All Forum Posts by: Steph C.

I think it's all relative, but certainly for those of us outside of Boston and the "hot" areas surrounding the city, there are still plenty of deals and money to be made in the south of Boston/Providence metro areas.  Sure, the margins are thinner here than in Boston, but are still higher than many other regions of the country.

I'm not that far from Fall River and New Bedford and, yes, the home prices are lower there and there are not as many jobs to be had. My husband and I look at properties here and there, too, but typically like to stay closer to home. Plenty of "south coast" residents do commute to Boston or Providence for work and may stay in the area for family or other reasons.  I served jury duty in Fall River recently and I swear on every corner I saw a "we buy houses" bandit sign. Now, those could all be from newbies, but I would doubt that there are no real investors there to buy your deals. 

Here's a local property report for New Bedford from Zillow, mentioning that the real estate market as "cold" - but, you do have to read further, as prices are still rising: https://www.zillow.com/new-bedford-ma/home-values/

I would definitely reach out to other active BPers from FR/NB and they can give you a true pulse of the market. Plus, it'll give you more names for your wholesale buyer list, in case you get another deal in the area.

Conversely, take a look at this thread, which you may find helpful about hot local markets: https://www.biggerpockets.com/forums/564/topics/44...

Good luck!

Steph

Great thread!

1) Create a future and foundation for my family

2) Have the flexibility to be there for my family for all the important events and milestones

3) Helping others

4) Ability to travel more

5) Make my own schedule

6) My 1-2 hour commute each way really sucks

7) Financial freedom (of course!)

Sure, @Lorenzo Gamez. I also sent you a colleague request.

Absolutely, @Stephen Torti. I know many people who have had kids or relatives go to school in the Providence area and they stick around afterward, due to many of the reasons you mentioned above.  

Regarding food, I tell people all the time that they need to try all the awesome food in the Providence area. I love Boston, too, but sometimes I really don't want to pay $30 to park when I'm just a few minutes from Providence, can get fantastic food there, and usually can find free parking to boot!  When we have out of town relatives visit, they usually ask us to take them back to Federal Hill for dinner!  

Will do, @Nick Katsikis.  I also sent you a colleague request.

I couldn't agree more, @Stephen Torti. As someone who grew up in RI, 99% of my friends and family still live there and will never leave. :-) I do love Providence - it has great food and culture and "down city" continues to improve and provide more for its residents and visitors. From pretty much anywhere in RI, the beaches are just a short car ride away. I agree the rental markets are still pretty strong in Warwick/Providence/Cranston, although the job growth has been pretty slow in recent years.  It's been great to hear that GE and other companies will be adding much-needed jobs to the local market.

Hi BP,

I just had a discussion about wholesaling with a friend here locally and a recent thread on BP had me thinking of a few more questions.  In speaking to friends in the Boston area that are are getting outbid or priced out of the market, some are reverting from rehabs back to primarily wholesaling to generate quick cash.  The ever-present question of "Is it legal to wholesale in my market?" came up yet again. :-)

For those wholesaling in MA: Are you only doing back to back closings or are you assigning contracts (or a combo of both)? Another BP thread mentioned about it being "illegal" to assign in MA or is it just a bit trickier, since we use attorneys to close?

For those wholesaling in RI: Are you only doing back to back closings or are you assigning contracts (or a combo of both)? Have you moved your investing to RI from CT or MA or have you always wholesaled in this market?

I have talked to local investors who are moving their investing from MA to RI, as many houses are more affordable in RI (and the cash flow for rentals can be better).  That being said, I know that wholesaling is a different game than landlording.

Thanks in advance,

Steph

This is a timely discussion, as I was just talking about wholesaling in MA with someone this morning.  I know that since we do use attorneys here in MA for closings instead of title companies that this causes a bit of concern for people.  That being said, are most of you wholesaling your properties here in MA via double closing (either with transactional funding or your own funds to close)?

I see plenty of houses (or contracts) for sale on Craigslist and other sites with deals in my local area. I saw an ad recently where the poster noted clearly in their ad that they were assigning a contract (and I think they even specifically noted the assignment fee price in the ad).  However, one group of investors that contacted often with wholesale deals in the past year all of a sudden has a URL that was shut down and a dead email address.  But, maybe they just got out of the business, who knows?

Thanks, @Tom Ott. Very helpful.  I have also referred others to your website as well.

Steph

I was just talking to someone today about investing in rentals in Cleveland. I referred him to BP, as there are a ton of helpful posts here.

By reading the forums, it looks like East Cleveland (zip codes 44108, 44112, 44118) should be avoided. However, the East Side of Cleveland is considered a good investing area. The West Side & Cleveland Heights are also desirable. (I think the CNBC show Cleveland Hustles focused on Cleveland Heights.)

Is the above still true in today's strong market?

Thanks,

Steph