Multifamilies is Fitchburg MA

[Andrew Zai]

I'm looking to start my investing portfolio with a cash flowing multifamily and would like to get as many units as possible with my money. From what I've seen on the MLS, my starting money ($50k) very much limits my search area. I've seen a lot of properties in Fitchburg where the numbers seem to work, but I'm a little nervous to buy there. My main concerns are (1) that the slow economic growth and high unemployment in that area will make it hard to sell in a few years when I want to buy more units with the cash and equity I've earned. (2) I'm worried that it would be hard to fill my properties with quality tenants. Does anybody have experience investing here or in similar neighborhoods and have advice for how to proceed?

Thank you!

[Bonnie McCullough]

I have rented out the other side of my duplex in Fitchburg for 19 years. It is possible to find good tenants here, but like anything you have to do your homework. Not sure where Charlie got his information about rents, because I have never reported my $1,000 we get in rent for our 2 bedroom to any database that I am aware of. The trick is to have a property that is in good shape and is desirable if you buy the slumloard place those are the people you are left with, if you let someone else manage it for you don't be surprised if they rent to less than desirable people, because yes Fitchburg does have their share of people you do not want to rent to. It can work, the values are less than closer to Boston for a reason, and Gardner is less than Fitchburg for a reason. It is a lower price point to break into the market, but yes there are a lot of multi's here, most are in areas you do not want to be, but not all. You can not rent most of the first people that come along or their problems will become yours. I do not recommend buying a multi in ANY town you are not pretty familiar with or have a friend/partner who can lend that knowledge. And never assume that a local property management company will be that solution for you.