Worcester Rental Properties

[Guyvens Armand]

Hello i am a new investor looking for some help and suggestions from Worcester's (Mass) local resident on FHA loans and people who have invested on rental properties in Worcester on how they did it, who they went to, and things of that nature. Anything would be appreciated!!!

[Sam Schildkraut]

@Brian J Allen I will gladly jump in to say I personally worked with Brian recently to close on a fha house hack in Worcester that so far is working out fairly well. We definitely had some of the challenges mentioned above with cash buyers etc. and lost on a number of bids. However Brian is extremely knowledgeable when it comes to Worcester properties on and off market and would highly recommend working with him if you're considering investing in that market. His proactive approach as described above allowed me to comfortably make offers sight unseen/pre-open house to give me the best advantage you can try to get when competing as an FHA buyer in the Worcester market. Overall great guy!

Anyways...I would also add a couple things...it is very challenging to make a two families work numbers wise if you’re looking for cash flow / free living as opposed “some help” with the mortgage, so focusing on 3-4 families or properties with creative “value add” type opportunities (i.e. converting rooms for additional bedrooms, unconventional unit set ups etc.) will be your best target. Also Worcester is very neighborhood/street by street driven. Brian can tell you more about this but very important in terms of what you can get for rents, the types of tenants, and future appreciation/desirability. Lastly, you’re going to find many Worcester properties need some love (some more extensive than others) and/or come with existing tenants who are likely to be below or well below market rent, so this is something you should be prepared to deal with and will need to be accounted for when writing offers.