All Forum Posts by: Brian J Allen

the good properties dont last more than a week. the lesser properties, or sellers with unrealistic expectations will last forever. but if you have a good FHA ready multi family in Worcester priced appropriately it will be gone as soon as you can see it

As a real estate agent who actively works multis in Worcester i feel that the Agent comes first.  Depending on the type of property and type of tenants that the property typically sees, i would recommend different property managers.  As mentioned above you cannot manage something you don't own.  Also it is important to know the neighborhoods and what you are looking for.  If you want cash flow some neighborhoods are better.  If you want low turnover tenants, others are better.  Those are all things i deal with on a daily basis.  It is important for you to be comfortable with the asset you are purchasing, then have your PM manage and grow that for you.  Most PMs are eager to talk to you if they have been recommended by a Realtor

yes, Reach out via PM and we can discuss what you are looking for in terms of vendors.  Most people are very busy, so the guy you call depends on the project you are looking to do.

I can help in Worcester, but i do not cover Fall River.  it is a different market

it is hard to do the college market since there are a lot of local, invested professional landlords who do that market.  They get deals for cash and do great rehabs and get the best student rentals.  if someone dies, they are there with a bag of cash to buy from the kids.  there are other markets in worcester but you need to know each particular neighborhood and see if that is a match for your investment goals

PM me and we will get you out here!  Thanks Ernest!

https://www.wcvb.com/article/booming-worcester-rea...

here is the link

john, 

The Refi is interesting, cash out refis are harder then HELOCs. You can get a credit union to do a drive by appraisal for a HELOC and the brokers can tell you prior what it will appraise for and you probably dont have to pay for the appraisal. Fro the cash out best option is probably a mtg broker. The broker can probably give you some direction. if you need help with comps from MLS PM me and i can pull some for you. Remember Worcester is neighborhood by neighborhood so you can help the appraiser a bit. You can also consider selling and reinvesting your winnings then you never have to worry about the cost basis of your investment.

John,

When you are renting, the rules don't apply. I was in Two 3 Family homes yesterday which converted 2 BR units into 3 BR units. On the MLS they typically use the city assessors data which will call it a 2 BR. Section 8 may call it a BR if it is over a certain Sq Footage and has a closet and then your approved rents go up. In terms of doing a refi the house would be compared to others of the same value and adjustments made for BR or SQ FT. Your prospective tenant may prefer a play room vs a BR in the basement so it is a little tricky. But clearly 3BR units have a higher value then 2 BR units.

check out these things. I saw one on a basement 3 decker for a second egress and it was approved by the city.   

check out Bilco company egress window wells on google, the things are cool

https://www.bilco.com/category293/Egress_Window_Wells

Jason,

You may want to look into selling your 2 family and leasing it back for a year as a TAW while you shop for your SF.  The lack of inventory will cause you to pay more than you could at a later date.  The other option is the wait until the market drops.  If your 2 is a nice owner occupied 2 family, then it competes with SF homes.  There are so many people priced out of the SF market still that they will still be waiting when those prices drop.  As long as the rents stay high, you could still get solid pricing for your 2.  Hope that helps.