I am looking for a 4 unit property and I found an off market deal its a 4 unit in Woonsocket. I don't know anything about Woonsocket, I drove around and really didn't see many things that make the city attractive. However, I did see many multis in the area of the property I am interested in.
I don’t know the area you are referring to.
But know that my strategy is first to fine where I want to invest, choose a market for the right reasons and then go and look for Property.
@Raymond Hill I live in Blackstone, just north of Woonsocket. The city is in poor financial condition. Not to the level of Central Falls, but close enough. I don’t have BLS statistics on unemployment, but the city has been through the wringer, and nothing has really popped regarding a replacement for jobs. There are certainly pockets of good and bad, like anywhere else. If you’re willing to weather the risk, the cash flow can be appealing.
@Andrew Schena Thank you so much for your insight into this. I deeply appreciate your expertise. Your opinion is the general consensus in terms of the current market in woonsocket. Initially I was attracted to the 4 unit aspect of woonsocket and my fiancee and I planned on living in one of the units.
@Hadar Orkibi @Andrew Schena So Based on your responses, and since I am closer to Providence County (Pawtucket to be specific.) I think I may try to look for off market properties in the area try to find some 4 unit houses/properties with violations on them and see if I can contact the owner asap before this market starts to really catch fire.
I’d look in Pawtucket before Woonsocket for sure. More future upside w T Station potential, and proximity to 95. Good call, and Good Luck!
@Andrew Schena Good summary. Your post reminded me that a recent change is that Woonsocket now has separate tax rates for landlords vs. owner-occupants. Just like in Providence, they discuss it as a homestead exemption (discount) for homeowners, but I predict that, like in Providence, it will end up being an excuse to really raise the taxes on landlords.
I don't think it would affect you if you chose to live in the property @Raymond Hill but it is something to keep in mind, and I don't think it's a great move for the city in the long run, especially one so dependent on rentals.
@Raymond Hill , do you mind if I ask what the property needs for work, and what your acquisition price is? Obviously, if you feel more comfortable pm'ing me, that is totally understandable. I have owned a number over the years, and am closing on a 5 unit within the next two weeks, so I may be able to shed some light if we iron out some details related to your deal.
Hey @Raymond Hill . It's been a while since you've posted, but I'm curious if you ever did invest in Woonsocket? How did it go? I am close to pulling the trigger on a deal there now. Hope you're well. Thanks!
Having some issues with my post but I have a multifamily in Woonsocket that I have been pretty happy with. Cash flow is good. Let me know if I can answer any questions for you.
Do more research on the area. Usually investing in positive net-migration areas/neighborhoods are an important factor of msa analysis.
@Lisa Kattenhorn Hi! I am looking for a multiunit property currently in Woonsocket that I will also be living in one of the units so house-hacking for 1 year. Would love to hear your experience so far and some good areas and neighborhoods to know of. Thank you!
@Sohaib Mannan I will PM you to assist you in finding a property in Woonsocket. I am a real estate agent with Coldwell Banker and would love to assist you.
@Richard Guy I did end up buying a property in Woonsocket, however it wasn't the 4 unit as discussed previously. Long story short so far so good and big shoutout to @Anthony Thompson for answering my questions when he could to assist.
@Sohaib Mannan Hi Sohaib! I know that Woonsocket gets a lot of flack on here (and other places) but I have had a good experience investing there and will continue to invest there. Just to be upfront, I really don't spend a lot of time analyzing different markets and comparing statistics, etc. I just keep an eye on housing prices and rents. My goal was cash flow and I definitely have that. I was not expecting much in terms of appreciation, but I actually have gotten a really nice return on my investments on that front too. You can get way more house for your $ then in any of the more upscale markets. I will say that there is a very high eviction rate in the Woonsocket area, and definitely some rougher characters, so you need to be very careful and thorough when screening your tenants. That being said, in RI it is relatively straightforward to evict someone vs MA. When we had to evict a tenant that came with one of our units, we were able to do that without too much of a struggle. (I have a great lawyer who listens to Bigger Pockets, if you need one.) The tenants we have now are really wonderful and there are a lot of jobs down there, even though people sometimes act like it's a ghost town. All of that being said, if I was house hacking and didn't have to put 25% down, I might pick a slightly nicer surrounding area to live in since you could potentially get a pricier place with little money down. In terms of neighborhoods in Woonsocket, the Globe District is nice and the part that borders MA is a nice area. You can view the crime heat maps online and that will give you a good idea of where to buy/live. I know a great agent who knows that area well and specializes in multis. Happy to put you in touch. Let me know if I can help in any other way. Good Luck!
@Lisa Kattenhorn would you mind sharing the agent you’ve used to buy your properties in Woonsocket? Feel free to PM. Thanks !
@Megan Shamash Sure! Sent you a PM.
Just caught this thread about Woonsocket - I'm originally from that city, so any prospective investors free to drop me a message if you're interested in a particular neighborhood and I can give you the scoop on whether it's a good area or seedy.