Updated almost 6 years ago on . Most recent reply
Worcester MA Investing
Hello everyone,
I'm looking to invest in the Worcester area over the next year. It is a small condo approximately 500 square feet, 1 bed 1 bath in an 80-unit complex. Price is approximately $90k but I would offer less in order to allow for the upgrades I plan to put in (approx. 20k for kitchen and flooring). The area is about 2 blocks from the incoming Worcester Red Sox stadium coming in. I currently used my VA loan in Hawaii, so I was planning on taking a line of credit on that property in order to provide the down payment on the property. For the Hawaii property, I belong to an HOA... which obviously has the pros and cons... and the property in Worcester is also part of an HOA.
Does this sound like a good deal? Any recommendations moving forward? I'll be in Worcester this week on vacation and plan to look at the property. I have yet to look into reputable contractors to do the work, but if I decide to go through with the purchase, I would love to do the BRRR method and rent this place out for $7-750. I'm not banking on appreciation with this property, but the city is pouring $100-150million into the area for the new stadium, new restaurants, and shops to be open in 2021 and seems like a decent investment.
Any advice or suggestions would be greatly appreciated.
- Ryan
Most Popular Reply
Hey @Ryan O'Leary I'm a new investor in the Boston area and I've also been looking into investing in Worcester as well. The prices around Boston are a little out of my wheelhouse so I've started turning my attention West. I spend a lot of time in Worcester and Springfield for work and they are both promising from what I can tell. Would love to connect and chat about some of your experience in Worcester.