500k. Numbers must work @ $100 a door. Open to VA Loan or 20% Down. Willing to build sweat equity.
Option #2 - Single Family live in flip with buy and hold potential. $400k max including repairs. Would need to be livable by August, trying to stay away from complete gut jobs. Open to VA Loan, 20% down, FHA.
Option #3 - Rent - yuck. Would continue looking, but trying to avoid moving 3 times in 2 years.

Seeking:

People - Knowledgeable and investment friendly realtors, lenders/brokers, inspectors, contractors, and property managers (for after we move).

Information - Leads, off market deals, real estate groups, foreclosures, networking, and market intel.

Thank you for any input you can provide. We are originally New Englander's and are excited to get back to the Northeast!

Best area for Multi Family House Hack within 30min of Hartford?

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