All Forum Posts by: Brian J Allen

I would look into some of the local credit unions around Worcester. They like these assets and have a better understanding of the value based on "market rents" and location which determine the true value. Just because someone is willing to give you 80% LTV doesn't mean it is the best deal. A lot of times they offer the 80% and then kill you on the appraisal (though they say they wont)

You can get 8 CAP in worcester with decent properties, and Worcester has shown a lot of rental growth

I can put you in touch with some people in Worcester.  If i were to price it i would say $150/SF not including land or sewer tie in.  so $420k construction cost, but you may be able to shave a bit since you have 2 houses basically under one roof.  I would be glad to help.

All depends on the project.  If you had a fire and need sprinklers there are certain guys.  If you just need paint flooring and new appliances there are other guys.  the stuff in the middle is the hardest to price as everytime you open a wall, WHO KNOWS!

Glad to talk to you about Worcester, MA

I would be willing to have a conversation about WARE, MA which has over 10CAP

you will have to check with a mtg broker about the limits on the 5%.  Basically Mass housing subsidizes the loan.  There are income limits, but it is a conventional loan and you need a certain FICO score.  You can buy 1-4 units

If you are interested in Worcester, or Worcester County, I would be glad to meet up.

What happens is that buyers agents reach out directly to sellers on behalf of their buyers. You need to have a proactive Multi Family agent who is chasing sellers full time. This is different then agents to try to list properties. Listing agents just list the properties and try to get the best money for their clients. Active buyers agents, and there are few who are willing to do this. Turn over all stones, direct to sellers, wholesalers, and other agents to simply find the right property for their buyers. If your agent isn't doing this it will be very hard for you to get something as an FHA buyer. Most agents are only able to do this in certain areas is it is difficult to know the market and know the sellers, that is why I only do this for Worcester County.

Once things hit the MLS in Worcester they are typically out of reach for most people. The agents in Worcester know the other agents that do Multifamily and have their own buyers who they offer the houses to first. If the seller is reasonable the house will never hit the MLS because the sellers don't want the circus and don't want to bother their tenants. You need to buy them before they hit the MLS and all of that is done on a local basis. House Hacking can sometimes work better as people are open to roomate situatations since there are a lot of graduate students who just simply want a room of their own.