Home Buying in Stratford>Question Details

mbistolasctb…, Home Buyer in Stratford, CT

Rental Property for investment

Asked by mbistolasctbiz, Stratford, CT Mon Dec 31, 2012

My husband and I are looking for rental properties to purchse in Stratford. Would someone kindly give me an idea as to where nice rental properties are, and what is the potential rental amount someone could get ie: on a 2 bedroom apt.??? Thank you! mimi

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Mimi, I agree with Ted. I've lived in Stratford my entire life. The majority of my clients are investors in our area and, like Ted mentioned, this is a decision that needs careful consideration. Sit down with someone that has the knowledge to help you understand everything that comes along with being a landlord and investor and work everything out before you make this decision.
0 votes Thank Flag Link Sun Feb 17, 2013
This is a pretty tough question to answer, in the way I can imagine you would like to have it answered, because of the many variables there are in acquiring these types of properties. But I can give you a snapshot if that helps. Right now there are about 13-15 multi family properties for sale in Stratford. Prices range from $104k to $375k. Much depends on how many units there are, the sq footage, beds and baths, condition, age, and of course location. In the past few years rental rates have enjoyed an upswing because of depressed housing prices. It's reasonable to expect somewhere between $800 and $1200+ per unit, again depending upon the above variables I mentioned. Being a landlord has many potential legal traps and it is wise to consult an attorney before jumping into this tyope of investment. Hope that helps a little.
0 votes Thank Flag Link Mon Dec 31, 2012
In your situation, you have an advantage:
If you want to invest in a particular neighborhood, you can knock on a few doors and determine what the RENTS are in that area:
Then you can work backwards; determining how much you can spend to make the ROI you want.
You will want to involve your Tax person.
(understand that you may have to settle for red-ink for a few years.)

Good luck and may God bless
0 votes Thank Flag Link Mon Dec 31, 2012
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