Western MA new investors

[Heather Kovaci]

My husband and I are looking for our first property right now. Since the Pioneer Valley/ the Northampton area is so expensive and the multifamily buildings are all so old (1880-1910) it's been hard to find a reasonable 2 or 3-family. FHA loans don't seem like a great option here since it knocks out 90% of properties because of how old they are.

We've made 2 offers, going above asking on each and we didn't get either yet.

Hoping to connect with other investors in this area! Hoping to hear some tips and tricks of how other people do it in this area too.

[Heather Kovaci]

Thanks so much for your responses! 

Yes well I'm kind of relieved to hear that it's not just our area- we went over asking price on both as well! We actually found a 2-family and got an offer accepted but then the inspection revealed it was a true money pit, or at least too much for our first property. 

Jennie, thanks so much for your suggestion! Funny enough, we are signing the P&S today on a single family in Amherst that has great bones but is ugly and outdated! We figured this was a more manageable and realistic way to start, though I'm a bit worried that we are purchasing it for just barely under market value because prices are so inflated right now. I'm hoping we can hold it and rent it out later but we'll be living in it and 'house hacking' for the next few years. I'm glad to hear that you suggested this as we thought this might be a better route than the multifamily as our first investment.

Thank you both so much for reaching out! Covid aside, I feel pretty isolated from other real estate investors in this area and not many people seem active here on BP so it's really great to hear from you!

Debbie/Jennie, Do either of you have advice on what to prioritize in a live in flip? My husband and I keep talking ourselves in circles since the kitchen, both bathrooms (1 & 1/2 bath), the porch, the landscaping, are all calling our names. We're nervous about over-rehabbing since we weren't able to buy for too low of a price and I'm not sure what will get the most 'bang for my buck'!

A million thanks!

Heather (& Klajd)