All Forum Posts by: Mike Buckley

Hi Wesley, I am sorry to hear that about your mother. It sounds like you are headed in the right direction as far as investing goes. I used to live in Boston and made the move down to Fall River for the cash flow. It is definitely a great market to buy and hold, especially if you are going to live in the property. A ton of investors are taking advantage of using a low down payment option on a 3 or 4 unit multi as an owner occupant. I’m sure you’ve seen many posts on this strategy (House Hacking). Fall River is very neighborhood specific just like any metro area.It is not all crime ridden and filled with problem tenants as you may have heard. Since the price points are lower your ability to cash flow positive is greater, especially if you are living in the property and doing the management and minor repairs yourself. If you have any further questions feel free to PM me. 

@Jonathan Colas Hi, I am in the Fall River currently and would love to network. I’ll send you a PM. 

@Kyle Marsh Hi Kyle. I live in and invest in Fall River. You have come to the right place. The north side of town, 02720 zip code, has more of the better areas in the city. This is also the side of town where the highly anticipated commuter rail station will be located. Yes tenant placement can be more difficult in the south coast however the most recent market rate development projects have proven that “if you build it they will come.” Providing a solid quality product in a good area can attract a higher quality renter, given proper management. Lastly make sure to factor in the 100 year old housing stock capex when running numbers. Feel free to PM me if you have any further questions. 

@Andrew Freed Hi Andrew, there are definitely some great neighborhoods in Fall River. The highlands is the nicest part which is filled with old charming homes. Tenement properties in this neighborhood command a higher rent level and quality of renter. The lower highlands is going to be the hotspot when the train comes in because it is closest to the train station in the north end. This area is hot right now! 

@Kyle Marsh Hey Kyle, we focus primarily on the Fall River market. It is actually one of the best options for using an FHA house hacking strategy. As long as you are willing to get your hands dirty and take on some of the maintenance you can cash flow really well. Living in the property also allows you to choose your own tenants how you would like which adds a layer to the screening process. The prices down on the south coast are starting to rise to crazy levels with anticipation of the commuter rail project which may provide an appreciation factor to a mostly cash flow market. Feel free to PM me if you have any further questions.

@Leonard Leon Hi Leonard, I don’t blame you, Massachusetts prices can be frustrating, especially nowadays with all the bidding wars. Unfortunately I have to agree with the post above mine, unless you have a lot of cash to put down to build new, a house hack is a much easier route. The low money down financing options are great nowadays... I am wondering if there is a certain reason you are against Fall River and New Bedford? I believe both these cities are experiencing growth and cash flow at the same time. Also both are very area specific. Come check out the “Highlands” in Fall River or “Sassaquin/Far North” New Bedford. You would never believe you are actually in either of these cities. Lastly you can still get into a triplex or quad for under 400k if you are willing to put in some sweat equity. Feel free to reach out if you have any further questions about these areas. 

@Steve C. Hi Steve, I have a couple rooming houses in the portfolio. One recent one was a small development project. When the building was granted occupancy I looked into a couple different routes of how it could be run. The first house has an “in house manager” with a free rent deal. They handle all the showings and leadings, take care of all tenant customer service. The only thing that was left over was the maintenance contracting and physical building management. For the new one I wanted it to be even more hands off. (I think this is what you’re looking for as well.) So I took my first “in house manager model” and found the best property management company in the area to oversee the operation and manage the in house manager. This seems to work given the numbers of the deal. The key is to find a seasoned enough management company that can handle a property of this nature... I had found that master leasing companies were more geared toward “Sober Houses” or some type of “Group Home” and many choose to purchase these types of properties themselves rather than rent. 

Hi, I'm currently talking to the heirs of a great potential brrrr property. The owner died with a reverse mortgage balance much higher than the value of the home. The heirs do not want anything to do with the property due to the large balance on the reverse mortgage as well as the condition of the home. I have tried contacting the lender myself about purchasing the property, however they told me that it would legally have to go to auction. Is there any way to legally work around this? I know the heirs have a 6 month period after the family member passes to work with the bank, is this only granted to the family to purchase? 

So my lawyer and the other companies lawyer came to an agreement for both parties that the tenant would move out and forfeit their security deposit. However I was stuck with $1500 in legal fees. But the good news is it’s re rented to a solid tenant. 

@Ryan Morrissey I never even bother, just figure it’s the cost of doing business in the area. I’ve been burned for a couple grand a handful of times. In my business of weekly rentals the clientele is pretty much transient and very difficult to track down after they are evicted. Most probably end up in a shelter or on a friends couch. And even if you were able to track someone down, get in line, cause I’m sure you aren’t the first collection.. But if anyone knows of any other angle I would also appreciate that info.