All Forum Posts by: Brian J Allen

Viktor, 

My suggestion is to drive each of these places and see the proximity of them to where you do your normal activities, work, family and friends. Then see if you like the feel of the location. Do your math and see if you can make the math work with places on the MLS. Next, find a realtor who works with investors and can give you the support, not just during the search, but after you own the property, with local contractors, zoning and permit review. And, make sure that you get a full tour of the area that shows you where the traffic patterns are. Where the major places of industry are, and where the grocery stores are. That way you can understand who your tenant will be and how they will live their daily lives. Where they will work, shop and entertain themselves. Find and agent who understands rents, and the local economy. Then work with them to figure out the best place for you. In Worcester if you check the deed recordings at the end of each week you will see that about 1/3 of all multifamily properties are trading off the MLS. A Good multi-family/ investment realtor has access to these deals on a regular basis and will be able to help you navigate the process.

Almost every house in Worcester is shopped off market at a "Fair Price" for at least a couple weeks before it hits the MLS. The key is to work with an agent in a company that does a lot of Multis. I am previewing 2 today that will hit the MLS next weekend. These are perfect for FHA because the seller has a price in mind and as long as they get it, they will go FHA. The key is to know the agents that do a lot of multis. And keep in mind if someone does 20 on the MLS they are probably doing another 5-10 non mls due to their connections.

@Wendell Butler has done financing for a bunch of my buyers.  A great resource

First key here is that you know where you would like to live!  Awesome!  Next is that you would prefer to own/house hack to renting. Also good.  And you are betting on Worcester,MA!  I would be glad to answer any questions you have if you interested in Multifamily.  Best of luck and welcome to BP.

@John Powers. You definitely need to work with an agent that works in multifamily. Most of the deals in Worcester are done pre-mls. That is the listing agent and the seller have a price. If you can hit that price you get the deal. It doesn't help anyone to take an offer for $550k for a house that will appraise at $500k and good agents know that. What they are looking for is certainty that the deal will close. The only time a seller needs to go on MLS is if they want to get more than the appraised price for something. It doesn't matter the market, but get someone in that market that has done a lot of these deals and work with them. We had one of our buyers under contract at $615k on a great 3 family in Worcester and they got cold feet over a couple things, the sellers went on MLS and it is under contract for $700k. You need to have good guidance and be ready to jump when the opportunity arises.

@Tyler Daly the Streamlined should be pretty easy. make sure you work with a banker who does them and can explain it.. I would also encourage you to search out realtors who work multifamily in the market you are searching for. I work Worcester, MA and since I do a ton of business, I hear about 30% of the properties pre MLS. I am sure there are CT realtors who are similar in what they do.

@Tyler Daly check out this meetup in Putnam CT.  Tony Chabot is fantastic guy.   https://www.facebook.com/event...

and he is good to work with. I do Multifamily in Worcester, MA but refer buyers to Tony in the Quiet Corner of CT. Another word on FHA, look into streamlined 203K so if the property has a few flaws you can take care of them at the beginning. A lot of sellers and agents are afraid of the FHA inspection/appraisal so they won't take your offer.

Deric Allen, Make sure that your agent is actively a Multi Family real estate agent as it makes a difference. Take Worcester MA, Currently there are only 21 Multis for sale and that has stayed constant for 2022. But my buyers have been able to get under contract on 5 off market multi families so far this year since that is all that our group does. We have gotten to the point where sellers and agents don't want to put houses on the market at all. They are shopped for weeks, if not months before they hit the mls. Since most houses are only worth what they appraise for this makes sense. It is hard with tenants as well. So basically the houses are being shopped by the multifamily agents and once they get their price they sell. Essentially if a house will appraise for $400k, there is no sense in putting it on the MLS and getting and offer of $450k that is subject to appraisal, this gets your seller upset. Once again, make sure you are working with an agent who sells a lot of multifamily as it really makes a difference.

If you are doing business in Worcester, it is very important to deal with Worcester attorneys, they work much better together and don't take well to outsiders.  I did 40 deals last year and the only ones we had trouble with were from attorneys outside of Worcester county.

Flynn Law, Oxford

Kotseas-Lapointe, Worcester

Israel Fermin, Worcester

Barron Law Title and Closings, Worcester

all are very experienced