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All Forum Posts by: Brian J Allen

Brian J Allen has started 31 posts and replied 443 times.

Post: Boca Raton FL value properties

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Looking for help on timing and finding a value property in Boca for my daughter. Lease ends I. December and want to hit thr ground running

Post: Mortgage Firms And Homeowners effected by Pandemic

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Sabrina,

The Key would be to identify these folks who are in stress of foreclosure, and help them find a solution.  Typically there are groups that help with foreclosure, but often times their goal is to keep people in their homes.  Sometimes people have made a mistake in becoming owners, sometimes people's situations change and they should not be homeowners.  Homeownership is a wonderful thing, FOR THE RIGHT PEOPLE, and not for all.  There needs to be education about, LETTING THE HOUSE GO, and moving on before you get in too deep.  Perhaps we can reach out to these folks, explain they have equity and help them to sell their houses, before the 18 month saga of foreclosure which not only hurts the owners, but hurts the tenants and the neighbors as well.  How can we find that solution for folk, and simultaneously get these houses into the hands of the people who are best able to maximize value?

Post: Mortgage Firms And Homeowners effected by Pandemic

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Looking at the numbers it will be hard to predict many foreclosures.  Anyone who bought 2 or 3 years ago should have enough equity due to rising prices.  Let's say UP 20% minimum in Worcester, MA.  So they should be able to sell and become whole.  And the average credit score of people originating mortgages is way up as is the amount of down payments.  The people buying this year may be overpaying, but they appear to be in a financial position to do so.

Post: Worcester Ma, private or public road, easement, zoning

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Send me a PM and i will tell you in 5 minutes.  If i cannot, i have a guy who can.  I love this stuff about worcester.  Worcester has 90 miles, and 1000 segments of private roads in the City.  In addition to that there are tons of "paper streets" where the street was never built.  With the address there are a couple quick ways to find that out on line.

Post: What’s the average Cap rate for multi families? 2021

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Also CAP is a snapshot in time. If they units are renting for $950, 1000 and 1200 and should be $1500, 1500, 1400 then your projected CAP rate is more realistic and you just need to figure out the opportunity cost and the path to those rents

Post: What’s the average Cap rate for multi families? 2021

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

CAP in Worcester is compressing more closer to 5% now on decent stuff

Post: Should I buy another 3 decker in Worcester MA now or wait

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

If i told you that all real estate prices were going up around the country(except NYC) and rents continued to rise, and there was a high probability of inflation on the horizon what would you do?  Currently Worcester 3 deckers are on the rise, but there are still deals.  Those deals are based on stable locations and future rents and vacancy projections, not on current rents.  If you believe in dollar cost averaging in the stock market and keep putting $ into your 401k then maybe it is a good/wise investment.  If you are already collecting rents and managing your property, it is probably good as well.  You look at the stock price of Google and Amazon and Tesla and say, those are too high, but in 10 years will you be happier you bought those or would you be happier you bought General Cinemas or American Airlines?  Keep in mind the only way to find deals is to find them off market where about 30% of the 3 deckers trade.  Our clients are continuing to buy since we can find deals for them 

Post: Financing a multifamily with empty units

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Rents in Worcester keep going up.  That is what is driving the home prices.  People don't have to go to work every day, so they are moving further from job centers like Waltham, Framingham/Natick,  Marlboro/Hudson,  Lawrence/Lowell.  These people flock to Worcester because it is a small vibrant city.  Everything sells right away because people want the conveniences and location that Worcester provides.  Don't shy away from a property due to low current tenant rents.  They will go up.  Buy the neighborhood/lot/condition.  A good agent will walk you through the cost benefit of that decision.

Post: Financing a multifamily with empty units

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Julie, Wow that is a saga.  You appear to have a lot of things you want to avoid.  But i agree you need to determine what you want so you can focus in on that.  I also agree with you there are great neighborhoods in Worcester and you can do well there.  You need to spend time determining who will live in certain areas due to location, traffic, proximity to shopping/jobs and if parking is important to the potential tenant.  That is why it is important to have a local agent that specializes in rental properties, so you are able to ask them these questions and they can help you tailor your searches.  In Worcester I go out with a buyer group on weekends to show houses, and explain traffic patterns.  It is amazing how much of a difference this makes to create an understanding of the city and its neighborhoods.

Post: Property Investor in the Boston Area

Brian J AllenPosted
  • Real Estate Agent
  • Worcester, MA
  • Posts 474
  • Votes 393

Understood, that is why I always refer out of my market so I can focus and provide the best service possible.