Flipper/Rehabber · West Hartford, CT · Member since 2013 · 128 posts · 52 votes
Hi all,
I've started looking into Hampden County and Southern Worcester County for potential rehab projects. I've spoken with a few agents in MA and CT who agree that Springfield might not be the best area to start rehabbing properties from afar, however, towns like Hampden, Chicopee, and Southwick are ideal.
Would any Mass investors or agents mind sharing your thoughts on these areas? Any wholesalers who have properties to sell? I have a team in Northern CT who are ready to take on more projects.
Flipper/Rehabber · Worcester, MA · Member since 2015 · 22 posts · 14 votes
9y
@Taylor Shapiro We are working in Southern Worcester County, in the towns of Auburn, Oxford, Dudley, Charlton, and Sturbridge. While these towns currently have a relatively healthy absorption rate, be weary of towns such as Southbridge, Spencer, and Webster as they are colder markets with a less desirable tenant base.
Real Estate Investor · Bristol County, MA · Member since 2010 · 153 posts · 37 votes
9y
Like @Taylor Shapiro , I'd also be interested to hear more about the Worcester area from investors who are currently working in the area.
My husband and I were in Worcester recently for a weekend event. We were really impressed by all of the great activities, new restaurants, and areas that seem to be really revitalized in Worcester and surrounding cities and towns. The areas of revitalization would seem to indicate (I'd think) that there are opportunities to rehab or wholesale in the Worcester area. The Pawtucket Red Sox are even considering a move to Worcester. (Personally, I hope they stay in Pawtucket. The city really needs it.)
Flipper/Rehabber · West Hartford, CT · Member since 2013 · 128 posts · 52 votes
9y
Hi @Charlie MacPherson, nice to hear from you. Proximity to "home" is a major attraction. I'll drive an hour south to New Haven County to check in on my projects. An hour North gets me to Holyoke, MA. Although I like to generally keep projects within a 45 min distance, 1 hour is do-able
Median home prices in Holyoke, Chicopee, Southwick, etc., are comparable to those that we purchase here ($175k-$225k).
Real Estate Investor · Bristol County, MA · Member since 2010 · 153 posts · 37 votes
9y
@Steve Bracero , yes, we were near Shrewsbury Street for part of our visit but were here and there around the city, too. It was really an eye-opener (in a good way!) compared to when we were last in the area for any length of time.
We don't have specific zip codes in mind, but it seems like the area had a lot of properties that looked like they had been refurbished or were in the process of being rehabbed.
I'm sure that the city is street to street...makes sense! Any good recommendations for areas that are good or ones to avoid? We aren't specifically looking for a project in the area, but if one comes along, we'd definitely consider it.
Flipper/Rehabber · Worcester, MA · Member since 2015 · 22 posts · 14 votes
9y
@Taylor Shapiro We are working in Southern Worcester County, in the towns of Auburn, Oxford, Dudley, Charlton, and Sturbridge. While these towns currently have a relatively healthy absorption rate, be weary of towns such as Southbridge, Spencer, and Webster as they are colder markets with a less desirable tenant base.
Worcester, MA · Member since 2017 · 21 posts · 10 votes
8y
@Taylor Shapiro yes I am. Sounds like your killing it right now!! If you still want to work in Worcester I would love to help you. I can be great boots on the ground. Our market is strong and growing. Rents range from $550 to rent a room to $2400 to rent a house and everything in between. My rentals are at $1750 at the moment.
I work as an investor/agent/property manager out in the Hamden County area. We focus a majority of our business in Chicopee, (primarily rehabbing multi-families, renting them out, refi, etc). The market is strong however inventory is depleting at an excessively rapid pace. Deals come and go in a matter of days, especially in regard to rehab/re-sell projects. Hampshire County is another area I would highly recommend. Although median home prices would trend a bit higher, there is opportunity awaiting there as well. Specifically; South Hadley, Grandby, Belchertown. Chicopee/Holyoke are my niche market if you have any questions or concerns don't hesitate to inbox me. I would enjoy networking with you, providing more information, or answering any questions you may have.