[sgfludd]

So we're under contract to buy a 3-family in a decent area of Bridgeport. The plan is to use is as an investment. We're about a month from closing - and I'm getting this feeling that we're making a bad move. First - there seems to be a ton of multi-families on the market that are bank owned - which makes me wonder if there are enough tenants to go around. Our agent keeps touting the possibility of getting Section 8 tenants "guaranteed cash" she says. But looking at the Housing Authority - they only have 2800 vouchers - so I'm guessing the waiting list is not for people with vouchers waiting to get a unit - the waiting list is for people who want the vouchers.

We would need 2 of the 3 units to be rented to cover the mortgage and expenses - otherwise we're coming out of pocket.

Can anyone tell me how robust or weak the rental market in Bridgeport? Is it picking up steam or languishing? Should we get out while we still can - even though I'd be losing $2k in costs already paid. UGH!!!!!!

[Rich Lee]

The number of renters is on the rise for the reason that you mention: bank-owned properties. Bank-owned properties are not just multi-family properties but single-family properties as well. These folks who can no longer pay their mortgages become renters! As for Bridgeport, I don't know that market's situation.

[7 Wishes]

Some people who don't have kids and schools to worry about see "nice" parts of Bridgeport as a way to get cheaper housing. So I think you'll be OK if you have a good rent rate and advertise it well.

[sgfludd]

I hope so. Maybe I'm just getting real estate "cold feet" LOL

[jjbradleynyc]

Originally Posted by sgfludd

So we're under contract to buy a 3-family in a decent area of Bridgeport. The plan is to use is as an investment. We're about a month from closing - and I'm getting this feeling that we're making a bad move. First - there seems to be a ton of multi-families on the market that are bank owned - which makes me wonder if there are enough tenants to go around. Our agent keeps touting the possibility of getting Section 8 tenants "guaranteed cash" she says. But looking at the Housing Authority - they only have 2800 vouchers - so I'm guessing the waiting list is not for people with vouchers waiting to get a unit - the waiting list is for people who want the vouchers.

We would need 2 of the 3 units to be rented to cover the mortgage and expenses - otherwise we're coming out of pocket.

Can anyone tell me how robust or weak the rental market in Bridgeport? Is it picking up steam or languishing? Should we get out while we still can - even though I'd be losing $2k in costs already paid. UGH!!!!!!

I know Bridgeport serves as the "less expensive" city in Fairfield County--for blue collar and lower income to poor individuals who work in the cities of Stamford, Greenwich, Fairfield, Westport, etc.

It sounds like a risky move--and I understand that fear. Since your closing is a month away, I'd definitely get feelers out for tenants now. Put fliers up in laundry mats in the area, grocery stores, delis, and anywhere else people living in the area might frequent.

Let me ask though, what neighborhood is the house in? I was searching last year for an investment property in Bport too....I know the neighborhoods somewhat well...

[usmcfamily]

I certainly hope you sought professional advice before you made this investment. If not, I would consult a PROFESSIONAL asap before you put any more of your money into becoming a Section 8 landlord in Bridgeport.

I think you are smart to be nervous and should trust your instincts. Good luck.

[sgfludd]

It's on Dover St - one block off Rt 1 - near the old GE factory.

[KH02]

I myself would be hesitant..there is not to much money in rentals in Brideport. I would agree with PP to ask a professional what they think. Because if it doesn't work out or ends up just eating up your money, it would be a tough place to sell.
Though it is near the hospital in case emergencies should arise haha

[sgfludd]

Well which professional should I ask? Of course every agent in the universe is trying to convince buyers it's the right time to buy. I called a couple property mgmt companies - of course they said the market was fine. It's tough to find an impartial "professional" who can offer a valid opinion.

[KH02]

I would think other Bridgeport landlords might be a good source of knowledge, not sure how you'd get in touch with them though.
To be honest, I'd be nervous because with it being in bridgeport you can only charge so much rent and I KNOW I am generalizing but people with lower income or on section 8 can sometimes not keep a place up as nice as you would like, you know?