Is anyone in Massachusetts investing in Fitchburg? Seems to have some cheap properties but not familiar with the market.
I recently bought a two family by the college in Fitchburg. Fitchburg has some nice areas, and some areas I wouldn't drive through at night. I've been steering clear of anything right off water street(pretty rough area with lots of drugs). There are a few properties on the MLS in that water street area that when you crunch the numbers it makes you want to put an offer in right away with how they can cash flow. Really, it depends on your investment strategy but there are some decent areas to invest. I would suggest teaming up with an agent that knows the area well.
Thanks @Justin Rank there have been a few properties that look enticing but I knew there had to be something. I was also thinking to stick close to the college, but that is a good point regarding a neighborhood expert agent.
We invest in Fitchburg, i'd be happy to answer any questions. There are a lot of good deals in the area, and I use a property manager.
@Jessica Costa that would be awesome. How long have you been investing there? I’ve been seeing a lot of great deals in the area but it’s really far from me and I don’t know what the market is like. I assumed it would be smart to purchase close to the college and get a property manager.
We bought our first investment property in Fitchburg in 2013, we've had solid tenants ever since. We do not invest in the college area, although we've looked at a few houses around there they just never worked out. The college admissions is growing and more and more housing is needed so it would definitely be wise to target students, just be aware that the houses will get a lot of wear and tear. I'd be happy to connect you to contractors or our property manager if you have any questions. My husband also has his RE license and grew up in Fitchburg. Best of luck!
@Jessica Costa who are you using for property management? I’m laying the groundwork now to start my own PM company focused on small multifamily in the Fitchburg-Leominster area. Interested to know more about your experience hiring yours.
@Munir Hassan hook up with other local investors in your market by seeking out all of the Real estate investing clubs in your area. This can be found on meetup.com
Fitchburg is one of few places within an hour or so from Boston that provides great returns for investors. I work extensively in this area and have seen the city become better and better over the years. I have helped many first time investors begin their investing Journey here as well as help experienced investors find the returns they are seeking. It is one of the only places you can buy a 3-4 unit multifamily with parking for around 300k, and still ride the train into Boston. Many people think Fitchburg is a bad place but I encourage those people to explore the area outside the city. There are beautiful homes in the quiet forests surrounding the city and these home are very affordable compared to other areas with similar transportation times to Boston.
Hi, My husband and I have a few properties that we own and manage ourselves in Fitchburg. We have found some great deals the past 4-5 years and are in the market for more.
We have properties in the area of Leominster, Fitchburg & Clinton and found that the numbers work best in Fitchburg for cashflow. We have been investing for over 20 years and I was just recently able to leave my full time job and my husband will be leaving his within a year. This was our 5 year goal and it looks like we will be doing sooner than expected!
We are always excited to talk to people about our experience and offer advice in helping others in reaching their goals. We have become RE agents to help us find deals and love to help RE investors in their pursuit.
If you want tever want to meet up some time, please reach out!
@Debbie Consalvo in also looking to invest in Fitchburg and have a unit in place, would love to chat if you and your husband are free.
I am also looking at investing in Fitchburg. There are some great deals on multi-families there that could definitely cash flow. For those of you who have found success with your investment properties in Fitchburg, definitely reach out!
Munir, I'm happy to read that you are interested in investing in Fitchburg. I don't have a lot to say but I do know those areas around. I used to go to college in Leicester. I hope that you can catch up with any of the BP family and they can guide you to what you are looking for. I wish you the best!
I have two properties in Fitchburg - a 6 family and a 3 family. I was born and raised in Fitchburg, so I'm familiar with the city. I also have my realtor's license, so if anyone has a question/wants to chat, I'm more than happy to help! I come from a real estate family that owns all of their properties in Fitchburg as well, so I am fortunate to have some good exposure. Feel free to reach out!
Most of our properties that we own are in Fitchburg. We have found some great cash flowing properties and still see some on occasion. The market has certainly changed this past few years. It looks like more investors are coming this way which has driven the prices up.
Are you currently looking to buy your first one? My husband and I enjoy helping if you have any questions or if you are looking for an RE agent. We know the market and what you can currently get for rents.
PM me with any questions!
Welcome aboard and happy searching!
My partner and I are looking at investing in Fitchburg and would love to gather some more info, if you’re willing to chat I would like that.
Let me know thanks,
Give me a call please I’d love to chat about Fitchburg.
I currently invest in Manchester NH, looking at a few properties in Fitchburg, one asset is a mixed use directly on main st. What are the good vs bad areas of the city?
@Jessica Costa how has your experience been with this property manager. I’m currently looking for one in the area ans would love some recommendations ans if you have been satisfied with his work.
@Brian Smolin - we have been very happy with our property manager! They are truly a one-stop-shop, helping identify new properties, analyzing deals and pulling rent comps, completing renovations and turns, etc. They have been wonderful. Send me a message and I can give you their contact info!
Here are some things we look we look for in new markets- I made a post about something similar last week-
- 1. Population over 200,000
- 2. Long-term population growth of at least 50% of the national average (preferably more)
- 3. Diverse economy
- 4. Labor participation rate at or above national average
- 5. High relative cap rates
- 6. Pro-business, pro-landlord climate
- 7. Limited risk from climate change
- 8. Close enough to home for you to oversee easily (one-day round-trip preferred)
- 9. “Anchor” is a bonus – not necessary, but great to have. Avoid bad anchors.
- These are some that @Rick Martin added to the list-
- 10. Population growth trend from 2010 to present.
- 11. Median HH income growth from 2010, and 2016 to present. So 5 to 10 year trends.
- 12. Job growth (this will be weaker this year in all markets due to COVID, so it should be on a bell shaped curve)
- 13. Some swear by a median HH income range from $40 to $60k, but it depends on the surround affordability of homes. If homes are affordable for your tenant base, that is not good.
- 14. Affordability. Can the tenant base afford your rent? ex: median income $40k med income ÷ 12 months = $3,333 ÷ 1/3 (affordability ration- some will 1/4 to be conservative) =$1,111. That is what your tenant can afford. Be local to your submarket.
- 15. Crime trending down.