All Forum Posts by: Ryan Jopson

@Ryan Breen

This is absolutely correct. We are renovating a 2-family in the highlands of Holyoke right now. We are anticipating a rent roll of $2500 once the rehab is complete. $1300 for the first floor and $1200 on the second. I will keep you posted as we are still 4-6 weeks out from completion of the project.

The Holyoke market is on fire right now. With inventory being so low properties do not last. Luckily, we found this deal off-market. Out of curiosity, are you looking to house-hack your first deal?

@Danielle McKahn

Thank you for the very clear and detailed response. This is extremely helpful. I did not think about the dishwasher and washer/dryer combo. Something I will have to consider going forward.

If you don't mind me asking; are your investments focused in either Hamden or Hampshire county?

@Charlie MacPherson

Thank you for reaching out

If anyone has any personal experiences regarding this strategy please let me know. Looking for generalized discussion about the effectiveness of implementing a strategy that revolves around this concept.

Good afternoon,

I am an investor/agent specializing in the Western MA real estate market. Myself and a business associate own a handful of multi-family properties in a specific location we have deemed to be highly lucrative. It is not uncommon in our niche market to see CoC return %'s ranging from 15-20%. Cap rates in the 8-10 range. Something to note: We do self-manage and typically do NOT factor in vacancy or delinquency, so this directly affects why we are able to hit such high returns. Our average 2-bedroom apartment rents for anywhere between $800-1000/month. The units are in "nice" condition and are well kept/maintained. They usually include hardwood floors, basic updated kitchens/baths, newer-white appliances, formica countertops/laminate floors, decent sized closets, etc.

We have recently acquired another 3-family investment property. We are currently in the process of a complete renovation of all three apartments. However, we went about this in a bit of an unconventional way compared to our normal business model approach. In these units we went with much higher end finishes. Luxury-vinyl plank floors, stainless steel appliances, professionally re-vamped hardwood floors, custom kitchen cabinetry, granite countertops, etc. In basic terms; we went all out!

We are looking to see if the current state of the market will support a higher end unit at a significantly higher price. We are anticipating listing these units in the $1200-1300/month range. If all goes well, we will execute this same strategy going forward with our next acquisitions. To summarize, we are hoping the higher end finishes will attract long term tenants, with a justified increase in price.

I am more or less looking to see if others have had any success with this approach to investing/rentals.

Any thoughts, comments, feedback, or insight is greatly appreciated on my behalf. Thank you for taking the time. If you need more information to develop an appropriate response please let me know.

Thank you kindly,

Ryan J.  

@Devon Moore you will be able to hang your license with a brokerage and do the bare minimum. Bigger agencies more likely would accommodate this. Comes down to a matter of finding the right one. At the very least they would make a certain % of the sale if you do decide to purchase your own multi-family property. Just disclose to them you are primarily interested in using your license for your own acquisitions and sales of personal assets. They will understand and most likely be on board. If you have any questions, don't hesitate to send me a PM.

Hey Randy

I would personally recommend speaking with @Account Closed if you are still looking for representation. He is highly intelligent when it comes to anything real estate related. Best wishes going forward.

@Account Closed

Add in the fact that the modern day generation of millennials have shifted from the stereotypical perspective of buying a home with a 30 yr mortgage and living there permanently. Research suggest that more and more younger people do not want to be "trapped" or "stuck" in one location. That being said, apartments and renting offer an appropriate solution. Any reputable and profitable multi-family market soon becomes saturated with not only local investors but out of state investors. Inventory takes an abrupt hit; dries up, and prices skyrocket.

Another ingredient to add to the mix: College Students. The cost of living on campus isn't getting cheaper. Apartments and renting soon become an attractive alternative. Why pay 10-12K a year to dorm on campus when you can split a decent 2-bedroom apartment with a friend for 1000/month. Your annual housing cost is cut in half. 

To summarize; the time is NOW. Anyone thinking about getting started? I would strongly recommend to dive in. The principal behind Multi-Family investing is growing stronger and stronger every year. I'm sure fellow BP members can agree that having tenants pay your mortgage, generating passive income, tax benefits, and the opportunity to build wealth are major luxuries behind this remarkable investing strategy.

Anyone else willing to provide their insight on the matter?

Hey @Mike Novak, I am a local RE investor to the Springfield area. Would very much like to hear if you have made progress in the market. Please PM me at your earliest convenience.

Thank you kindly

Welcome to the community @Eddy Reynoso

I do a lot of investing in Hamden county, specifically Chicopee and Holyoke. Any questions don't hesitate to send me a message. I can pm you my email if that's more convenient.

Welcome aboard @William Porter

I sent you a private message if you have additional interest in conversing about anything and everything real estate related.

Kindly,

Ryan