First time New England investor

[Tim Giddings]

Hi everyone,

I am fresh out of college and new to the investing scene. looking for some advice on where to start. A bit of background on my situation, I am currently working a W-2 job at an engineering firm and have been pre approved for a $525K FHA loan for a triplex or $475K for a duplex. I am currently shopping around for options and to learn more about the various markets around me. I am living in Worcester currently but have also been looking in Southbridge, Webster, Boston, Woonsocket, Providence, Springfield, and Hartford. I am not set on any particular investment strategy but feel like I would be most interested in some sort of value add situation as I know a bit about construction and would love to put in some sweat equity. Thanks. -Tim

[Brian J Allen]

Worcester is a great market for younger people. It allows both solid rents and appreciation of your asset. Properties are scarce as there are only 21 multis on the market in Worcester Proper at the moment. A normal market would have around 50. That in mind, there are still deals off market if you work with a seasoned Multifamily Agent who does a lot of Off MLS deals. One of my clients is going to close on a nice 2 family on 1 Dayton Place, Right by WPI on Friday for $320k. But that is off MLS, there are very few of these deals that hit the MLS after they are shopped pre mls.