Western Mass / Holyoke Multi Family Investing

29 Replies

Hey @Michael Evans I am an investor/agent out in the Western Mass area. I recently purchased a great 4 unit mixed use property in Ludlow Ma which is very close to Springfield. This is a nice B+/B- area. The area is certainly no Denver or Boston market however from my experience if you apply the tools/knowledge supplied from BP and run the right numbers, the properties out here cash flow very well. Using that 4 unit as an example it is currently cash flowing $1000-1400 (after all expenses 5% vacancy, 7% R&M and 10% Cap ex). I know these numbers aren't the norm but I just wanted to give you an example. This was using an FHA 3.5% down house hacking approach. Please feel free to message me if you would like to speak more about the area and REI. I am an agent as well if you are looking for someone to help you find the property you are looking for.

Best,

Brett

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Hi Brett, I am a local investor(Buy and hold) in your area. Congratulations on your new investment property! The numbers in my opinion look really good for Western Mass. Happy to assist you in case of any questions. By the way,  any similar deals that you may encounter please let me know. Thanks.

@Andrew Laing I purchased 2 4-unit properties in Springfield. I am also from the Boston area. Cash flow is nice, apartments were deleaded. Wayfinders/HAP/SHA, are great reliable sources of subsidized rental income. WayThe best way to go is 4 or more units in Springfield. I don't really see cash flow in 2 family units. 

The only thing I've been struggling with is finding contractors or handymen. I want to make some upgrades to the properties but haven't found a team and don't know where to look. Bathroom gut, kitchen renovations, and many minor repairs.

Michael, this is a good start, you can do more with a lot less than $800. I'd start lower personally. I wouldn't do $800,000 for a two family.  Keep looking. I paid way less for total for 2 large 4 families. Good luck

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