Rental Property Investor · Melrose MA · Member since 2020 · 25 posts · 19 votes
Hello BP family. Have been lurking around the forums for a while, reading, learning, listening to the podcasts. All has been an excellent source of information. I currently own a couple 4-fam in the Leominster/Fitchburg MA area. Have been doing well with the properties, but prices in the area have been going up to the point where it's hitting the profit margins. A co-worker suggested looking into the Westfield, Springfield MA area as that's where his father has been buying and is happy with the results. I wanted to see what current investors in these towns think about the area. I am primarily looking into 3 and 4-fam properties. I always look for properties in the better parts of town if possible, easy access for commuting, and preferably near schools, shopping (walmart, mall), hospitals, or big employers. Anyone invest in these areas mentioned above? What are your thoughts, suggestions, comments? Any/all info is appreciated. Thanks in advance.
Flipper/Rehabber · Springfield, MA · Member since 2017 · 106 posts · 51 votes
5y
Hey @Account Closed, Im an agent, wholeseller, and flipper in this area. I also did property management for a couple years and I can tell you managing the Westfield properties were much easier than the springfield ones. Most local investors understand this which is why theres currently only 7 active listings for multis in Westfield. Theres a couple 3 families listed right now in the 300k range. Theres also a 8 unit for around 500k with Four 1BR and four studio apartments.
Gross Income: $65,265
Also keep in mind the great thing about this area and Hampden county in general is that section 8 pays-
Rental Property Investor · Melrose MA · Member since 2020 · 25 posts · 19 votes
5y
Those Section-8 figures are not bad. Slightly lower from where I currently own but those numbers would work. Westfield area so far I like the area near the hospital, Stanley park. Staying away form Orange st.