Massachusetts - Middlesex vs. Essex County: Where do you Invest?

[Daniel Ortiz]

Hey Everyone,

My goal is to purchase my first Multi-Family Rental as a Buy and Hold Investor in 2018. I'd like to obtain some feedback as to where people have invested in both Middlesex and Essex Counties and why? Any and all input would be greatly appreciated.

Thanks,

Dan

[Steve Bracero]

@Hi @Daniel Ortiz

What are you looking for in your investment- cash flow, appreciation potential , forcing equity etc?

[Daniel Ortiz]

Hey @Steve Bracero,

My strategy is focused on obtaining cash flow by Buying and Holding MFR's.

Dan

[Filipe Pereira]

Originally posted by @Daniel Ortiz:

Hey Everyone,

My goal is to purchase my first Multi-Family Rental as a Buy and Hold Investor in 2018. I'd like to obtain some feedback as to where people have invested in both Middlesex and Essex Counties and why? Any and all input would be greatly appreciated.

Thanks,

Dan

 I'm curious as to what draws you to Middlesex and Essex counties. Care to share? 

[Daniel Ortiz]

Hey @Filipe Pereira

For one thing, I work in Andover (Essex county)  so I’d like to stay relatively close to work.

Second, it seems like everything closer to Boston within the 128 belt is above my price range. I’m looking at MFRs in the $200-$400k range and everything closer to Boston seems to quickly creep up to $500k+.

I wrote the post to see where others choose to invest and why.

Dan

[Filipe Pereira]

Originally posted by @Daniel Ortiz:

Hey @Filipe Pereira

For one thing, I work in Andover (Essex county)  so I’d like to stay relatively close to work.

Second, it seems like everything closer to Boston within the 128 belt is above my price range. I’m looking at MFRs in the $200-$400k range and everything closer to Boston seems to quickly creep up to $500k+.

I wrote the post to see where others choose to invest and why.

Dan

 My apologies, I thought you were referring to Middlesex county Connecticut, so I was intrigued by what would encourage you to go down that way. :)

[Daniel Ortiz]

@Filipe Pereira no problem at all!

[Dan K.]

Given your budget and location, I would focus on Essex County. A few things to consider:

- What types of tenants to you want to target?

- How do you balance property quality versus rents?

- What class of neighborhoods do you want to target?

- Do you want a value add property or something that is already rented?

- Parking. Do you need to have a lot that gives residents a place to park.

Since this is your first property you should consider being an owner occupant. It is important to realize that your bank will probably only consider your income and not the potential rental income when underwriting the loan.

[Jose Castillo]

Does anyone send direct mail in either of these counties? Thanks