All Forum Posts by: Michael DeLaMarre

I have used 1896 plumbing and like them. I would at least get a quote from them. They are honest and reliable. Last time I went with the cheapest plumber they didn't finish the job or pull the permits they said they were going to pull.

Hey, thanks for posting this. It's very good info to have in one's back pocket.

Hey, there are companies that do this now. I heard about it on the Bigger Pockets podcast but had forgotten until now. They will buy the house in cash themselves, then sell it back to you with financing from your traditional lender. I don't remember the name of the company featured on the podcast, but a quick Google search brought up Flyhomes and accept.inc. I don't know anything about those companies, but hopefully it is a good starting point if you wanted to research this option on your own.

You mentioned you are considering renting to travel nurses. Worcester has a big healthcare industry with several major hospitals. Setting your place up as a furnished rental to rent out while you are working on a cruise ship would be a pretty awesome strategy.

Thanks for sharing. I always love to see data!

Congrats!

My wife and I were looking to house hack near Boston a year and a half ago. I was running numbers on properties in Dorchester, East Boston, Somerville, Chelsea, Lynn, Roslindale, etc. None of them made sense for cash flow. Most came out around 0.5%. We bought a Duplex in Worcester. We put 15% down to get a conventional loan. Rent from one side pays the entire mortgage, tax, and insurance. It will definitely cash flow when we move out and rent both sides. Prices in Worcester went up ~20% since then though and rents only went up 2%, so you might have a hard time even in Worcester now.

Remember there are a lot of things to consider other than getting as many doors as possible. More doors could pose more risk if it stretches your finances thin and requires you to move on a property without adequate reserves. A 3-4 unit is going to attract different tenants than a side-by-side duplex. That can impact management costs and your experience as a landlord. Location is critical as others have pointed out, and availability of different types of properties will vary by location. A lot of these decisions depend on your risk tolerance and personal goals. If all things are equal definitely get as many doors as possible, but don't forget to consider other things and also don't take a property with more doors if it is less profitable than one with fewer.

Definitely good to read up before taking the dive in. 

If you go on neighborhood scout and look at a crime map you'll get a good idea of the nice areas. Be careful though, because areas can change street-by-street. My duplex is in the Beaver Brook neighborhood on Walworth St. I'm on a good street, but a few blocks east of me it turns into Main South (not so good).

I like a lot of the neighborhoods on the west side of Worcester just North and/or West of Newton Hill. I also like the neighborhoods off of Lake Ave just south of route 9 and the area off Plantation St. just north of the EcoTarium. I've heard a lot of good things about the North side of Worcester (east of Indian Lake), but haven't ventured up there mich myself.

Also don't underestimate the "cute" factor. Our duplex is a cape house with a second unit built off the back. My wife immediately deemed it as the cutest place she had seen in Worcester. It turns out most of the tenants have the same reaction, so it rents out pretty quick.

If you can find a side-by-side duplex in Worcester in a nice mostly single-family neighborhood it will rent out for a premium. A remodeled 3BR unit in a triple decker will rent for $1700-$1900/mo but a remodeled 3BR single family house will rent for $2000-$2200/month. 

I have a side-by-side duplex in a single family neighborhood and the units rent more like a single family than a triple decker. It seems easier to find duplexes in the better areas of Worcester also, so you might have more to choose from.