Home Buying in Westbrook>Question Details

douglashblack, Home Buyer in Westbrook, CT

I am interested in buying a rental property in the Westbrook Clinton eEssex or Ivoryton area. What area will get me my best return?

Asked by douglashblack, Westbrook, CT Sat Oct 13, 2012

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When purchasing a rental property its important to understand what your operating costs will be, if you are financing you will be paying on the principal and interest on the loan, the taxes, insurance and the costs of reserves to replace and repair the property. So its necessary to know what the operating income costs will be and will the rents generated from the property cover those costs. Its also important to ask "what if" what if my tenants don't pay their rent and need to be evicted? Do I have the income to cover all of those operating costs, especially the mortgage so that my property doesn't wind up in foreclosure. So although, shoreline properties may have higher values, make sure the rental income they generate is enough to cover those higher values. The towns you are interested in have a wide variety of properties but multi-family 2-4 units are scarce to come by, single family rentals are more prevalent.
1 vote Thank Flag Link Tue May 21, 2013
This is a good time to invest in rental properties. The state of the real estate market has created a greater demand for good rental properties.
you have several options at hand, ranging from beach properties that would rent on a weekly basis in season, but can require more of a committment on your part during that time to keep them clean and ready each week for the new tenant, then rent them on an academic basis for the fall and winter. One of the keys to a successful academic rental is proximity to a college or university. The communities you have questioned are a little further away from academic facilities making that type of rental a little less desirable. A year round rental is usually the easiest for you as a landlord. Any one of these towns offers good potential for finding tenants for your property. The most desirable rentals are in the price range of 1200-2000, so your choice of property to rent should be able to be supported by these numbers. I would be happy to arrange for you to see a variety of properties in all of these communities so you can intelligently weigh your options and make a good decision. Feel free to contact me if you would like to pursue this option.
0 votes Thank Flag Link Sun Oct 14, 2012
Well Doug, the shoreline towns offer beach rental properties which can be rented weekly during peak summer season and tjen on an Academic lease a.k.a. Sept to June to cover the rest of the year. Essex/Ivoryton has less demand for rental units but more long term tenant possibilities. Any of these towns will provide good appreciation during ownership. If i had to rank them in desirability and overall value it would be Essex, Westbrook, Clinton from highest to lowest.

If you are serious about generating profits and passive income from real estate I would love to show you how i can help.

Benjamin J Shoemaker Broker/Owner Alpha Real Estate &Valuation
0 votes Thank Flag Link Sat Oct 13, 2012
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