Connecticut Rental Market On The Rise
With so many living possibilities in the state thanks to the variety of urban, suburban, and rural housing, people prefer the flexibility of renting rather than owning. According to The CT Mirror in 2016, Connecticut’s renting population is much higher than the national average and continues to outpace homeowners in the state. For example, Westport of Fairfield County has seen a 35% increase in renters in 2020 compared to its 2019 numbers. Most towns have been seeing a steady 1% YoY rent increase, making it a stable investment area for rental property, but some places are looking even stronger. Hartford County has seen a 3% YoY increase in rent prices, making it a top contender for investors looking to include Connecticut rental property in their portfolio
Asset Based Lending specializes in the areas above and currently offer rental loans and refinancing in the following counties: Hartford, Fairfield, New Haven, Storrs, and Essex. We offer the fastest and most flexible rental loans CT has to offer, with several rental loan options to match your financial goals. If you’re ready to grow your rental portfolio or cash out refinance your current property, then contact us today.
Investors Using The BRRRR Method In Connecticut
Securing a rental property loan or choosing to refinance rental property is part of a growing investment strategy known as the BRRRR strategy. The acronym is simple: buy, rehab, rent, refinance, repeat. By purchasing the property at a good deal and renovating it to increase the value, you can charge a higher monthly rent and start bringing in stable income. Then, by refinancing the property at a lower rate and taking these newly available funds to repeat the process, you start to expand your rental portfolio and seeing long-term wealth through monthly increments.
For this method to work best you need to be investing in areas with high average income and low unemployment rates, so you can reliably begin generating your monthly income and become cash flow positive. You also want a high renting population, which plenty of Connecticut cities have. According to TurboTenant in late 2019, it took an average of only 16 days to find people to rent property in Stamford of Fairfield County. Between the fast occupancy rate and low median house prices, Fairfield County is a prime candidate for building wealth using the BRRRR method.
Choosing Asset Based Lending For Your Connecticut Rental Loan
Asset Based Lending is committed to helping serious real estate investors grow their rental portfolio or fund their next project through cash out refinance. We understand that rental loan rates aren’t the only thing borrowers care about, which is why we focus on flexible criteria to tailor a rental loan that matches your specific project. While each loan is customized, ABL does guarantee the following:
- Fast purchase and rehab loan approval- as fast as 24 hours with deal closings in 10 days or less
- Competitive rental loan rates- starting as low as 3.75%
- Rental loan options such as no doc, lowest rate, highest LTV, etc.
- Flexible underwriting
Asset Based Lending is dedicated to being the most investor-friendly hard money lender in Connecticut. We want our borrowers to succeed, and our team of experts provide the highest quality service throughout the entire loan process. Contact us today to experience why ABL has the most reliable CT rental loans available.