I started a thread not too long ago discussing Worcester in general for 2018. Now that we're halfway through the year in 2019, I'm curious to hear how everyone is doing in the Worcester market.
I just recently closed on my first 4 unit, been getting things situated and getting ready to receive rent checks!
Worcester seems to continue to be a fierce market, however the price points dont seem to be that much higher compared to last year's summer.
How are the BP Worcester investors doing so far this year?
Congratulations, Phil! As the listing broker, I think we can say this happened due to BP. The seller did not want the property in MLS, so I reached out to agents that I know who work with investor buyers - one of whom was Brian Allen, who you had a relationship with due to the site. Good demonstration on how BP can work!
@Erin Zamarro Couldn't have done it without you! Big kudos out to you and @Brian Allen for helping get this closed! BP definitely was one of the reasons I was able to find this deal.
Congrats man! 4's are tougher to find in the area... nice job
Thanks! @Steve Bracero it took a while to find one that was good, but I finally did. Once I get settled hoping to get number 2.
Enough of me! I'm curious to hear the other successes of investors in Worcester. Hopefully we can get a good thread going here.
Congrats on your purchase! Curious to see how it goes. This whole housing boom in Worcester has been interesting to me, but not interesting enough for me to want to jump in. Did you post your deal on the forum?
Congrats Phil, what neighborhood is your rental in? I'm looking for my second property now, would love to find a 4 unit as well but as Steve said they're few and far between.
I've been following the Worcester market for several years now and bought my first multi in April '17. It's in the Shrewsbury Street area and has appreciated nicely. I've seen apartment prices steadily rise in the last year, especially with the news of the Paw Sox stadium coming to town. Hard to find any multis under $300k these days unless they're distressed or in unfavorable areas.
Congrats @Phil K.
Brian Allen is making his mark - I just bought a 3-unit property on Vernon Hill through Brian. I am living in the top unit and will be renting out the bottom two units. I also have a friend that just closed on a multi-family over by Clark University - similar living situation for him as well. We have decided to team up to manage the properties rather than hire it out.
Once we build up some reserves we are thinking of looking into commercial properties next, something in the 5-10 unit range.
Hey Max! My 4 unit is over by the Clark area. About a 3 minute walk to Clark. Shrewsbury St is an awesome area! Do you have a 3 unit?
@Phil K. Worcester is an interesting market that I've been keeping my eye on. Most of my investors are in the northshore or Lowell area but I've done a few deals in Worcester, and it's a market I get a lot of questions on. To me it seems like the market really grew as investors started pulled money out of Boston Suburbs and were looking for a place to park it where they could get some scale and avoid paying capital gains taxes on the sale. For example we had a client that sold a 4-plex in Dorchester for a little over $1M and re-invested that money into 12 units over 3 properties in Worcester (using some bank financing).
@Ryan R. It is interesting that you house-hacked a 3-unit in Vernon-Hill. How long have you been living there, how is the househack going? I try to get clients to househack and it has worked out well but have yet to have someone househack in Worcester. I know the city is up and coming but very interested to hear what you think.