All Forum Posts by: Brian J Allen

@Ryan Passamonti. You keep the loan when you move out. The key is to buy something you would live in. The prices are high and who knows where they will go. But the loan will stay the same. In an up market you can buy better properties. When the prices drop all you will be able to buy is junk. The key is to find the ones that are not on the MLS as those are bid up.

@Ryan Passamonti I would buy a small multi where I want to be and live in it. The easiest way to get started is to buy with a low down payment loan. Worcester is still a great market if you know where to look. There is a lot of stuff on the secondary market and lots of opportunities if you are willing to work your way through zoning

Great Job!  Hopefully with the success your wife will be on board with the next one!

There are lots of opportunities in Worcester you just need to do your research on the neighborhoods and know what you are buying.  would be glad to meet up if you make it out to worcester.  Every weekend there are about 5 open houses on multis, and that is a good way to see the neighborhoods and the inventory.  it will also show you the level of competition there is among buyers.  Same is true for inexpensive SF homes.

it is odd that you have vacancies in Worcester.  I run into people every day just looking for something they can rent.  Many have 3 BR vouchers over $1600/mo.  

@Harry Morrison I would be glad to help you locate properties and perhaps help you find investors.

Jenna, First off Worcester has lots of weird rules in terms of zoning.  Eg. If your extra lot is 5000SF in a Rg5  zoning section you might be able to build a SF on it.  There is a whole grid with frontage requirements etc.  Splitting the lot would give you the most $ in the short term, and if you were the builder or built a spec house you can do really well right now.  Adding a garage with a unit done right could make you money, so would the garages and renting those out.  You can do a cost benefit analysis of this.  Glad to help.  But it all depends on location.  Extra units in Burncoat, West Side and lets call it Umass Med/ Lake ave, give you the most bang for the buck.  Let me know if i can help.

If you are interested in Worcester, i can do a personal tour and see some open houses on a Sunday, or we can find another day

with a Worcester 3 Decker you can modify the layout, add a BR or a BA but you have to know what can easily be done.  The key is to know how much it is to do a roof, siding, windows, door, replace a bathroom, and know what the rent will be after you are done.   But the most important thing in Worcester is the neighborhoods.  That is why a 3 Decker on Hadwen road in good conditions had multiple offers at over $450k and a 3 Decker in some other locations will not.

There are so many people chasing multis in Central MA it is hard to find a deal.  Best is to find something that is imperfect that you can correct.  Those opportunites still exist, the difficulty is they are not fully rented and need work.  it is a QUEST, the ones that are done are gone in a flash to cash or 25% down buyers with no inspections