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Updated almost 9 years ago, 02/16/2016
allow me to introduce :))
Hello community!! My name is Rob and I'm in SE Massachusettes. I've been reading blogs and listening to the podcast for months now. I'm finally ready to take that plunge into the world of real estate with my first owner occupied multi with big aspirations for the future but I still need lots of help. I've created a blog titled Pre-everything and I hope you'll all make a quick visit. I look forward to learning from and creating relationships with as many of you as possible. Have a great day!
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#3 Questions About BiggerPockets & Official Site Announcements Contributor
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Hey @Robert Andrade welcome to BP! I'm glad you're enjoying the podcast. You should definitely start jumping right in the forums! Also, if you haven't yet, try to setup some "Keyword Alerts." It's great for getting into local conversations.
See you around the site!
Hello Rob! Welcome to BP. It is good to hear that you are starting out here for information and education before you get your feet wet!
New bedford is a great port and fishing town btw. I go every year in the summer. If all my investments go well, I plan to buy a boat and retire there in the future.
Originally posted by @Account Closed:
Hello Rob! Welcome to BP. It is good to hear that you are starting out here for information and education before you get your feet wet!
New bedford is a great port and fishing town btw. I go every year in the summer. If all my investments go well, I plan to buy a boat and retire there in the future.
Nice to meet you Jesse and thanks for the reply. New Bedford is a nice fishing port but the real estate market here is tricky. We've been searching for a while for that first property thats a good deal with the right cash flow but inventory is low. Maybe we're being too picky.
Hope your investments exceed expectations and you get that boat soon!
Originally posted by @Brandon Turner:
Hey @Robert Andrade welcome to BP! I'm glad you're enjoying the podcast. You should definitely start jumping right in the forums! Also, if you haven't yet, try to setup some "Keyword Alerts." It's great for getting into local conversations.
See you around the site!
Thanks Brandon. Listening to the podcast right now.. I have set some keywords that i'm sure I'll refine as time goes on.
Originally posted by @Robert Andrade:
Nice to meet you Jesse and thanks for the reply. New Bedford is a nice fishing port but the real estate market here is tricky. We've been searching for a while for that first property thats a good deal with the right cash flow but inventory is low. Maybe we're being too picky.
Hope your investments exceed expectations and you get that boat soon!
What type of numbers are you looking at up there? how much is the average price for a multi family or single family. and how much is the usual rent?
Rentals in New Bedford scare me. I have often considered buying there, but I am worried about the quality of the renters. There seem to be some decent deals on the surface, but I do not know how good (or bad) the various neighborhoods are. And I have heard some real horror stories. Then again, I know of people who do great there. But they have been at it for quite a while and have very good systems down.
Like this one that was just reactivated yesterday. 52 Ashley Street. (5) family. One (4) bed and four (2) bed units. Advertised as in good shape and deleaded. Income reported to be $3150/mo. ($37,800 / year) Asking price: $184,900. Maybe you could get it for $175,000. Tenants pay utilities. Taxes = $3406/yr.
In that example, from my very limited knowledge, it looks like you could get a good return. But .... and here is the big but ... how are the tenants in that area? I would be afraid I would be stuck with non-paying tenants. Or tenants who deal drugs from the house.
So, I think I would be much better off with single families in the far north of the city. Near Acushnet or closer to Freetown, etc. Even though some of the deals in the south end look very good.
Hi! I'm in Buzzards Bay,
Sorry, don't know how to edit post on iPhone, hit post too soon!
I'm in Buzzards Bay, just starting out too and trying to decide between SFR and small multi.
Let me know if you find out about any southeastern MA real estate groups, and Good luck!
@Robert Andrade - We looked at many multies for about 5 months before we settled on a 6 family near the North End.
In New Bedford, a couple of blocks can make quite a difference. You should eventually find a good deal in a good area.
@Rob Poulin - The numbers in the South End, and near Coggeshall St sure do look good. I visited many - including a couple on Ashley St. Some tenants would not let us in to see the apartment (even with the owner accompanying us). On one such visit, it was clear the owner was also there to collect rent, yet left empty-handed.
On some of them I remember thinking, "I better make sure my License to Carry is current".
I grew up in New Bedford, and remember some of the neighborhoods. But I also called family members and Law Enforcement friends to ask about areas I was not familiar with. A good local RE agent goes a long way toward identifying the right neighborhoods.
@Katie Barlow - I'm not sure about REI groups in Southeaste MA, but the Greater New Bedford Landlord Association is active. They meet monthly. I was there for a recent meeting and they has a fantastic guest speaker.
The renter pool in New Bedford is definitely sketchy. Fortunately, living here all my life, I have a network of friends and family as potential renters as well as for referrals. It's a catch 22 because I want to invest where I'm familiar but it's just a cruddy area.
I have friends that have used strategies that work here. There is a large Guatemalan population. They tend to be relatively trouble free tenants ( probably for fear of deportation) and they will pay top dollar as long as the landlord isn't particular about how many people are sharing the apartment.
Another plus of the area is the proximity to UMass. I have a friend with a 3 fam that rents exclusively to college kids. She of course deals with high turnover but her apartments are never empty and she's dealt with very little damage.
Do to my trucking business I'm pretty tied to the area so... lemons to lemonade until I'm that featured success story on the Bigger Pockets podcast.
Jorge R. How difficult was financing for that building? My understanding is anything over a 3 is a whole different animal financing wise.
Originally posted by @Robert Andrade:
Jorge R. How difficult was financing for that building? My understanding is anything over a 3 is a whole different animal financing wise.
I went to my local Credit Union first, but they did not want to mess with out of town property so they told me to check with St Anne's Credit Union.
I tell you, dealing with St Anne's was like dealing with a cousin (the one you like). I did everything by email and telephone. 20% down. No hiccups, no delays. The only delays were seller related.
Katie - I've heard a lot about the Real Estate Flipping School group that meets in Plymouth on the third Thurs of every month. (Mike LaCava's group) I've been trying to get to one of those meetings since before Christmas. It looks like a good group of people. Eventually I will get there.
Jorge - I grew up in Acushnet. When I was a kid, we used to take the city bus into/around the city. I have a lot of great memories hanging around downtown area (The old Moby Dick store, Carters store, The Magazine Store, The Peanut Man, the downtown walking mall when it was there, etc.) We had a blast down there. There are some pretty questionable areas in the city now. Some areas are changing though. With the college (BCC) located downtown, the Whaling Museum, the new hotel, and some great new restaurants/pubs, it has been getting better. My brother-in-law, Jeff Pontif is big in the commercial real estate area there. He is quite positive on the area. Hopefully the improvements will spill over to other parts of the city. But for now, I think I will concentrate looking in the far north end since I am out of touch with many parts of the city. As you say, a good realtor will be invaluable. My wife has been with Jack Conway - Mattapoisett office for about a year, and she is digging in trying to learn about the various areas.
Robert - I have often considered the college kid rental angle. One thing that held me back was the first place my wife and I rented was a small cottage in Westport on Main Road, and I remember how happy the owners were to have us renting from them rather than the college kids they had been renting to. They had lots of stories about parties and kids going in and out through the windows. Then again, I know a lot of very good college kids. I've hired some in my job. And many are respectful and very good. So, I guess it is same as any renting ... you must screen the tenants very good.
Welcome! And financing options change when the property has 5 or more units (considered commercial).
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.