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Central Connecticut Strategy?
Hello and thanks in advance for anyone willing to respond to this. After swallowing some lumps thanks to one thread I posted back in April, I should (crossed fingers, no blown furnaces or sheard off roofs) be in a good position next year to reinvest.
This is hopefully not a beat the dead horse, "where is the best cash flow in X" post, more of a strategy question for anyone who knows the market in CT.
Here is what my limited knowledge/intuition tells me: Waterbury, Bridgeport, parts of Hartford cash flow best because of the inherent risk, lower fairfield county cash flows worst (today) because of NYC effect on price/rent, and there is an in-between SOMEWHERE.
I think that somewhere is in the central part of the state between route 8 and 91 north of new haven, east of waterbury. I also am focusing here because its not far from me ;)
My question is has anyone had success in this area and if so, what strategy has it been? Again in my limited knowledge it seems like multi-family has the better numbers but I could be wrong. I'm basing what I see off the 1% rule for SFH, and cap rate values based on 50% rule for multi-family.
Again thanks in advance.
@Eric S. new britain. that is your answer. i invest there. i spent my whole life in CT besides the last few years. i know the area well. i own a few multi-family properties there currently. i went CCSU in new britain and lived in the town for 10 years. its an incredible source of cash flow and, in my opinion, the current mayor is doing all the right things. i actually see growth happening in that town, compared to the rest of CT that is struggling. happy to help in any way i can. just let me know!
@Eric S. Ryan is absolutely right- New Britain is a great area to invest in cash flowing property, I also invest there. I don't like Hartford for a few reasons- rules and regulations being placed are not in favor of landlords, that coupled with high property tax is what turns me off. I would also consider areas like Bristol, Middletown, East Hartford and Manchester. I own property in these towns as well. New Britain still has the best cash flow for MF however.
I have had success, flipping, BRRRR'ing and house hacking in all these towns so any strategy could work. If your looking for someone to help navigate the areas (New Britain and Middletown are very street by street dependent) let me know. Feel free to send me a DM to discuss further!
@Ryan Deasy and @Michael Doherty
Thanks for the responses. I really appreciate it. I will do some digging and learn more about New Britain as I really have only been there a couple times. It's totally within my "range of comfort" as far as distance from me. I will at some point for sure hit both of you up with questions.
Thanks again .
The strategy there as in all CT towns is to do the market research on the town, which companies are moving in? Look at population trends. Are more people moving in than out?
Subscribe to the business journal in that area to keep abreast of local business developments.
Quote from @Ryan Deasy:Erin Stewart the mayor is a rockstar.
@Eric S. new britain. that is your answer. i invest there. i spent my whole life in CT besides the last few years. i know the area well. i own a few multi-family properties there currently. i went CCSU in new britain and lived in the town for 10 years. its an incredible source of cash flow and, in my opinion, the current mayor is doing all the right things. i actually see growth happening in that town, compared to the rest of CT that is struggling. happy to help in any way i can. just let me know!