All Forum Posts by: Michael Fratalia

@Matthew Perry, sorry for the late response.

Inventory has not been low in terms of available units, it's just that those units are getting gobbled up at an above average rate.

This is due completely to lots of buyers and aggressive buyers "flooding the market", if you will.  The homes that are for sale and priced accurately are being purchased very quickly - Days On Market in the single digits and multiple offers are becoming the norm in several price ranges in my area.

I'm assuming this has a lot to do with raising interest rates, the so called "Trump Bump" and any number of other economic factors that are frankly over my head to speak about with any expertise.  

I do love watching these market forces at play though.  I think we can all agree that real estate is a very interesting game to play and to watch.

@Matthew Perry, we had a slow start to the season but there has been a lot coming on the last 2 weeks and I expect much more after Easter.  Our inventory as far as number of units was in the normal range for March but the days on market and days to offer were abnormally short.  I don't have the numbers in front of me now but if I remember correctly, Westwood was in 2 month supply range in March.  Pretty tough for buyers.

Hi @Rich Thomas.  There are two banks local to me on the south shore that are commercial and investor friendly.  I also know of a lender/mortgage company based out of RI that could help.

Nothing local to you, but maybe worth a shot.

Message me if you'd like the names.

Welcome to BP @Sobeyda Gomez-gonzalez.  Lots to learn on here and in the podcasts.

I'm a Realtor based out of Westwood, MA.  Let me know if I can be of any help in your investment career.  

Best of luck!

@Daniel Rines, I'd suggest talking to more than one mortgage broker or loan officer/originator.  Just like anything else, different individuals and different business might approach a situation like this differently.  One local bank might not offer the same as a local credit union and some people just plain work harder to make a deal work.

Not saying you should dump the person who you have been talking to, just saying it doesn't hurt to get different opinions.  

I work with a few different lenders out here in eastern MA, not sure if they can write a mortgage for you out in Westfield but they would talk to you over the phone and give you options or ideas.

Message me if you'd like their contacts.

Good luck!

Welcome to BP @Matthew Perry.  I'm just opposite of the city from you - in Westwood. 

I'm a commercial and residential Realtor with Keller Williams Boston Southwest.  

Reach out any time,

- Mike

Hi @Joseph Murray, Welcome to BP!

I have a great RI Realtor connection if you guys need somebody.  He owns and manages several of his own properties and is a licensed agent in MA and RI.  Message me for his contact info.

Good luck in your REI career!

@Jessica Y., in my opinion, Boston would be the better bet.  Sure, prices are high but they're always high because of the steady demand out here.

The Boston area has over 100 colleges and universities, some of the countries best medical services, big companies like Raytheon, GE, Trip Advisor, etc.

I'm not knocking on Ann Arbor, they have a lot of great schools and industry in the city but it's just not the same as out here on the coast.  Values are high here but they also don't drop as hard as most other places in the country.  This region of the country seems to be pretty even keeled as far as the market goes - for the most part.

I would say to save your pennies and buy the best income property you can when you move out here next year.

Message me if you'd like any more details or some info on the market here now.

@Patrick Wheeler, my clients have had positive experiences with Norwood Co-op and Randolf Savings for commercial lending.

Also, I highly recommend Ann Sabbagh of Seacoast Mortgage.  She's the kind of person that if she can't help, she'll find someone who can.

Best of luck with your project, keep us posted.

@Emiel Barbosa, Welcome to BP and congrats on your degree from Bently!  I have a couple friends who graduated from Bently, really great school.

@Veni F. is spot on with the key word alerts, podcasts and beginners guide.  Set up your local alerts, read the guide and listen to as many podcasts as you possibly can.  There is always a take away lesson from every single podcast.

Some books I can recommend are Creating and Growing Real Estate Wealth by William J Poorvu (Harvard University School of Business professor among many other titles), The Wall Street Journal Complete Guide to Real Estate Investing, and of course, Rich Dad Poor Dad.

If you want any more specifics or you want to get some more info on the local market, please contact me.  Brockton area is a great place to start investing.  I wouldn't venture out of state unless you're planning to move there anyways.  I wouldn't want to tackle finding, renovating and managing a property from afar for my first deal.

@Chris Conde, feel free to reach out anytime as well.

Best of luck!