I am a new investor shopping and spending alot of time looking for the best first deal. I understand the process but I'm looking for some opinions from people locally about two areas specifically, Worcester and Providence.
I am singling these out because first I can buy with the best starting equity position or with a standard down payment and enough wiggle room to fund improvements. I've been looking at 3+ unit multi's in the better areas of those cities for buy, repair, and hold rentals and after doing the math most would cash flow $150+ ea.
My numbers have been estimates but also worst case scenarios, so what I'm wondering is how have experiences been in those areas? Why have people generally avoided them in the past(from what I'm hearing personally), and if those are basically fruitless endeavours to get involved with the properties there? The ultimate end goal is decent cash flowing units.
Some general advice would definitely be appreciated by any and all!!
Welcome to BP an Worcester investing. If you haven't been to a Black Diamond REIA meeting yet you should join us at the next one in Worcester is June 16 at the Compass Tavern at 6PM if you want to meet for a coffee or something stronger and to chat about the market here send me a message and we can work something out.
My cashflow targets on 3s and 4s here are at about 100 / unit with 5% vacancy, 5% capx, and 10% management.
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