All Forum Posts by: Mike Jones

Jesse, I personally specialize in the Worcester area. I think for the price range you are talking about you can find some real good value in the SF market. I focus on multi's and in Worcester there are so many different pockets that it is tough to say if that is a good range. I guess I would ask what your appetite is for rehab and also what your plan is for management? You could find a multi in that price range that may not need much work, but the area may be a tough location ans you may or may not want to be the one actually managing it. Or it's reasonable to think you could find something for $170 in a decent area but chances are it would need maybe another $50-60k to get it to a marketable quality. Feel free to direct message me if you are interested in talking more.

@sam tang welcome. I invest/ own and manage in the Worcester area. Happy to help any way I can if you make your way west. What I think you will find from BP is a great group that us truly willing to help. Don't be shy about the questions you throw out there. The only bad question is the one not asked. These forums are great to offer help to investors of all levels. Good Luck!

Tim, Great info! As a property manager and landlord in MA this is a great resource. THX!

Great topic, thanks for posting this. I asked the question of the forums a week or so ago regarding what IRA fund organizations are out there that are best for self directed funding? I imagine there are fees and costs associated with moving funds from a 401K into a self directed IRA. Can you offer some advice on where to best go for this?

Justin, I am not too sure about the Seatle area, I am in the Boston area, and what I like to do when I have a situation like yours is offer some concessions instead. I have done things like offered to pay some utilities, buy a flat screen TV and mount it, 1 month free and then spread it out over the lease term, etc... It really depends on your market and what will get people in the door. I have found it real interesting to see what people will take in order to sign the lease.

Yes. By turn key I mean there is no significant work that needs to be done. Thanks for the offer but I don't manage for others just my own stuff. The Worc property owners assoc would be a good place to find someone to manage for you.

Lawerence. $200k at a high level sounds right. Again depending on the neighborhood it may or may not be a good deal. Is $200 a turn key price? Most of what I do is in the college area and I don't like to be into anything for much more than $205-210. That's after I renovate. That's a number that cash flows for me. Ann is right about Worc prop owners assoc, there are some good landlords there. I know a bunch of those players. We are members but like Ann said there not a savy investor group, more just a bunch of landlords, so I don't attend many of their meetings. I have my own management company so I can't really give you a good reference. But if you have little experience with being a landlord I highly recommend that you use one! It's worth the fee all day long.

Lawrence. Worcester is a real interesting market. Often times comps don't support the properties you are looking at. The key is to be sure you know the value of the subject property right down to the neighborhood you are looking at. So many deals happen behind the scenes that its tough to determine after renovated value. Find some investors that play in the neighborhoods you are looking at and try to network with them. Might be your best bet.

Joey, welcome. I am also pretty new to BP, but not brand new to investing in the Worcester area. Feel free to contact me directly if you want to network on any Worc deals. Most of what I do is in the WPI, Becker, Park Ave area. Best of luck!

Kelly P, I do 90% of my business in a very busy college city of Worcester MA. There are some big +'s to being in a college area. Market rents tend to be higher, we lease our units for 12 months and get paid for 12 but they tend to be empty for at least a month in the summer (it's great, allows us to renovate). The down side is your are dealing with 18-21 year olds that are getting their first taste of freedom. I would strongly urge you to interview property managers in that area and make sure they have expertise in dealing with college rentals. Good luck!