Western MA new investors
My husband and I are looking for our first property right now. Since the Pioneer Valley/ the Northampton area is so expensive and the multifamily buildings are all so old (1880-1910) it's been hard to find a reasonable 2 or 3-family. FHA loans don't seem like a great option here since it knocks out 90% of properties because of how old they are.
We've made 2 offers, going above asking on each and we didn't get either yet.
Hoping to connect with other investors in this area! Hoping to hear some tips and tricks of how other people do it in this area too.
Most Popular Reply
This is exciting @Heather Kovaci! Congrats on having your offer accepted. My girlfriend goes to school at UMASS, so I was initially considering picking something up in Northhampton, but as you noticed, prices are a bit out of whack right now.
I would spend 50% of the money on Kitchens, 30% on bathrooms, 10% on the porch (is it front or back?) and the rest on misc. throughout. Yes, the kitchens are that important!
@Ryan Breen removing old plaster / panelling and doing some skim coat + new paint is some of the most rewarding / transformational stuff you can do! Just did that at my place in Windsor Locks. Like you we're doing some kitchens next - those will be in Springfield.
I think we should hire you! We're looking for another maintenance person north of the CT/MA border. Sent ya a DM!