Looking for first fix and flip in Metro west market

[Melissa Silk]

Hi BP! This is my first post to the forum, and I'm hoping to gain some insight. I have been looking for a fix and flip in the Boston area (metro west) for about 4 months now. I have financing all lined up (private lender), a real estate agent (who is also my business partner), and contractors ready to call. I just can't seem to find anything that has decent enough margins. I've been primarily using MLS and driving for dollars. I know the market is super tough right now everywhere, but just thought I'd throw it out there in case anyone had any thoughts or suggestions. Thank you for reading my post!

[Jonathan Bombaci]

Hi @Melissa Silk and @Paul Francesco Cintolo the greater Boston market is tough right now. Inventory is super low and when a good deal comes on it goes QUICK! I have 10 investor focused agents on my team and we primarily work with investors. The name of the game lately is “speed to offer”. If you see a good one go see it that day and make a decision before leaving the property. If you like it then shoot your best shot. You don’t have to overpay but you’ll likely need to be at or over asking if it’s within the first 7 days on market. If you don’t get it then move on to the next one and repeat. We’ve been able to get a few of our fix and flip as well as buy and hold investors into the game by beating the competition in terms of timing. Lock it up before the mega open house on the weekend and avoid the bidding war.

January and February are the two lowest inventory months of the year. We’re hoping the spring market brings more inventory but stick with it. There are deals out there, even on mls, they just go under agreement QUICK!

Aldo networking helps. I can’t tell you how many deals are made through networking so if you haven’t done enough of that then get going. We host some meetups in MA and NH but there are other great ones in the area as well. Most of our attendees came from biggerpockets. Since covid we’ve been online but we’re just staring in-person ones back up again. Our meetup is called Pints & Properties and you can find it under the Events tab here on BP. The virtual one is actually this Thursday 2/25, If you have trouble finding it feel free to PM me and I can send you the link. 

Best of luck and let me know if you have any questions.
Jon