All Forum Posts by: Brian J Allen

There are a lot of opportunities to save money with multi family properties in Worcester.  The market is hot, but there are still deals.  Also, since the prices are rising, there is an opportunity to build equity while living there.

Justin,

i have found the most success going with mortgage brokers as they have more options.  There are tons of credit unions in MA, but the are very conservative so they are not always the best choice.

There are plenty of hard money lenders, along with some interesting local lenders in Worcester who are willing to hold extra paper on certain transactions.  You just need to make sure you understand the terms.  

Worcester just announced a program yesterday to provide grants to both de-lead, and improve 2-4 unit properties. In order to get the $ you need to give a 10 year deed restriction on the property. It is pretty difficult to navigate but it may be worth it depending on circumstances. You can do 3.5% FHA, 5% Mass Housing loans, you can also get downpayment assistance from the city and closing cost assistance from Mass Housing. The key is to figure out what you want to own, in parallel with finding the correct lender to help you navigate that process. The good ones go quickly so you need to be ready to jump and have that funding piece in place. The rents vary by neighborhood as well, so you have to have good fundamentals about what you are buying both short term (cash flow) and long term (appreciation).

You guys are correct, it is street by street due to geography in worcester.  There are deals to be had, and places you can improve.  The small multi family houses in good locations can throw off good money since they are cheaper to fix and there are lots of tenants who want small, efficient and SUPER CLEAN.  The housing stock is so OLD in worcester that anything NEW gets lots of potential tenants.  But as you know Location, Location, Location.  Lots of action in worcester now.

HC kids will walk about 3/4 mile from campus, WPI is similar, as is Clark and Becker.  those are the best college rentals with HC and WPI at the top of the list.  

I'm with Erin on this.  Rents, other than college neighborhoods typically top out at $1500 for a 3 BR.  If you have 2 Baths, and ample parking that changes things.  Or something that is spectacular with a very nice kitchen and bath.  Those things can get you over $1500 per month.

I would be glad to talk to you about worcester.  prices are high, but they still provide value in a lot of locations for what you get.

if you havent found a property yet i will be gland to help you find something

the best way it to talk to agents who play in that space, then they alert you prior to things going on the market.  Most agents who work in flips and multis have a couple people who will sell, but wont put the houses on the market for various reasons