Up and coming areas in Connecticut.. ?

[Kay Ferdous]

Looking for some general advise about real estate market in Connecticut. Im based out of Long Island and have been looking at properties in try state area. Over the weekend I went and visited some properties in east Hartford , new Bretain and Norwich. I was looking at 6+ unit buildings and what looked to be in c- maybe d type area. Buildings look to be in good shape with 10+ cap rate ,all the financials looks great and I would be hiring a property manager to manage the property but me being from out of town wanted to get a general feeling for those area and the type of experience you guys have had or any other cities that's with looting into in Connecticut . Thx

[William Collins]

@Raymond B. is great at welcoming new folks to CT, but is cautious of reinvesting in the state due to the economic climate.  All of the statements he made are true.  Don't get me wrong- guns left what is one of the most anti-gun states in the union.  Taxes are not good, and our bureaucracy is bloated due to strong towns and weak counties.

But there are other ways to look at the state.   The corner near New York City is one of the richest areas in the US.   All the way from New York City to New Haven take a compass and draw a semi-circle.  That is the NYC commute range people do.    There are great working class cities such as New Haven, Manchester, East Hartford, New Britain, and many others.  Some other cities are highly troubled due to corruption or long rooted issues (Waterbury), and some of those are further along to improving (Bridgeport).  There are plenty of baby-boomers unloading properties they no longer want as they head for Florida.  These are typically run down and need lots of work to bring back to rent ready.

What are you looking for? Multi family (small or large), SFR

The six plexes you are describing due come available some times for sale  (especially New Britain or Bridgeport), but you need to know the area to avoid the wrong side of town.

@Kay Ferdous I have completed 2 of 6 BRRRR's in 1.5 years. All 6 will be done by the end of the year. Just like anything- if you find an angle there are things worth investing in.