Recommendations for towns to invest in Massachusetts

Recommendations for towns to invest in Massachusetts

Milford, MA · Member since 2016 · 15 posts · 5 votes

I moved to Massachusetts a couple of months ago for a new job and that was also the same time I decided to educate myself on REI and found biggerpockets! I'm looking to invest in my first property within the next year (around 10months). The reason for that timeline is saving more money, getting to know which areas I want to invest in and that's when my lease ends.

My wife works in Needham and I work in Foxborough, and I'd like to buy a multifamily that is within 30-40mins drive to both places since we're going to live in one of the units. I'm asking for recommendations from people who've lived and invested in the area for quite a bit to give some recommendations for towns that will be good (low vacancies, good returns, potential for appreciation etc.) for an investor. One of the priorities is safety since my wife and I are going to be living in it, and since she's not completely onboard with the REI idea, I'd like her to be comfortable for the first couple of years (before we repeat the process), and hopefully by then she'll realize how beneficial REI can be. So which towns with that criteria are good to invest in?

Some info on our financials that might help in giving recommendations: We currently pay $1700 in rent (which hopefully we won’t have to pay anymore when we house hack), we save a little bit more than $1000 a month (not counting 401K), and will have around $25K as capital by the time we want to buy a property.

I have not ruled out investing in Boston yet but I'd like to hear where people invest outside Boston (within the area I've already described).

Looking forward to hear people’s input!

2Reply
14 views

Most Popular Reply

Franklin, MA · Member since 2012 · 5 posts · 2 votes
10y

I live in Franklin, and I like it, there are values that come up. It's a safe town to live in.

Bellingham can also be good - historically it's been a  bit troublesome but in the last decade has continued to improve - I would definitely consider that - stay on the northern half to keep the drive to Needham manageable and it's the better side, IMO.

Norfolk is a good one also. It's a bit upscale and closer to both Needham and Foxboro. Medfield (next to Norfolk) works well also.

See this reply in the discussion

12 Replies

Jump to latestLatest
  • Franklin, MA · Member since 2012 · 5 posts · 2 votes
    10y

    I live in Franklin, and I like it, there are values that come up. It's a safe town to live in.

    Bellingham can also be good - historically it's been a  bit troublesome but in the last decade has continued to improve - I would definitely consider that - stay on the northern half to keep the drive to Needham manageable and it's the better side, IMO.

    Norfolk is a good one also. It's a bit upscale and closer to both Needham and Foxboro. Medfield (next to Norfolk) works well also.

  • Milford, MA · Member since 2016 · 15 posts · 5 votes
    10y

    @Steve Huston Really appreciate your input. What's the "demand" on these areas? Does is take time to find some good quality tenants?

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Farouk El Khatib

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com You might check out the Waltham Black Diamond and Rockland REIA meeting listen to deals presented.

    Paul

  • Milford, MA · Member since 2016 · 15 posts · 5 votes
    10y

    @Paul Timmins I do have a bunch of REIA meetings that I have saved in my calendar that I found through meetup.com. The ones I have are: Waltham Black Diamond, Boston Wealth Builders and Boston Real Estate Investors Association.

    Other than the meetings, do you have any recommendations regarding towns that fit my criteria (distance, safety etc.)?

    Thanks

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Farouk El Khatib

    At the Rockland meeting Brockton, Fall River and New Bedford are discussed

    Paul

  • Residential Real Estate Agent · Uxbridge, MA · Member since 2012 · 123 posts · 13 votes
    10y

    As Steve said Bellingham and Franklin are decent towns I would also say Medway is also a nice town less rentals though.  You shouldn't have a problem finding good tenants for any of those towns.

  • Real Estate Agent · Medway , MA · Member since 2015 · 31 posts · 19 votes
    10y

    Medfield, Millis, Medway, Franklin, Bellingham, Holliston.  All very nice towns to live in.  All with solid rental opportunities.  You will be able to easily find solid tennants for any of these towns or on the tracks into Needham.  Finding a multi family  that is a solid investment beyond a duplex or 3 family is a little harder.  3+ is possible (I have been working with an investor in that market for over a year now) because your going into it willing to "house-hack" it will be easier.  Having recently moved from Needham to Medway, I can also tell you that from a commuting stand point Medfield and Walpole are solid options.  Much further out (Medway, Holliston, Norfolk, Bellingham) and with traffic your commute jumps up to just show of an hour.  Walpole and Medfield to Needham post office can be done in 20 to 30 minutes tops. Which is much more livable. I'm always happy to grab a coffee and talk about the local real estate if your interested.  

  • Dartmouth, MA · Member since 2016 · 40 posts · 10 votes
    10y

    @Paul Timmins when is the next Rockland meeting?

  • Milford, MA · Member since 2016 · 15 posts · 5 votes
    10y

    I want to thank everybody for their input, I really appreciate it! It seems like everybody is on the same page regarding towns that fits my criteria.

    @Brian White I'd love to! Just contact me and let me know what works best.

    I also wanted to ask, does having a property that's close to the commuter rail attract more tenants or professionals that work in Boston but don't want to pay the ridiculous Boston rent?

  • Real Estate Investor · Abington, MA · Member since 2011 · 356 posts · 114 votes
    10y
    Farouk El Khatib proximity to the commuter rail is always a plus.
  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @John Armando

    Shoot me an email my BP PM does not work check my profile

    Paul

  • Rochester, MA · Member since 2015 · 5 posts · 1 vote
    10y

    @Farouk El Khatib 

    I implemented the same strategy as you in 2011. I house hacked a two family in Franklin for 3 years and was able to save up for future investments. Still own the property today and it cash flows 

    I'm new to the site, but would be happy to discuss in more detail.

    Best of luck!
    AJ

Join the conversationCreate a free account to reply, vote on answers and follow this thread.