Trying to find properties in Boston Metro area

Rehabbing & House Flipping
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Trying to find properties in Boston Metro area

Shaunna Lai
Investor · Newton Center, MA · Member since 2016 · 2 posts · 0 votes

Hello Everyone,

I am hoping to get some advice and possibly some contacts in my house flipping journey. So my husband and I started investing in multifamily and single family homes over ten years ago in the New Hampshire, Boston, and Cape Cod areas. We were overall pretty successful with our properties. Approximately five years ago we started investing in larger apartment buildings within the Boston/Cambridge area. This  has been an excellent opportunity for us in a stable and strong Boston market. We have done extremely well with this venture. So as we watched homes in our neighborhood get renovated and flipped for the last year we thought about doing it ourselves. 

Fast forward to now. We have an excellent team (attorney, broker, GC, ect). We are having a tough time finding a property in our area (Metro Boston) where the numbers work, or that we don't get outbid. We are looking in the total cost range from (1M-1.4M) for multifamilies. Our areas have been Medford, Watertown, West Roxbury, Jamaica Plain, Newton. Any ideas on communities that you have had good success? We have been looking at 2-3 family homes. Would we have better luck with single family homes? All and any advice is appreciated. Also any real estate clubs that you recommend attending in the Newton/Brookline area?

Thank You.

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  • Paul Brockmann
    Northborough, MA · Member since 2015 · 57 posts · 10 votes
    10y

    Yes, real estate is hot around Boston.  If you can't beat the market, maybe try to find them before they get to the market.  

    I just listened to the BP podcast show 171, where the guest describes a great way for driving for dollars.  I think that is a great start.  I currently live in Watertown close to the Belmont border.  As I run around and do errands, there's definitely some possibly distressed houses that would be worth a $0.50 postcard or letter.  Maybe start with some streets in some the neighborhoods you like and drive looking for places.  You could also pay someone to do this as well.  ** as I type this, maybe I will start doing this...

    Another thing you could try is getting private or hard money to offer cash when you put down an offer on a property that's on the market.  After a year or whenever, refinance with traditional.  I think a lot of buyers are choosing cash offers so that they can make sure the deal goes through and not have to deal with a financing contingency.

    Good luck.  

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  • Shaunna Lai
    OP
    Investor · Newton Center, MA · Member since 2016 · 2 posts · 0 votes
    10y

    Hi Paul,

    Thank you for your response. Driving around actually does sound like a good idea. Actually, I get mail all the time asking if we are looking to sell a property. I will listen to the podcast to get ideas.

    We are offering cash, and at times no inspection. And we are still getting overbid! 

    Thank you for your advice. 

    Shaunna

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  • Taylor JohnsonPro Member
    Real Estate Agent · Cambridge, MA · Member since 2016 · 58 posts · 6 votes
    10y

    Hi @Shaunna Lai I agree with @Paul Brockmann Driving for dollars is a great way to get properties off-market, I constantly have my notes section open on my phone to write down any distressed homes I see while out and about. Check out homes in pre-forclosure as well. 

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  • Paul Brockmann
    Northborough, MA · Member since 2015 · 57 posts · 10 votes
    10y

    @Taylor Johnson, How would you look up pre-foreclosures?

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  • Taylor JohnsonPro Member
    Real Estate Agent · Cambridge, MA · Member since 2016 · 58 posts · 6 votes
    10y

    @Paul Brockmann As usual, BP has the answer! https://www.biggerpockets.com/renewsblog/2006/09/0...

    You can even see some on Zillow too

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