All Forum Posts by: Eric Hawkes

Andrew, thanks for reaching out. I’m charging $2100 a month for each.  This is in the Grafton Hill area. 

@Cody Phillips - hope all is well and welcome to Bigger Pockets. I have 4 townhouses that I had to rent for this past August 1st and had success on Apartments.com/Hotpads/etc... - along with holding Open Houses on the weekends. Also buy signs to advertise - For Rent- as people drive by...? Good Luck!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Worcester.

Purchase price: $287,500

4 Brand New Townhouses purchased in June. They are each 3 bedrooms/2.5 baths/1700 sq ft/2 car garage
All rented for $2100.

What made you interested in investing in this type of deal?

Wanted to have property in the Worcester, MA because of the money the city and state are putting into the city.
The redevelopment of much of the downtown is a wonderful sight to see and I wanted to be apart of it.
The properties themselves, I was looking to purchase 1 or 2 within the development but decided that we were going to
sell another investment property and purchase all 4.

How did you find this deal and how did you negotiate it?

Saw the properties for sale online.
Went to visit, liked the properties and the idea of owning all of them vs. 1/2.
I'm a realtor so my lawyer and I negotiated each of the properties down from $300,000 to $287,500.

How did you finance this deal?

Financed it through a mortgage company and sold another investment property through a 1031 Exchange.

How did you add value to the deal?

buying all 4

What was the outcome?

bought all 4 and now renting them all out.

Lessons learned? Challenges?

Dealing with a builder during the sale process was tough.... and dealing with them after hasn't been fun either....
Hopefully the next time, I'll find a builder who actually cares about what he's building and be a solid collaborator
before/during/after the sale.... Because I'm sure he's going to build/sell other property in the future....

Very true Brian.  Worcester is in a great position right now and it will only become more desirable.  The city and state are investing in Worcester and it shows more and more every day that passes.  I bought 4 new Townhomes back in June, have had them all rented since Day 1 and have seen my property value rise.  In my opinion Worcester is the place to bet on.

Nikhil,

Thanks for reaching out. I don’t have any properties for sale at the moment. Check back in the future and we can discuss.  

Thanks

Eric

Nothing at the moment, just working out the kinks on these units but I’m definitely open for future expansion.  

I’m also a realtor, so any help you need with acquisition, I’d enjoy the opportunity to help.

On another note do you know any good snow removal companies/property managers?

Look forward to hearing from you. 

Eric

Final purchase at the end of June. 

Have all four townhomes rented!!

Working out some kinks that the builder left me.... but overall happy. 

Thanks for asking. How are things with you?

Adi,

You know that real estate is a good investment, when you do your research and find the right-smart deal.  Worcester is a place where the city/state is putting money into revamping and making into a positive/quality place to live. 

My wife and I just invested in a quadplex (4 townhouses) in the Grafton hill section of Worcester. We have them all rented for August 1st and we expect to break even in year one, then cash flow $150-$200 in year 2-3 and even more beyond..

So we’re betting on Worcester and are very excited to see why the future holds. 

Would enjoy the opportunity to meet up and discuss further. 

Good Luck and talk soon. 

Eric

@Sam Horton thanks for the advice.

What type of CRM would you recommend?

Morning fellow agents and investors!

I just turned 41, taught my last class as a Special Education teacher, and I’m embarking on a new journey as a full time Realtor and Investor.

My main question to all of you is, “What are the top 3 things that a realtor should be focused on within the first year?”

Look forward to hearing from you all and having on going conversations.

Thanks

Eric