I was considering investing in New Bedford due to the relatively cheaper purchase prices compared to other places in Massachusetts. Can anybody give me some areas to stand clear of and also those that other people currently invest in? Any general advice is welcome too!
I don't own any property yet, but I'm actively looking for my first deal now and have lived in New Bedford my whole life, so hopefully I can provide some insight.
Personally, I would start my search North, particularly 02745. I think you can achieve slightly higher rents and attract more desirable tenants. Other solid areas are the neighborhoods surrounding Buttonwood Park, however, this can vary street to street. Same goes for areas around St. Luke's Hospital. As far as areas to stay clear of, the south end can be tough without being familiar with the area. You would definitely have to screen your tenants more thoroughly.
Best thing to do would be to take a trip down and just drive around. Get a feel for the neighborhoods and see where you would feel comfortable investing.
Hope this helps and best of luck!
Great advice! Thanks Aaron!
@Aaron Araujo @Kellen Driscoll did you guys buy any properties in new Bedford. I'm looking now and would love some feedback.
I like the area between downtown and buttonwood park, east to Allen street and west to rte 6. The closer to downtown and the hospital or closer to buttonwood the better in my opinion. As you get closer to rte 6 the neighborhoods get a little tougher and there are a couple projects over that way to stay away from. It can vary from block to block quite a bit so you definitely should drive around to get a feel or look on the google street view. North end (north of brook lawn park) is nice as well and south of Hazelwood park in the south end. My least desirable area of New Bedford is what I call the panhandle. The south end kind of looks like Florida so the Ashley Park area is what I’m referring to as the panhandle.
@Zach Midwood @Greg Devlin I agree Zach, I own a multi family north of brook lawn park and the area is pretty nice. Your best bet is to take a drive and get the feel for the neighborhoods. You can find some good fixer uppers, multi-families and single family homes if you link up with the right realtor or find a good deal knowing the right people!
@Zach Midwood Thanks! I am looking for a Realtor in the area, I'll message you.
Sounds good Aubrey!
Wow I can’t believe I posted that 2 years ago!
I totally agree with what @Zach Midwood and @Aubrey Lambalot said. There’s no true way to get a feel for the neighborhoods without just getting out there. I ended up buying a 3 family near Brooklawn Park. I love that area, but the market for multis jumped up last year so I sold it and used the profits to buy 3 flips since then. Once I recoup all my capital I’ll be looking for a 6+ in the areas mentioned.
I think that’s a very smart move!
@Aaron Araujo That's awesome and well thought out! Congrats on the buy + sell!
@Aaron Araujo Good stuff! Way to take advantage of a market increase to keep your money moving. The flips that you completed, did you find those deals through MLS or other leads? Also how is your pool of subs and GCs? I feel like every month I find a new sub or GC because the old one disappointed somehow or turned out to be a poor fit. After all these years I still have only a small handful of contractors I can depend on.
Thanks @Nicholas Davila ! All of my flips so far have been off market simply through word of mouth and networking. My pool of subs is definitely a revolving door. I've been lucky to find consistently reliable work in a few trades, but others I'm still trying to build relationships. Dependability is the hardest commodity to come by.
I have 226 Sawyer Street on the market right now if anyone is interested.
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