I am new to BiggerPockets and a new investor from the Boston, MA area. I have been catching up on all the BiggerPockets podcast episodes, set up my alerts, read the Ultimate Beginner's Guide, and have been reading along this forum for a couple of months now. I currently own a property here in the Dorchester neighborhood but looking to venture out to the following cities for multi-family buy and hold investments: Fall River, New Bedford, Worcester, and Fitchburg (in that order). I am not too familiar with any of these areas as I was born and raised in Boston but willing to take the hour drive in either direction to learn the landscape.
It looks like Fall River/New Bed. offers the best market for cash on cash ROI and the new train line coming can potentially add to the cities economic development (although I am still concerned about appreciation in value). I have also read great things about some Worcester pockets.
If people can give their opinions about investing in these four cities that would be greatly appreciated (new economic developments, safer neighborhoods to invest, availability of contractors/property managers, etc) . I would also like to join any virtual meetups in these locations to build my network. Please provide info below. Thank you! Cheers!
Hey @Kyle Lawrence I don't know much about Fall River and New Bedford but we have 3 agents on the team that specialize in Worcester, 2 of which are househacking in Worcester right now, and we have 1 very experienced agent that LOVES Fitchburg. I own a few multi-families in Fitchburg and the neighboring town Leominster and you can find good cash flowing multi-families in all 3 of those markets.
With any of the cities in New England there are good neighborhoods and neighborhoods that are not so great. In Worcester I like to focus on the outskirts or surrounding suburbs, we just helped a client with a 4 family in Grafton which was a pretty interesting one. In Fitchburg we're investing in the area surrounding Fitchburg state, the areas near the highway and then boarding Leominster. It's important to know the towns but just by walking the neighborhoods you should get a good sense for the area, and like I tell all of our clients trust your gut. If you feel uncomfortable move on to the next property.
We also have a PM company in Leominster that covers the area, we had a 3rd party manager taking care of them for us but it got to the point where we just had too many units, so we launched one ourselves to make sure things are done the way we wanted. We now have over 100 units under management most of which are in Fitchburg so we clearly believe in the city.
I hope that helps,
@Kyle Lawrence I invest in Fall River and New Bedford and yes I would get some properties before the completion in 2023 when the state decides to invest 8 billion dollars to connect the trains it’s a no brainer. If you need advice on the good/bad areas reach out.
Welcome @Kyle Lawrence !
I’ll throw a second vote for Fitchburg and Leominster! I recently purchased my first property, a triplex, in Fitchburg and I am already looking for #2 & #3! I hope to pick up at least 7 more units in the area in 2021.
As for virtual meetups, I am planning a local mastermind/accountability call with North Central MA investors. Let me know if you would be interested. I hope to have it off the ground by end of Q1.
Feel free to connect and we can keep the conversation going!
I also highly recommend @Jonathan Bombaci ‘s meetup Pints and Properties, I attended the last one and got a lot of value!
Good stuff. I work with Jon who commented above in the Worcester market. In my opinion, it's the best combination of appreciation and cash flow given the strong rental growth and still reasonable price point compared to the inner 495 markets. Happy to discuss if you shoot me a pm!
@Kyle Lawrence - Welcome to the BP community! I actually got started investing in Dorchester myself and own a multi-family in Worcester. I would like to point out that all of the communities you mentioned are great, but it depends on what you are looking for. New Bedford and Fall River has a better cash on cash return, but are not expected to appreciate at the same rate of Worcester. Hence Worcester has a lower cash on cash return as a result but a higher likelihood of appreciation. It all depends on what you are looking for. I am always happy to connect and give my thoughts on the Worcester / Dorcester markets.
@Paul Carrier Yes, I am interested in the mastermind/accountability call. Please keep me posted! I went to the latest Pints and Properties. I will connect.
@Roger Evans Yes, let's connect regarding good neighborhoods to invest in. I will reach out.
@Jonathan Bombaci Thanks!
@Michael H. Thanks Mike. I will PM you.
@Andrew Freed Thanks Andrew for the reply. I grew up in Dorchester and I am very comfortable with this market but I have cash flow concerns here. That is why I am willing to spread my wings and see what other cities have to offer. I will connect. Let's keep in touch regarding Worcester.
welcome I myself am fairly new to investing and have been following and researching. I am also looking in the same areas. However I am focused on out of state at the moment. Me New England and further out as well. Have you thought about out of state investing?
@Darnell Kuykendall Hey Darnell! Thank you for reaching out. I want to start in Massachusetts but if for some reason I am having trouble getting started here, I would be open to exploring out of state investing. I know there is a great book on it. I am curious as to what sparked your interest in out of state investing. Feel free to shoot me a private message if you want!
Hello @Kyle Lawrence and welcome to BP. I am licensed in Mass and Rhode Island and I am familiar with Fall River and New Bedford. I work with a few investors in those areas already. If you have specific questions and want to chat further, please send me a DM.