Developer · Tewksbury, MA · Member since 2013 · 43 posts · 22 votes
Hi everyone, I'm currently looking for towns in MA where I can find good cash flowing multi families. I'm currently looking at Worcester, New Bedford, Fall River, and Wareham. The latter three I'm not really that interested in to be honest, but the prices are so low that I figured I'd keep an eye on them. Worcester seems the most promising from my initial searches. Also open to Rhode Island, Connecticut, New Hampshire, and Maine, but my preference is MA. (PS. I've been flipping and doing new construction projects in the Boston area since 2015 and happy to give whatever advice I can on that topic if anyone wants to message me.)
New Bedford, MA · Member since 2015 · 71 posts · 48 votes
8y
New Bedford has great opportunity. I own a 3 family in the city and it’s a great property. Like any city, you just have to be selective with your neighborhoods. I’m happy to provide any insight I can!
Property Manager · Fall River, MA · Member since 2017 · 34 posts · 13 votes
8y
The Greater Fall River area currently has some great opportunities for multi & single family homes. Rents are rising and now is a great time to invest in this area. Amazon currently has a 1 million sq ft warehouse in the north end of Fall River and south coast rail connecting to Boston is scheduled to arrive within the next few year.
Developer · Boston, MA · Member since 2016 · 175 posts · 155 votes
8y
@Nick Earls sounds like you have been doing your homework! I like investing in the Springfield market. My new project is going to be in Newton. You can find a good deal in any city if you look hard enough. Networking with the right people will also help too.
Real Estate Investor · Hamden County, MA · Member since 2017 · 75 posts · 31 votes
8y
@Nick Earls have you done any thinking/research on the Holyoke, Chicopee, Sprinfield area?
The first two cities mentioned I would personally recommend, however I have gotten positive feedback from the Spfld area depending on whereabouts in the city.
Generally where do you like to see your CoC return percentages?
@Nick Earls Lynn can be a great opportunity if you know what areas to look in
I'll keep an eye on Lynn. Thanks for the advice. I had been looking at it for a while earlier this year and the prices seemed somewhat tight vs. the rents.
New Bedford has great opportunity. I own a 3 family in the city and it’s a great property. Like any city, you just have to be selective with your neighborhoods. I’m happy to provide any insight I can!
Thanks Aaron. What neighborhoods do you recommend to look into or to avoid?
Thanks for the recommendation, James. My wife and I will try to make it over there. Potentially also my business partner. Just finished a 2 family new construction project in Somerville, actually.
The Greater Fall River area currently has some great opportunities for multi & single family homes. Rents are rising and now is a great time to invest in this area. Amazon currently has a 1 million sq ft warehouse in the north end of Fall River and south coast rail connecting to Boston is scheduled to arrive within the next few year.
Thanks for the advice, Fred. Is there documentation showing where the train stations will be?
@Nick Earls sounds like you have been doing your homework! I like investing in the Springfield market. My new project is going to be in Newton. You can find a good deal in any city if you look hard enough. Networking with the right people will also help too.
Thanks Josue. I've done a little, haha, but still need to do more. What are you doing in Newton?
@Nick Earls have you done any thinking/research on the Holyoke, Chicopee, Sprinfield area?
The first two cities mentioned I would personally recommend, however I have gotten positive feedback from the Spfld area depending on whereabouts in the city.
Generally where do you like to see your CoC return percentages?
We were hoping for >10% CoC with conservative expense estimates. I will look into the towns you recommended. Thanks Ryan.
Developer · Boston, MA · Member since 2016 · 175 posts · 155 votes
8y
Hi @Nick Earls, I'm going to turn a single family into a two family. We are planning on adding a lot of value, full gut job. Something about turn an ugly property into some thing beautiful gets me excited.
The West side (Typically 01602) is a nicer area, Near Worc. State is also a good area, Clark also does not have tons of student housing as well, but a rougher area-
Are you considering getting into student housing? Many of the college campus have limited student housing
Stoneham, MA · Member since 2018 · 16 posts · 4 votes
8y
I've seen a lot of inventory available in Lynn. Which areas are good vs to be avoided at all costs? I keep hearing bad things about Lynn, but it doesn't make sense to me as a newbie to Mass. Close to beach (Nahant is great) and close to public transport....what's the problem?
Hi @Nick Earls, my company Winter Hill Homes is going to turn a single family into a two family. We are planning on adding a lot of value, full gut job. Something about turn an ugly property into some thing beautiful gets me excited.
Good luck. We have done some single family rehabs in Newton in the past as well.
The West side (Typically 01602) is a nicer area, Near Worc. State is also a good area, Clark also does not have tons of student housing as well, but a rougher area-
Are you considering getting into student housing? Many of the college campus have limited student housing
Yes, student housing is interesting to me. Good to know about the limited student housing on campus. I'm definitely open to it.
Developer · Boston, MA · Member since 2016 · 175 posts · 155 votes
8y
@Nick Earls I will be investing in the 02465 area. What do you know about that area? I am learning more and more about Newton from speaking to people like you. I have a meeting next week with a realtor that is familiar with the area. Any information or advice would be great.
Stoneham, MA · Member since 2018 · 16 posts · 4 votes
8y
There seems to be a lot of houses in Gardner that would cash flow well, but I'm not sure what's there. It's about an hour from where I live. Any thoughts on that area? Doesn't look like the commuter rail goes out that far.