Buying properties in MA

[Brandon Martinez]

I have a question for investors in Massachusetts, has the market dried out in Massachusetts for multi-family homes in your opinion?  I'm asking this question due to months of searching for multi-family homes to start my multi-family journey but the prices are way too high to purchase as a newby.  Are investors looking at other markets with positive cash flow? 

[Jason Wray]

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.

[Todor Ialamov]

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.

[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! 

[Robin Simon]

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)