New Member from Worcester, MA

Hello Everyone. I've been browsing the web for months reading websites and info about real estate info before finding this site just the other day... and I wish I found this site months ago.. it's FILLED with so much great information. I think it's great that there's many experienced real estate investors and flippers that spend so much time answering questions and giving input.

Just a little about me (if anyone reads this), I'm from Massachusetts and have had a traveling engineering position since graduating college. The pay is excellent and in the last 4 years I've paid off 40k in school loans, purchased two vehicles that should last me a long time and saved 115k. I'll be getting married next spring so will have to give up a little of my beloved money to help with wedding costs and honeymoon.. Anyways, the work is dying out and I'll be transferring to the home office in Worcester, Ma with a significant drop in pay (no more per diem, bonuses, overtime etc)... but a salary of about 70k. What I'm looking to do is make that 115k I have in the bank work for me.. I have my ideas of how to do that though after reading through this site they appear to be somewhat conservative so I'm joining this site to ask for input from more experienced investors about what they'd do in my position. I'm currently working in South Carolina but around July of this year will be permanently moving to Worcester, Ma. I'm 26 years old, have zero debt, will at that point have about 115k-125k in the bank, have excellent credit and will be working a full time (40 hour) job. I hope to soak up as much info from this site along with other resources so I can hit the ground running in July when I make the move.

Thanks so much for reading this!
Mike

Edited: 06/26/2010 at 12:09PM

Bryan A.

Real Estate Investor · Charlotte, North Carolina

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1,830 posts
17 awards
62 influence

Mar 22 '10, 02:20 AM

welcome michael...where are you in sc..i live in charlotte. be careful posting that financial info...there are sharks everywhere!!

Edited: 06/26/2010 at 12:09PM

Tim W.

Real Estate Investor · Indiana, Indiana

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4,333 posts
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Mar 22 '10, 02:22 AM

Welcome to the forum Mike. I used to live up by you and know the property pronunciation of Woostah.

You're in a good situation at a good age to be exploring multiple opportunities. Mass is a tough state to landlord in. I'm heard stories of the 6-12 month eviction. On the flip side (pun intended), it seems there's always buying and selling going on so I'm certain a smart flipper could make some bucks.

Tim

Edited: 06/26/2010 at 12:09PM

Michael C.

Real Estate Investor · Scituate, Massachusetts

16 posts
2 awards
50 influence

Mar 22 '10, 02:42 AM

Bryan - I'm living in Summerville, SC at the moment. The company I'm with has performed a lot of work in this area so I've been living in South Carolina on and off for the past 3.5 years.. I've lived in Goose Creek, Summerville and North Charleston.. I've been to Charlotte a few times and LOVE it. The companies satellite office is in Charlotte which I was pushing hard to get into, unfortunately it's much smaller and less work so no guarantees...

thanks for the advice on being careful about financial stuff... I was trying to list my situation so people can give me an honest opinion and suggestions... I'd certainly be VERY careful when it comes to separating with my money...have worked very hard to make it... Thanks again

Edited: 06/26/2010 at 12:09PM

Maryann L.

Real Estate Investor · Methuen, Massachusetts

680 posts
9 awards
50 influence

Mar 22 '10, 04:20 AM

Hi Michael,

WELCOME. I suggest looking into the Boston AREIA or Mass REIA for info - both are strong REIA's

Tim's right. It's WOOSTA, not "wer ces ter" for pronunciation. Most outsiders have no idea....

Edited: 06/26/2010 at 12:09PM

Michael C.

Real Estate Investor · Scituate, Massachusetts

16 posts
2 awards
50 influence

Mar 22 '10, 04:50 AM

Im from Scituate, Ma so I know all the Boston way to speak... though I've been working throughout the southeast the past 3.5 years so my Boston accent has faded and become mixed with a southern twangy accent.... Southerners say I sound northern and my family says I sound southern...but I can at least say Woostah.... now my fiance that I'm taking with me is a born and raised Carolina girl thats never been away from home... so I'm trying to teach her how to say Woostah.... and about things like jackets and gloves and winter hats :)

thanks for the suggestions

Edited: 06/26/2010 at 12:09PM

Shanti S.

