New Bedford Market - Downtown

[Brian Ellis]

I have been looking in this area as of late, and everyone I talk to is relatively excited about the next 5 years.

Anyone familiar with this area knows the confusion when it comes to investing. One minute your in a neighborhood that can give you a 30% COC and then 1/4 mile away towards nicer areas you have between 10-12%.

The commercial space really confuses me, I have no idea what the going Cap rates are in certain areas. One minute you have a sale at a 10 cap and a commercial multi next door is sold with a 6 cap

There is a ton of development going on currently. Railroad is actually being built and set to be completed by 2023. It’s right on the water, you have one of the biggest fishing ports on east coast. Downtown is bustling with new restaurants. It’s just becoming a pretty cool spot. If you bought here in 2010-2015 you are probably rich by now. Multi  families were SO cheap, and they are still relatively cheap for Massachusetts. 

I wonder if this area will continue to expand and grow. And I am really excited to get involved in this real estate space. 

[Matthew Crivelli]

If you told someone that the median home value in New Bedford and Fall River were going to be $350,000 just 10 years ago they would have thought you were crazy but here we are! The south coast rail should help the revitalization continue. If only they had an east - west rail that connected Boston and Western Mass. Then the whole state could really be considered a suburb of Boston lol. 

[Bruce D. Kowal]

I have an office in a Co-working space in New Bedford.  Groundworks.  The City definitely seems poised for take-off.  Not sure about Fairhaven, yet.

[Brian Ellis]

Quote from @Bruce D. Kowal:

I have an office in a Co-working space in New Bedford.  Groundworks.  The City definitely seems poised for take-off.  Not sure about Fairhaven, yet.

It’s become harder and harder to invest in MA

[Bruce D. Kowal]

Quote from @Brian Ellis:

Quote from @Bruce D. Kowal:

I have an office in a Co-working space in New Bedford.  Groundworks.  The City definitely seems poised for take-off.  Not sure about Fairhaven, yet.

It’s become harder and harder to invest in MA

Chicopee？Springfield?

[Benjamin Marshall]

Brian - did you end up pulling the trigger on anything in New Bedford?

[Peter Carboni]

Hey all, this thread is getting me super pumped. I'm looking to begin my investor journey by househacking here. Spoke with a lender and getting ready to make some offers closer to November when I get home from my current contract (I work on a cruise ship). 

If anyone in this thread is open to letting a newbie pick your brain about multifamily buy and holds in this area I would be eternally grateful.

I grew up in Wareham and have always loved this city. I believe it's got insane potential. The new restaurant scene, arts, festivals, hospitals, and rail trail are just fuel to that fire in my eyes.

[Brian Ellis]

Quote from @Peter Carboni:

Hey all, this thread is getting me super pumped. I'm looking to begin my investor journey by househacking here. Spoke with a lender and getting ready to make some offers closer to November when I get home from my current contract (I work on a cruise ship). 

If anyone in this thread is open to letting a newbie pick your brain about multifamily buy and holds in this area I would be eternally grateful.

I grew up in Wareham and have always loved this city. I believe it's got insane potential. The new restaurant scene, arts, festivals, hospitals, and rail trail are just fuel to that fire in my eyes.

I love the downtown area, and some pockets around there. I had almost purchased a 13 unit off market deal, on county st, (which is currently listed for 1.2), but the numbers just didn’t appeal to me. High taxes and sewage bills sort of killed the deal. 

I did notice that taxes are pretty high in the city.