All Forum Posts by: Quiana Berry

Thanks @Samuel Eddinger,

@Derek Y. Join us at the New Haven Meet-up anytime, message me for details. We're at Bears BBQ New Haven the first Wednesday of every month 6pm-8:30pm

Best,
Ryan

I recently picked up 3 properties in Hartford and I’m still learning my way around. 

Hartford varies greatly. There’s a few nice areas and some really bad areas and a lot in between! At a high level south hartford is better than north hartford. 

West Hartford is significantly nicer than Hartford but it is also a much higher price point.

Im still learning the rest of the specifics but hopefully someone else chimes in.  

Thanks @Jonathan Greene—@Cami Danielle I think New Haven is a fairly tough market (and, right now, overpriced). I’ve owned several 2, 3, and 4 families there, and sold most (though still own one). I sold because the market there is nuts right now: everything going for way more than it has been trading at over the last few years. I’m about to list my remaining property.

The thesis of m my investments there has been the idea that Yale and the other universities in New Haven have a vested interest in making sure New Haven is OK (or, ideally, nice), meaning that they will invest money in the community and expand their footprint to do so. Yale, in particular, has more money than some small countries, so they certainly have the financial means to invest in the city. That premise is generally true, but more particularly right around Yale and the other universities. Housing in those areas is very nice, and super pricey.

Farther away, housing is much less nice (and much cheaper) but your chances of renting to college students is very low. Mostly, you’ll be renting to local residents (some of whom may be employed by the university), but they’re not paying the rents that students are. The Yale “bubble” is still centered quite closely around Yale, and that’s also true of the other schools there. Outside of those bubbles, New Haven struggles a lot with poverty, crime and homelessness and the city is far from straightforward to work with.

I’ve struggled at essentially every property with rent collection except for properties where I had all Section 8 tenants. I made money via appreciation (and ultimately did well), but the rental income was, at best, treading water.

If you’re up for the management challenge, buy right, and have a longer term horizon, I think you can do OK but it may be worthwhile to wait for the market to cool down a bit. I also wouldn’t count on doing great cash flow-wise, even if it looks on paper that it’s a good deal... you’re going to struggle with collections and evictions, in my experience. Unless you live there and are up for it, you’re going to need to find a great property manager. 

Quiana Berry - I've house-hacked in Bayridge Brooklyn for over 16 years. This neighborhood is 7 miles from downtown Manhattan, the commute via subway is 45 minutes. I've previously had Doctors say in my building who were doing there Residency at a nearby hospital.

Currently in search for my first house hack in the Tri State Area as well. One piece of advice that has helped me is realizing that this market is expensive so when analyzing deals you may not be able to find a deal where you cashflow while you're in the property. Breaking even or paying less than market rent is still a win because you save money in rent you would have been paying. But make sure that when you do move out the property cash flows. Good Luck!