All Forum Posts by: Thomas Gagnon

I have a 14 unit in hillsborough which we just finished renovating and it has been a wonderful addition to my company.  Investors just came in and purchased the 20 unit across the street as well as a super Walmart is slated to go in 2 miles away along with 180 55+ units.  Town has been off the radar four decades but it's a bedroom town 25 minutes from concord and 35 from Manchester.  Tenants in place at purchase were a nightmare but after the turnover our new building attracted a flood of young professionals.  All tenants are fantastic at this point and we have a 36 person waiting list last time I checked.   People are tired of the high rents in the concord Nashua Manchester areas and even more tired of getting junk if their budget is under 1000 per month.  The town has a ton of tax deed property just waiting to get picked up.  Just bought a 3000 sqrft house 2 family for 15k, we posted a craigslist ad to get a pulse on 2 bed 1 baths in a 2 fam setup because our only building in the area is the 14 unit and we received 14 applications in 3 days.  I like the area, might be something for you to look into.

Looking for any investors out there with property in the Holyoke Ma area. I have been analyzing the returns in that area and see them as quite high relative to properties we have in the Worcester and southern nh areas. Anyone with success or horror stories in the area would be very helpful. Areas to avoid etc. Thanks everyone!!

Great point in the right direction @Kim Younkin.  I'll do and look into both of those!

Hey @David Briley my company usually only purchases 6+ unit buildings but if you come across one of that size or a very very well cash flowing property 4+ units I'd love to hear about it.  Is everything in these 1.2M -8M packages as you indicated per you last post 1-3 units only?

Hey Everyone, my company is getting to a size where the day to day management is taking away from precious investment time, still have the day job.......  

A quick background, my company owns multifamily properties in both NH and MA.  My smallest is 6 units and largest is 14 units, so nothing very large.  That said I have been considering to bring on property management teams for a small subset or all buildings.  My fear of course is the trial and error method.  Nothing is ever turn key in this business but if anyone has experience in MA/NH areas of southern NH and or central MA Worcester and has had success with a particular property manager or management team I'd love the input.  Also, being a very hands on person and single handily creating this business myself its going to be very hard to hand over all management and control.  If anyone could give me some advice if they have successfully worked with a management person or company where they handled only portions of the management over and how that did or did not work out.  Also, it would be very helpful in understanding what costs are associated, probably a large range, but in your experience a ballpark idea would be a great first step.  

Thanks Everyone!!

Sorry forgot to mention, we switched over both the water heater and all units in a 14 unit we have in NH and on our first year saved our tenants 64% on their utility bills. That project was just switching from old propane FHAs to high efficiency FHAs imagine the savings from electric had that been the case. The newer systems are unbelievable when it comes to cost savings.

Assume the following: your rental is completely sealed, no heat can escape. To heat that same space will require the same amount of energy whether it comes from propane or electric heat. However that electric heat will cost almost 4x what propane would cost to heat the same space. Tenants are always less likely to rent units with electric heat. A smart move would be to pay the extra money for the FHA install and then include heat in the rent. On average the tenants will value that included utility at about 150-200 a month, worst months, but because of your hard work and investment you get to pay only about 45 a month worst months. You could easily raise the rent 125-150 a month. Your tenants are happier, the heat is more responsive, you are making 80+ more a month per unit and everyone is happy. My company just bought a 6 family in Worcester Ma and a well insulated 1200 sqrft apartment is running the tenants over 300 a month because of electric heat. We are currently ramping up to replace with natural gas FHAs and I will be including heat in the rent. Our rents are being raised 200 a month and all tenants have signed addendums and did so as their choice. Tenants love free utilities. Good luck

Hello everyone, my company is looking for an agent/broker to help us with condo conversions in the Worcester and Fitchburg Massachusetts area. Deal is on the table and ready to go. Please contact us Thank you!!

It would also require me to go without group texting for all other instances when I wanted to from the same phone for my personal activities without switching back and forth?