New England Cash Flow Towns/Cities

15 Replies

Hi everyone, I'm currently looking for towns where I can find good cash flowing multi families. I'm currently looking mostly in MA ( as that's where I live) in Worcester, New Bedford, Fall River, and Wareham. The latter three I wasn't initially interested in to be honest, but the prices are so low that I figured I'd keep an eye on them.

I've also got searches running for Providence, Portland, and Pawtucket.  Open to most of New England, though preference is MA.  I'm willing to follow the money, though, as long as it's in New England. 

(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.)

Hey what’s your email?

Hi @Nick E..  I'm in a similar situation.  I looked in Rhode island but couldn't make the numbers work.  It is hard to get cashflow in that market unless you buy 4+ units because taxes are very high and acquisition costs relative to rental are high too.  Also, I was made aware that out of state investors in RI pay sales tax.

I'm exploring Springfield now.  

Take a look at the Woonsocket RI area. Relatively affordable to buy a multi, rents are relatively high. Your mileage may vary. 

Hey guys I’m not sure if Pittsfield Ma is to far out for you, but I do have 2 multi I’m selling out here. One is right around 18% cap and the other is at 20%. Both are 4 family.  Only selling to free up cash to do a couple flips.  

Also based in Boston, have been finding multis in pockets of Providence and Pawtucket over the last 18 months, going for 8-10% caps (after property management). Not home runs but better than I was able to find anywhere else an hour outside of Boston. Happy to share notes if it's useful. 

Originally posted by @Cecilia Arnulphi :

Hi @Nick E..  I'm in a similar situation.  I looked in Rhode island but couldn't make the numbers work.  It is hard to get cashflow in that market unless you buy 4+ units because taxes are very high and acquisition costs relative to rental are high too.  Also, I was made aware that out of state investors in RI pay sales tax.

I'm exploring Springfield now.  

 Thanks Cecilia.  Someone else recommended Springfield, so I'll start looking into that now as well.  Thanks for the heads up on the RI sales tax.  I'll have to investigate that.

Originally posted by @David Sisson :

Take a look at the Woonsocket RI area. Relatively affordable to buy a multi, rents are relatively high. Your mileage may vary. 

 Thanks David.  Grew up in Wrentham, MA on the border to Woonsocket, so I'm pretty familiar with it.  I'll add it to my searches.

Originally posted by @Vince Leydet :

Hey guys I’m not sure if Pittsfield Ma is to far out for you, but I do have 2 multi I’m selling out here. One is right around 18% cap and the other is at 20%. Both are 4 family.  Only selling to free up cash to do a couple flips.  

Thanks Vince.  Haven't looked into Pittsfield too much, but I will research it a bit and let you know.

Originally posted by @Fan Bi :

Also based in Boston, have been finding multis in pockets of Providence and Pawtucket over the last 18 months, going for 8-10% caps (after property management). Not home runs but better than I was able to find anywhere else an hour outside of Boston. Happy to share notes if it's useful. 

 Thanks Fan.  I've also noticed some stuff in Providence that looks potentially promising.  I have Pawtucket on my radar as well, but haven't noticed anything there yet.

If you’re interested

66-68 Rock St
Lowell MA 01854

incredibly low priced 2 family duplex in Lowell, MA up and coming neighborhood. 
CASH OFFER ONLY!
Price= 259,500
Rehab=75,000
ARV= 355,000 easily
Nicely located near downtown Lowell and UMASS Lowell South campus.
Easy access to major highway and train station.

Hey Nick E.. other guys, gal: 

I was living in Chestnut Hill (Brookline/Newton) but moved to be near work on South Shore.  Today, that house is rented out.  Also own more properties in Greater Boston (Downtown, and in Brighton, CommAve) and one more in South Weymouth, MA (Union Point).

I'm interested in getting together with any/all of you to share ideas!  Will not be available until middle of May, need to get ready for travel to Shanghai, and various cities in Southern China.

Please write anything here and I'll respond.

@Nick Earls , have you tried Taunton or Brockton. I have found Taunton to be great for cashflow and am currently exploring Brockton as well. 

I would love to speak with you about your experience in rehabs when you have time.

-Adam

Prices are definitely on the rise. That combined with high taxes and buyers beginning to overpay does narrow the pool slightly. Having said that, we are still able to consistently find deals in RI and MA.

Wanted to chime in here, I'm also looking into a couple markets within an hour of Boston. Would be happy to circle up as a group to share thoughts. 

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