All Forum Posts by: Mashika Johnson

VALUE ADD OPPORTUNITY IN WORCESTER

Currently looking to assign four triplexes in Worcester. All of the properties need renovations from lipstick to medium/full rehabs. The city has grants available to help with 50% of the rehab costs. See more information at the link below.

http://www.worcesterma.gov/housing-neighborhood-development/housing-neighborhood-grants (Scroll down to the section that says "Worcester Housing Now Initiative" and you will see the three different "tiers" -- Owner Occupied, Investor Owned, and Acquisition + Rehab for investors.) FMR for 2022 is $1491 for a two bedroom and $1843 for a three bedroom. Three units are occupied for a total gross rent of $3750/month. The tenants are month to month so they can be vacated. After renovations you can start charging the fair market rents immediately! (Please see document regarding the FMR for Worcester at the following link https://drive.google.com/drive...)

137A Eastern Ave Worcester, MA 01605 

Bedrooms: 9 Baths: 3 

Units: 3 three bedroom 1 bath units 

SQFT: 3549 

Year Built: 1898 

ARV: $552,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester): $66,348

NOI: $33,174

Asking price: $498,000

EMD: $18,000

Cap Rate: 6% 

139 Eastern Ave Worcester, MA 01605 

Bedrooms: 6 Baths: 3 

Units: 3 two bedroom 1 bath units 

SQFT: 2415 

Year Built: 1894 

ARV: $447,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester) :$53,676 NOI: $26,838 Asking price: $395,000

EMD: $18,000

Cap Rate: 6% 

31 North Street Worcester, MA 01605 

Bedrooms: 6 Baths: 3 

Units: 3 two bedroom 1 bath units 

SQFT: 2244 

Year Built: 1910 

ARV: $447,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester): $53,676

NOI: $26,838

Asking price: $360,000

EMD: $24,000

Cap Rate: 6% 

35 North Street Worcester, MA 01605 

Bedrooms: 6 Baths: 3 

Units: 3 two bedroom 1 bath units SQFT: 2244 

Year Built: 1910 

ARV: $447,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester) : $53,676

NOI: $26,838

Asking price: $360,000

EMD: $24,000

Cap Rate: 6% 

There is an additional lot zoned for multifamily on the side of 35 North Street that will be included in the sale.

Total Purchase Price For All Four Properties: $1,613,000

Total EMD For All Four Properties: $84,000

View pictures of the properties at the following link: https://drive.google.com/file/d/1fHtbiaa8VOQ8szI7_N6iBrjCjT9jT9Q5/view?usp=sharing

If you are interested in purchasing the properties, please send me a  message.

@Jimmy Alexander they have a Facebook page Equity Assurance LLC

@Corey Frank Awesome and way to pivot. Can I recommend that you should also look into short term rentals in your local market, low cost to entry options (ex. Mobile homes), and also creative financing deals.

It doesn't have to make sense to everyone else! As long as it makes senses to you, that's all that matters. Go kill it man! 💪🏽

@Katarzyna Lach thanks love! Awesome question by the way. I thinking zoom, slack or discord, any deal analyzing tools, and MLS access if you could get it.

@Kathryn Curry-Robinson thank you for the feedback love! Yes I'm going to be planning trips here and there for all of the markets I would be investing in. Before the trip, I can do some research on the market to see who are the must have people on my team as far as contractors, real estate agents, attorneys, etc. That way I can set up meet and greets ahead of time.

@Corey Frank hey Corey! So cool! What made you decide to BRRRR long distance?

And lol I love that! I've been involved in these forums and enough Facebook groups for real estate to the know the difference between the real uber successful people and the average successful people. The difference: the level of risk one is willing to take sprinkled with a bit of creativity and possibility!

Thanks for the encouragement! I can't wait to see your success along your journey! ❤😊

@Steve K. Thanks for the insight!

@Philip Coiro jumping in your inbox now!

@Mohammad Miron Hossain Mithu there are PLENTY of virtual wholesalers, that's like the big thing right now especially with COVID

@Shawn Bhatti because I shouldn't have to wait for deals to come to me in my backyard when there are other deals readily available in other markets.