New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago, 10/07/2018
New Rehabber in New England
Hi Everyone,
I’d like to take a moment to introduce myself. My partner and I are Northeastern University students located in Boston and are looking to rehab properties in New England. We’ve been focusing our research on Nashua and Manchester, and to a lesser extent Providence, but are open to deals all over.
We're in contact with two money lenders who would be open to lending up to $500k for the right deal. That said, we're currently looking for deals with an ARV of between $200-$250k without stroke-inducing renovations (no structural damage/foundation issues/former meth houses). We're open to these kinds of deals in the future (maybe not meth houses) but we both want to walk before we run.
We've both taken the semester off to work day jobs full time, him at a mutual fund and me at a software startup. We'll return to school in January, take the fall semester of next year off to work again (hopefully doing REI) and graduate in spring of 2020. I grew up surrounded by RE investors, agents, and flippers, accompanied them to work in high school, and now have spent about a year and a half lurking on this forum and listening to the BP podcast on a never ending loop, as well as reading about one REI book a week. I'd say it's about time to get started!
@Tyler Lee
Welcome to Bigger Pockets.
@Tyler L. welcome to BP. There are a ton of resources here to help you on your path. Good luck.
Welcome, @Tyler L.! Sounds like you have a really solid foundation of experience around real estate investors and you're doing all the right things to launch your career.
I don't have any special insights on the markets you're considering, but here are a few things that may be helpful to you here on the Bigger Pockets website:
You can set up keyword alerts so anytime someone posts about Nashua / Manchester or Providence you'll be notified. That could be a great way to find and stay engaged with local investors and opportunities. http://www.biggerpockets.com/alerts
You can also search for other investors in that area and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/users
I love that you've already plugged into the podcast - it's been a wealth of education and a huge confidence builder as me and my husband have pursued REI and built our portfolio.
Best of luck to you and look forward to following your journey!
@Blake Denman there were a few reasons.
We’re based out of Boston, so New England as a whole made sense to us. We wanted to stay within 90 minutes of our location to keep a vigilant eye on the properties. We decided against Boston itself for a few reasons, including: prohibitively expensive, very competitive market, and difficult permitting process. All told, it’s too many moving parts for first time flippers.
The three cities we chose fit a set of criteria we listed: reasonably affordable median home price, medium-sized market, large percentage of suburban houses, and attractive area for families.
I’ve seen more opportunities in New Hampshire so far, so I dedicated most of my research there, but Providence or any other market I get in to I will know by heart before an investment is made.
Of course, as a rehabber the job is to find the worst house on the best block. As we’ve explored these areas, we’ve found they have quite a good supply of exactly what we’re looking for.
I'm from Southern NH. Native to the area. I work in Nashua. I'm looking in the same area as well. I'm looking at Buy and Hold with some value add. I'm trying to focus on the smaller commercial Multifamily or mixed use properties. I would be happy to talk about the area more if you're interested.
I have quite a bit of deal flow that I regularly pass off just due to the fact that its impossible to do all of them. There are only a limited of real buyers that I come across. If you have an idea that may be mutually beneficial, feel free to PM me and we can discuss funneling some deals to you.
Hello! I’m a general contractor out of Nashua. There is a real estate investors mastermind in Nashua and the New Hampshire real estate investors association monthly meetings I would recommend giving both a look! If you guys need numbers on any project I would be happy to help. I have subcontractors in all of the licensed trades and can manage the project to get it done and have good vendors to get things done as economically as possible. Message me if you’d like to know more