1st Time Investor Seeking Connections (& Wisdom!) in New Bedford

[Peter Carboni]

Hey all,

I'm a first-time investor looking to do my first house hack in New Bedford, MA. I'm looking to connect with investors with experience with the city.

Why New Bedford?

I know that taxes and tenants get tricky here, but overall I have many reasons to want to invest here. It's close to home, with many hospitals, burgeoning culture and arts scene, and commuter rail in the works. I believe in the city and have been overjoyed to see it prosper so much in recent years.

Here is roughly where I'm at when it comes to my first househack.

I know that everyone on here is busy, so I appreciate any responses from anyone who has invested in southcoast MA.

My main goal here is simply to connect with anyone who's invested in the city. This will be my first home purchase and I'd love to hear from as many investors who are familiar with the city. I'm also hoping to make local friends and find meetups to attend.

What I do know:

I have an agent and a lender.

I'm looking for a triplex. 

How to find properties off of the MLS

I'm partial to the south end of the city.

How to use the deal calculator on this site. 

What I know I don't know:

How to inspect a property in-person

How to act/ what to wear to the showing

Which streets and neighborhoods to avoid

Which streets and neighborhoods might meet my goals 

How old is too old (some of these buildings are verrrry old)

Tenant laws to watch out for

And last but not least, I don't know what I don't know. I'm expecting the unexpected and hopefully have saved enough to cushion me against any major disaster. 

I realize I've posed a bunch of specific of questions- I don't expect to cover it all here. I assume that the more people I meet and connect with the less of a mystery this will all become.

All that is to say that I would appreciate any and all advice about the New Bedford market. I'm happy to chat privately as well. 

Thank you!

[Jonathan R McLaughlin]

@Wayne Marques finally! A post that recognizes rental regulations usually follow places where people are making a good deal of money. " Why would anyone invest there?!" Because you do well.

@Peter Carboni We looked at a few commercial properties in New Bedford a while ago now. Love the history, all that you talked about, but there were clearly challenges with gangs on the waterfront, bizaarely high taxes, some other stuff. I'd listen to folks like wayne carefully and check city data crime maps etc. I looked at one place and the first 3 google hits were different shootings in the nearby park. Realtors can't "steer" you so don't expect them to be all that helpful, though most give you some indication. I'd call the police on any property you are thinking of and ask about activity. 

All that said, I think there are a number of projects people came in, bought cheap and renovated and you might do well to look at those. Some will be slap and dash home depot specials but some will be quality and people are trying to get out with the perceived slide. There was a place on MLS for $510K and 6 units where they want to sell supposedly for a 1031 that looked well done and appealing, separated utilities etc. I can't comment on location, current comps or anything, it just crossed my mind that under 100K a unit could really work for a long term hold and potential rise. And quality one beds could attract the early adopters of coffee shops etc. Even with the low rents there it might be worth sniffing around.

I have no affiliation with the property or anything/anyone in New Bedford, just a thought experiment for you. Look at recent roofs, wiring, Lead paint issues, age of heating systems and older windows, could run you a fortune...yada yada

Good luck!