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Updated about 2 years ago on . Most recent reply

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Eli Jean-Gilles
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What should I consider when weighing my multifamily options between NH & MA?

Eli Jean-Gilles
Posted

My goal is to purchase a cash flowing property 3-6 unit property within the next 6 months in either Southern NH or the Greater Boston area(north & south of Boston itself)…and maybe Worcester

I was planning on using an FHA in the fall of 2022 but I couldn't find anything for sale that would pass the self sufficiency test(in the Greater Boston Area). Fast forward a couple of months after I've sold some assets, I'm hoping to put 20% down on a property with a purchase price of up to $850k. I've also expanded my radius of where I'd potentially want to purchase.

Here’s my challenge: The Greater Boston area has always had a strong rental market(lots of jobs and new properties aren’t being built) but also expensive properties. Nashua and surrounding areas are a lot more affordable but I have a fear that the rental market isn’t as strong and with all of the new developments(& more space to build), the supply will eventually increase much faster than demand, therefore causing rents to drop. I’ve also thought about Worcester but crime is pretty bad over there in comparison to the other 2 options.

They say people are moving from the Greater Boston area to Nashua and that’s hard to believe with the two areas being very different. Alternatively, I could see someone moving from Worcester or Lowell to Nashua.

Either way, what should I consider when weighing my multifamily options between NH & MA? Any advice here?

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Eli Jean-Gilles
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Eli Jean-Gilles
Replied

Also has anyone been able to purchase a 3-4 unit in this area and pass self sufficiency, within the last year or so? I’d love to not waste my one shot at 3.5% lol

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