All Forum Posts by: Cory E.

Hey @Nolan Fernandez,

I would be interested in joining the group to network with others investing in the area. Thanks!

Hi Laura,

I would be happy to chat with you about investing in the Berkshires. There is no official investor group in the area, but the housing association holds a once a month meeting for landlords. I would be open to starting one. I work with many investors in the area and invest myself.

@Alex Short

Hi Alex,

It worked out well for me at that time. Just make sure you're up front with all your clients so each party knows what to expect. Some clients are going to expect you to be available 24/7 and others will understand. I was able to answer texts/e-mails all day but only did showings in the evenings and weekends. That schedule works for some, and not for others. It can be done, especially as a teacher since you have Summer's off. 

@Devin Rock

Hey Devin,

For multi-family purchases most of the local lenders are great.
Bay Equity, Greylock Federal, and Adams Community. If you're looking into flips I can recommend a hard money lender.

Feel free to reach out if you want a specific contact at either bank or if you want to chat about investing in the area.

Hey Alan,

In general MA is a very difficult state to be a landlord in, but I was aware of that before I invested. It all really comes down to screening and you have to be firm on your rental criteria. Regarding late fees, I was unaware you could not charge, but I am going to ask my attorney to confirm. From a quick Google search it appears you are right.

Yes, when you go through an eviction if the tenant bails you have to pay bonded movers and storage assuming the stuff left behind has any value. I have seen the sheriff deem all property left behind trash and of no value. Unfortunately, there is only one approved company for the area.

I know Pittsfield recently made it so a 4-family has to hire a private trash removal company and 3 or less units have it taken away for free. Well, its included in property taxes.

Regarding the water/sewer bills, yes they are out of hand now. As soon as property taxes went down earlier this year, water/sewer went up. So whatever you saved in taxes is now charged in your water/sewer bills. I think its around $115 or so per quarter for unmetered houses. So you must be paying $460 ish per quarter in your 4-family? I would highly recommend getting your water metered. I save a ton and it pays for itself in like 2 years.

Happy to answer any more questions about the area and would definitely meet up!

Hey Matt,

I grew up in the area and currently invest. I am also a Broker, so I have a pretty good handle on most areas throughout the county.

Everything Jaysen said is almost spot on. Cash flow is great, but you won't see much appreciation. Rents in Pittsfield for a 1 bedroom would be $700-750 with nothing included and for a 2 bedroom you can see $800-950 with nothing included. Some of these numbers depend on the location of course.

Traditional expenses would be insurance, property taxes, water/sewer, property management fees, lawn care, snow removal.  Water bills just went up quite a bit in Pittsfield, but you can always get your water metered to lower your costs. Good labor is also hard to find.

Let me know if you have any other specific questions, happy to help!

@Russell Davis

Hopefully it works out for you!

Hi Russell,

I am a listing agent that deal with propoffers.com frequently. Sounds like you or your agent jumped the gun a bit. Normally once you accept the sellers counter offer it still needs to be officially accepted/approved by the Seller.

Once that happens they will generate an addendum and I would normally send that to buyers agent along with the address as to where the EMD is to be mailed.

My guess is before the seller officially accepted your offer, someone else came in an submitted an offer. Which would in turn trigger a multiple offer situation where the bank asks for highest and best.

@Zac Vaughan

Hey Zac,

With most HUD homes and REO's in general they don't qualify for a traditional FHA loan. You may have to look into a 203k.

Did the listing agent provide you with the property condition report and disclosures that HUD provides? Normally HUD will list the types of mortgages the property qualifies for in the listing description.

The property condition report will provide info on electric systems and if the plumbing held pressure.

I list HUD homes in MA and those disclosures and reports are available on all my HUD listings.

If you have any other questions about purchasing HUD homes let me know.

Hi Jason, 

I currently work as a Broker in the Berkshire County ares and invest myself. The market has been extremely busy this season, but is slowly winding down due to the winter months coming soon. The Pittsfield market is a very stable area and has seen some growth over the last couple years. If you want a higher ROI I would recommend the Northern Berkshires.

If you have any questions, please feel free to PM me.

Thanks!!