All Forum Posts by: Michael Evans

Hello all, I'm interested in using the master lease option strategy in the Springfield, MA market but I have no experience with using it. I'd like to know what are some people's experiences with using this tool to acquire multi family properties in this market.

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Originally posted by @Joe Schmoe:

Micahel (or is it Michael)?,

Kudos for beginning your path to real estate investing. What are your goals though? And have you been to/driven around/talked to the locals in Holyoke/Springfield yet? If not, that would be a good first step

Thanks Joe. I haven't been there yet, but plan to head out there soon to check out some neighborhoods.

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Springfield, Massachusetts

Originally posted by @Angel Dejesus:

Awesome saving up money. I've been looking around Springfield and Agawam. Pm me sometime to discuss what are your priorities in investing.
Currently looking for 10 plus units

Thanks Angel. I'd love to talk more, I'll PM you

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Springfield, Massachusetts

Originally posted by @Andrew Laing:

Micahel Evans I recently picked up a 2 Family in Springfield. I live in Boston area, but had taken a number of trips through Springfield and felt comfortable investing there. Cash flow is great in the area. I'm definitely not counting on appreciation. A lot of properties are deleaded which is huge. Many section 8 tenants (one of my tenants is section 8, great tenant). A lot of 10+ cap rate properties on the MLS. Not familiar with all neighborhoods in Springfield, but you'll definitely want to drive around, check crime maps, etc...

I'm still looking for a good agent that I trust to begin making offers on a few more out there.

Let me know how you progress. If you ever want to meet up out there in Springfield when I'm there, I'd be more than happy to do so.

I really appreciate you telling me about your experience investing in Springfield. I will definetly keep you touch when I head out there to look at some properties. Is there also an investment meet up group in the city there?

1 Vote

Springfield, Massachusetts

Originally posted by @Joseph Bramante:

Originally posted by @Michael Evans:

Hey @Joseph Bramante,

Currently my credit score is 750+ and I have $10k plus that I've saved so far for investing. I'd love to leverage my credit score and the money I have to get into multifamily properties. I'm not sure if I should find another market in the state where prices are more affordable for me to start or do it locally and try to find partners. What would you recommend?

Best,

Mike

*P.S. I think multifamily syndications are really interesting! Would RE crowdfunding count as a type of syndication?

Michael,

Love the energy and enthusiasm. I recommend you check out the Single Family forums to learn how to grow that 10k into 100k. From there, you can invest passively in multifmaily, or continue growing your money in SF until you have enough to buy a deal yourself. I recommend the passive approach first. Your credit score has little to do with anything unless you are trying to syndicate the offering yourself.

Crowdfunding syndications typically only fund 20-30% of the deal. They won't fund 100%. At least not that I am aware of. I have only researched this briefly last year but maybe things have changed.

Hey @Joseph Bramante,

I appreciate the advice. I'll look into those forums for Single Family and see what value I can extract. As for crowdfunding syndications, are commercial lenders okay with having the down payment come from a syndication?

Best,

Mike

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Originally posted by @David Lilley:

@Michael Evans I would look into house hacking a duplex or a quad with that 10k.

@David Lilley

Thanks, I agree that house hacking may be one of the best ways to go in my position. The only thing is that a duplex is close to 800k in my market, so I'd look at other cities in Massachusetts to apply that strategy.

Best,

Mike

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Hey @Joseph Bramante,

I just want to say thank you for taking the time to create this post! I'm 21 years old and I plan on investing in multi family properties. My biggest hurdle that I'm currently trying to get over is finding the financing for the market I'm in. I live in Newton MA were prices for 2 family homes are around $800,000.

Best,

Mike

*P.S. I think multifamily syndications are really interesting! Would RE crowdfunding count as a type of syndication?

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Hey All,

I hope everyone is doing well. I'm a 21 year new investor and I'm looking to start of with multi family properties for cashflow. I currently live in Newton, MA and the prices around here are crazy for multi family homes. Some starting from $800,000 just for a 2 family! Currently my credit score is 750+ and I have around 10,000k I've saved so far for R.E. investing. With that being said I've been looking at areas in western mass like Holyoke & Springfield where multifamily prices are more affordable for me to start small. If possible I'd like to hear about investors experience about investing in these two areas. It would mean a lot to me!

Best,

Mike

3 Votes

Springfield, Massachusetts

Thank you soo much @Dmitriy Fomichenko! Everyone here has been really supportive and I've been finding a ton of value so far

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Thanks @Bryan Pham, I appreciate it!

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All Forum Posts by: Michael Evans

Michael Evans has started 4 posts and replied 16 times.

Post: Lease Options in Springfield, MA

Post: Western Mass / Holyoke Multi Family Investing

Post: Western Mass / Holyoke Multi Family Investing

Post: Western Mass / Holyoke Multi Family Investing

Post: What is stopping you from investing in multifamily?

Post: What is stopping you from investing in multifamily?

Post: What is stopping you from investing in multifamily?

Post: Western Mass / Holyoke Multi Family Investing

Post: Newbie Investor in Newton, MA

Post: Newbie Investor in Newton, MA