All Forum Posts by: James Nazario

Welcome Seth! This is indeed a great community with tons of information and opportunities to connect with other like-minded people in the world of real estate. 

I've got property right in Waterbury near the Cheshire line, so from one local investor to another, welcome, good luck and if you need anything don't hesitate to ask!

- James

@Ryan Keenan,

I purchased a duplex in Waterbury about 4 years ago and what @Nelson Del Castillosaid is spot on. Waterbury, CT catches a bad rap and I can't speak to it's future trends, but there are some decent areas to invest in and since homes are so inexpensive it's an easy entrance into the REI game. But you really need to be laser focused on those certain areas and not stray outside of them unless you are a very experienced landlord.

I invested on the East end near the Cheshire/Wolcott line and it seems to be a nice area with a bunch of SF homes. I know people also find the Town Plot area on the West side a desirable place as well. I'm sure there are other areas people can comfortably invest in, but I have not decided to look outside of the ones I've mentioned

When it comes to cash flow, one of the big things you really need to pay attention to are the taxes, which are fairly high. Yes, there are homes that can be had for <100k, but if not figured into the analysis the taxes can ruin your cashflow. Also I wouldn't bank on much appreciation unless it's forced and you are buying at a significant discount.

Basically, what I would do is start researching and getting to know some of the different areas, create a strategy, run your numbers, and if you decide to pull the trigger, be VERY tight on tenant screening and managing, and it could be a great place to invest.

Let me know if you have any particular questions and I will do my best to help out. 

Good Luck!

I just went through researching something similar where I invested in Waterbury, CT- What I did first was look up the zoning for my property and the corresponding zoning laws at my cities website. 

After that, I gathered all information and came up with questions where I then made an appointment to talk to someone in the zoning apartment in person. 

From my perspective, that meeting was very valuable and taught me a lot. I will say this, trying to re-zone a property or change it's use can be very difficult to achieve, so I would not purchase anything with the assumption that it is possible or even cost effective. 

Good luck!

-James

Hello Marc and Ana-Maria,

Glad to see you a fellow BP member investing in Hamden, CT. I grew up right next door in North Haven and have spent a lot of time in Hamden growing up, it's definitely a great place IMO. 

It will depend on the areas you're looking in that will determine the type of renters you have. If you are finding these properties along Dixwell Ave. towards new haven, you are looking at either SCSU students or lower income families so you just have to buy right and market accordingly. 

There may be some opportunity heading back towards Cheshire on route 10, I know people that have mfh that way who have a good product.

Also I know a couple handymen out that way, if you get to the point that you need one. 

Feel free to reach out and get in touch with me if you want to talk more about investing in that area. I'm still new at investing but I may be able to answer some more questions. Overall, best of luck!

Welcome Lisa!

Definitely keep up with the research and education. Utilize the calculators and other tools provided on BP. 

I'd be interested in hearing more about these properties. I am also fairly new and started investing right near your area (Waterbury/Wolcott). Let me know if you have any questions and at the very least, keep us updated. Best of luck!

Welcome Will,

I am newer investor in Waterbury, CT and speaking with local agents they say the majority of the investors they deal with are from NYC. I'm also keeping an eye on New Haven and see some upside there as well. Take a look and let me know if you have any questions! 

-James

Welcome @PeteTallerico! I second checking out the podcasts and also the guides and blog posts. Education is key. It has pushed me past the analysis paralysis and into taking action. Best of luck and happy hunting!

Awesome job man! From another CT newbie investor your post was very motivating. It actually just gave me the second wind I needed to work just a little bit harder today. Thank you, congrats and good luck!

I second the idea of "two toning" the walls. I also have that in my house and it gets a lot of praise.

As far as layout goes, it seems you don't have many options without extensive remodeling. At the very least maybe consider sliding the stove 1-2 feet and adding a small cabinet or some sort of prep surface to separate them. And add more counterspace. 

I'm very new to the BP community and can't offer any professional advice, however, I just made my first deal on a "unique" property.

I can tell you that unless you have comps in the area it will create complications, as it did for me. Banks do not like unique properties, especially in these current years. I had lenders telling me it would be no problem-until we started with the process-which quickly turned into "I don't think so".

Point being, if you can get an appraiser to put together a strong CMA you may have a fighting chance for FHA lending.

Or you may be able to do what I did( if the seller owns free and clear) and see if he will hold the note with a low down payment while you have a written promise to make all efforts to refinance with a bank within a certain timeframe.

Anyone, feel free to add this or clean it up a bit.

Hope this helps and best of luck!