BiggerPockets

Jay,

I live in Boston and consider myself a (part-time) real estate investor. One thing I would say is that the holy grail "50%" rule on this site is only a very general thing. If you rent out a condo for a high rent, say 2500$ with the renters paying the utilities, you will definitely be netting more like 75-80% of that 2500. The 50% rule more applies to places with low rents and owner-paid utilities.

I have some good properties in the Somerville/Cambridge area that might be interesting to you. I'd be up for a joint venture if you are up for it. I've got 100k in cash and 400k in equity in local real estate, let me know what you can bring to the table.

Hey JayH! I am Mark.... I have spent a good portion of the last year studying the market where I live (northern Mass and southern NH) There are a lot of great deals up here. The apporach is slow and steady up here though, you will not find as many $500,000 flip and sell for $750,000's up here as 'blue collar', $150,000 to $250,000 deals. They are however ripe and plenty for the taking, that is of course if you want to do the legwork required as I have been doing. Negotiation is key
Mark

Hey again Jay. I am in Andover, grew up in southern NH though. One of the three deals I am working on now is a pre-foreclosure 2 fam in Haverhill. That one looks like a good buy and hold. I am going to keep an open mind as to our buy/hold, buy rehab sell, wholesale, etc startegy as there are just so many good deals up here. Your strategy sounds great, really any step is one in the right direction, but frankly, so far, we have scratched the surface by using Craigslist in Ma., and a RE agent I know that isn't afraid of anything for the two NH props. The best advice I could give is keep on the level with the people. The best leads and most honest info I have found, has been by simply door knocking the houses nearby when you are evaluating a specific property. The neighbors LOVE us for what we do, and want to do anything they can to help us since once a place gets rehabbed, it improves their value typically. Call anytime to chat. The two fam in Haverhill is looking as though one side may pay the bill, and the other needs some work.....
Mark
978-902-4835

Hey guys another North Shore guy on the board here.

I've been studying the market for quite a while. Just keeping my eyes and ears to all the stuff going on and off the MLS in Essex county.

I'm interested in flipping and or buying and holding for cash flow depending on the situation.

My price range is 250k and under at the moment.

I've noticed Haverhill and Methuen to be ripe in those areas not only for flips but also some multi families(that may cash flow). I'd stay out of Lowell and Lawerence at the moment, unless you are into section 8. If so that'd be the place to go for bargins. They are getting crushed by foreclosures.

We should all stay in touch.

Either of you go to a REI meeting in the area? I've been looking for one.

Hey Dave!

I have been looking for a group too. Let's keep each other posted on that. You are exactly right on the markets in Lowell, Lawrence, Haverhill and Methuen. Lowell and Lawrence are getting killed with foreclosure. SO MANY stated income loans written there resulted in a HUGE glut of foreclosure and destroyed property value. On the flip side to that, this equals tremendous deals, and there are a TON of people with section 8 vouchers. That is our aim for those towns further down the pike.
Haverhill and Methuen are a bit better town, but boast more 3br and fewer homes. Lawrence and Lowell are more frequently 3br plus. Typically the more bedrooms, the more desirable, (obviously) but more importantly, the more families rent from you. Families move much less frequently.
Either way, good deals. I am working on a 2fam/4br/2ba in Haverhill now. I would like to buy, fix and hold, but I am not sure if we are truly ready yet or not. This one may be a wholesale. One side is livable with a weeks worth of landscaping/cleaning, the other needs about a month of rehab. Our aim is to buy around $50k. Call email anytime. The more the merrier, the market is RIPE with fruit right now, and I am not afraid to knock on doors.
Mark

Awww, Wednesdsay's aren't good for me. Figures. Eh, I guess if I plan one to go to far enough in advance, I can probably make it to one.

Thanks Mark,

The two I'd be open to go, that work with my schedule/location are.

New England Real Estate Investors Association NEREIA

When: 1st Wednesday of each month, 7:00pm
Where: Best Western, Chelmsford

Or

Massachusetts Real Estate Investors Association MREIA

When: Last Tuesday of each month, 7:00pm
Where: Peabody Marriott Hotel, Peabody

Preferably the Peabody one as its on my way home from work. Chelmsford I might barely make it after work or at least be late by 10-15 mins consistantly.

Maybe some day you won't need to factor work in!

Wouldn't that be nice!

Its tough for me as well. I'd barely be able to get out by 7.

Most of my days are 8 am - 6/6:30 pm. I say boo to the 10 hr day! Not to mention an hour commute both ways.

Its really 12 hrs of my day eaten up by my job. Thats an avearge day....most seem to be higher then avearge(if thats possible...haha).

I live in Worcester, MA and have been interested in the buy and hold strategy for about a year now. Jay is right in saying that most triple-deckers here in Worcester are in rough shape, but a handful look good to cash flow.

The multifamily market is plummeting ten-fold compared to sfh around these neck of the woods. Looks like a good time to get into the real estate game.

but in some areas of Worcester you won't be able to rent for more than 700ish.