All Forum Posts by: Brian J Allen

there are deals like this in Worcester as well.  Reach out via PM if you want to chat

Reach out by PM, i am chasing leads with agents in Worcester every day

Mike, as you can see from the thread above worcester is worcester and everything else is not.  the suburbs are not urban and do not offer the urban feel.  there are other places like southbridge, fitchburg which are not boston that have an urban feel, but millbury, sutton, auburn, leicester, paxton, holden, west boylston and shrewsbury that complete the loop do not.  you can do well with 3 families in worcester at a reasonable price, but you have to know the neighborhoods.  i have walked them all and see most of the inventory that comes on the market.  let me know if you would like a tour of worcester

there is a bunch of off market inventory, but they will not show with out proof of funds and bank letters from commercial banks.  not just a pre approval 

Congrats, great to have a plan and execute on it.  Time for the next one!

i think you are accurate on those numbers.  Building is expensive and the time factor of waiting for the inspectors when you GC yourself is tougher.  you will need to make sure you use electricians and plumbers who do a lot with the city to keep your projects on track.  there was a 2 family on Greenwood st that would have been a great teardown, but i think it is UAG.  remember to price your comps to the neighborhoods

lots of stuff going on here for you.  Good to get answers prior to starting.  Toughest part is gettting land in Worcester which is scarce.  Sometimes it is easier to buy and tear down.  Multi/townhouses sell very well, but in worcester it is all about neighborhoods.  I have a client who finds land for people and has a good deal of experience building, but he has moved onto other projects, mostly contracting to avoid the risk of time/holding costs of building.  

I'm here in worcester,  going to a bunch of OH today for 3 deckers.  15 Ames, 71 Maywood, 47 Canterbury, 35 Bowdoin.  I will see you out there if you are looking

As an economist i have been tracking a number of factors.  Houses that are move in ready have a premium.  Others have a discount.  There is not as much money chasing stuff as there was a couple of months ago

Ryan, 

Good to see you jump in here.  I have seen Phil out looking at places.  Worcester is on an upswing.  The downtown now has high end options not seen before.  And the marginal neighborhoods are getting better.  In terms of the macro real estate market there are tons of buyers looking for deals but not much out there.  Trying to get some sellers into the market but most think prices are still going up.  Once the prices peak, and i think they are close, more sellers will come to the market to sell their multis. HC93