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Buying properties in MA
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Brandon
You have to get out of Suffolk County and start looking into other areas where you can still get a good deal and the rents offer a positive cash flow without having to put 30% to 35% down. I would take a look at Lowell, Dracut, Fitchburg, even up around Nashua, NH. You can still pick up a good STR/LTR up in North Conway and around Merideth.
You have a lot of properties around the colleges as well that can be rented to students or since its next to a couple of Hospitals the Nurses, Doctors, and other medical staff pay good rents.
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Hi Brandon,
I second Jason's take. We heavily invest in the Leominster/Fitchburg/Gardner area. You can still find cash flowing good properties in a market that is up and coming. Rents are going up and the demand is really high. I will be happy to connect you with someone from my team who can fill you in on this market, if interested.
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@Brandon Martinez - To reiterate a lot of people's points, I am still finding cash flowing properties in Western Mass. I invest regularly in Worcester, Providence, and towns outside of Worcester. I normally find properties close to the 1% once stabalized.
More or less, I recommend targeting tertiary markets that are 45 min to an hour outside of Boston with a large concentration of multifamily. It is easier to find a multifamily if there are a lot of that asset class in stock in the area. Best of luck on your search!
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Quote from @Andrew Freed:
@Brandon Martinez - To reiterate a lot of people's points, I am still finding cash flowing properties in Western Mass. I invest regularly in Worcester, Providence, and towns outside of Worcester. I normally find properties close to the 1% once stabalized.
More or less, I recommend targeting tertiary markets that are 45 min to an hour outside of Boston with a large concentration of multifamily. It is easier to find a multifamily if there are a lot of that asset class in stock in the area. Best of luck on your search!
Yeah - this hits on most of the strategies that are still making the numbers work in this market = multi-unit, secondary markets and creating value through BRRRR (buying/renovating -->stabilize instead of turnkey rental purchases)