Tips: Investing in Hamden, Connecticut

[Marc Knapp]

Hello Wonderful Bigger Pockets Community!

Marc and Ana-Maria here. We are real estate investors looking to invest in Hamden, Connecticut. We currently have 3 properties in Guilford, CT (one rental, one residential lot, one raw land) but are seeking to invest in multi-family homes in Hamden, CT. We have analyzed over 20 properties in the area and many of them cash flow well. We wanted to turn to the BP Community for general advice and perspective on the area, particularly local trends and possible challenges to investing in Hamden. 

We also have very specific questions we are hoping that the BP community may be able to chip in and advise on:

• What is a recommended local title company to work with?
• Recommendations for local handymen?
• Personal experiences with tenants in the area?
• Typical vacancy rate we can expect?
• Job growth trends?
• Are professional tenants a problem in Hamden?
• We are currently subscribed to Hartford Business - are there other better resources to use for economic growth insight on the area?

Thank YOU for being here, first and foremost; for sharing your knowledge, experience and expertise and for entertaining these questions.

-Marc and Ana-Maria

[Shane Nielsen]

Hi Marc and Ana-Maria!

I have a 2 family in the Spring Glen neighborhood of Hamden that I have owned since 2012.  Fairly limited experience overall since we lived in the first floor and only rented the top floor until the end of 2015.   With that being said, I had a lot of inquiries when I posted the first floor and was able to get it rented to a qualified tenant very quickly (about a week from when we moved out the tenant moved in).

One thing not mentioned above is Hamden put in an ordinance requiring permits for student rentals, which I believe started in 2015, unless you live in another unit on the same property.  Just in case you were considering student rentals:

Hamden Student Housing Packet

Another thing of note is due to some city budget problems, the mill rate has increased every year I have owned the property from roughly 34 to almost 41 I believe at this point.  Probably not an overall deal killer for you, but something to consider.

Hope this at least a little helpful!