· Western, Massachusetts

208 posts
3 awards
50 influence

Mar 22 '10, 05:19 AM

Welcome to the site Michael, I've lived in Scituate AND Worcester....currently out in Western MA but just finished a rehab in Westborough, so I'm all over the state :-)

The associated REIAS here are good to join - one membership fee for 8 groups. If you'd like to tag along with my partner and I some time to check them out, let me know!

The bottom of the market in Worcester seems to have been about a year ago, 3 families were going for 100k that had previously sold for 300-400k. Those are now going for 200k or so from what I've seen...

Hopefully you won't have to educate your fiance in the winter Worcester tradition of staking out your shovelled winter parking space with lawn chairs and drywall buckets haha

This website kicks butt. Read on and save your $ for investing instead of guru courses and seminars.

Edited: 06/26/2010 at 12:09PM by Shanti S.

Jason Edson

Real Estate Investor · Western, Massachusetts

16 posts
2 awards
50 influence

Mar 22 '10, 10:30 AM

Hi Michael, I'm from Western MA and a newbie on the site as well.

For those who don't know, the difference between east and west is that we use our "R's" and control all the water.

Workerdrone - are those REIA's in Western MA too?

Edited: 06/26/2010 at 12:10PM

Brian Haskins

Real Estate Coach · St. Louis, Missouri

421 posts
2 awards
50 influence

Mar 22 '10, 10:48 AM

Hi Mike and Jason,

Welcome to the forum. I have been investing in real estate for 6 years. I would love to help answer any questions you may have or help you get started.

Brian Haskins

Edited: 06/26/2010 at 12:10PM

Pam R.

Real Estate Investor · Concord, North Carolina

9 posts
1 award
50 influence

Mar 23 '10, 01:24 AM

Welcome aboard! I'm next door to you in NC. If I can be of any help just email me....Good Luck!

Edited: 06/26/2010 at 12:10PM

Shanti S.

· Western, Massachusetts

208 posts
3 awards
50 influence

Mar 23 '10, 06:24 AM

Jason - there is a MassREIA meeting in Springfield and in Worcester on different days. There's one in Leominster area, one in South Shore, one in Boston, one in Nashua, and I'm sure I'm missing one or two!

Edited: 06/26/2010 at 12:10PM

Steph C.

Real Estate Investor · Bristol County, Massachusetts

96 posts
2 awards
50 influence

Mar 23 '10, 07:42 AM

Welcome, Michael. This site is great, huh? There's a weather guy on Channel 10 in Providence that pronounces Worcester as "Wister"...not sure where he came up with that pronounciation!

Best of luck,
Steph

Edited: 06/26/2010 at 12:11PM

Maryann L.

Real Estate Investor · Methuen, Massachusetts

680 posts
9 awards
50 influence

Mar 23 '10, 08:40 AM

Jason,
These are the REIAS that are part of the Associated REIA's - TOTALLY worth the price too.

REINGUSA.com (Nashua, NH 2nd Monday)
BostonAREIA.com (Boston 1st Tuesday and Waltham 3rd Thursday)
CTREIA.com (Cromwell, CT 3rd Monday)
MassRealEstate.net (Peabody, Ma last Tuesday)
MassREIA.com (Worcester 3rd Wednesday and Springfield 1st Thursday)
NEREIA.org (Chelmsford, Ma 1st Wednesday)
NHREIA.com (Manchester, NH 2nd Wednesday)
SouthShoreREIA.com (Bourne, Ma 1st Wednesday)

I'm a Boston AREIA fan myself, but they are all worth their weight in gold.

Edited: 06/26/2010 at 12:11PM

Matt Kearney

Real Estate Investor · Springfield, Massachusetts

142 posts
4 awards
50 influence

Mar 25 '10, 12:06 AM

Welcome Mike,

Worcester is a good market to be investing in. My first deal ever was in Worcester.

Theres alot of multi family rental properites, and some nice single family neighborhoods good for rehabbing.

Check out Mass REIA, that is a good group that meets right in Worcester.

Edited: 06/26/2010 at 12:12PM

April Gentry

Real Estate Investor · MA, CT,VT, NV

9 posts
50 influence

Apr 07 '10, 09:41 AM

Welcome, I just left the Noho/Springfield area for Vegas this winter. Will be back often as family lives in Greenfield MA and VT. Everyone out here thinks I have a Boston accent. They just don't understand the difference between the I91 corridor and Eastern MA.

Edited: 06/26/2010 at 12:23PM