All Forum Posts by: Phil K.

@Max Denning

Hey Max! My 4 unit is over by the Clark area. About a 3 minute walk to Clark. Shrewsbury St is an awesome area! Do you have a 3 unit?

Hey @Andrew Albert

Mind if I ask what area of Worcester this is in? I think you're right on par for the rents.

• Regarding the water/sewer, I'm not sure if you have seen, but you can lookup the most current quarters water and sewer bill off the Worcester website.
• Regarding the snow and lawn removal, please see this below that I found regarding the laws.
  • "The owner shall maintain all means of egress at all times in a safe, operable condition and shall keep all exterior stairways, fire escapes, egress balconies and bridges free of snow and ice, provided, however, in those instances where a dwelling has an independent means of egress, not shared with other occupants, and a written letting agreement so states, the occupant is responsible for maintaining free of snow and ice, the means of egress under his or her exclusive use and control"

Thanks! @Steve Bracero it took a while to find one that was good, but I finally did. Once I get settled hoping to get number 2.

Enough of me! I'm curious to hear the other successes of investors in Worcester. Hopefully we can get a good thread going here.

@Erin Zamarro Couldn't have done it without you! Big kudos out to you and @Brian Allen for helping get this closed! BP definitely was one of the reasons I was able to find this deal.

Hi All,

I started a thread not too long ago discussing Worcester in general for 2018. Now that we're halfway through the year in 2019, I'm curious to hear how everyone is doing in the Worcester market.

I just recently closed on my first 4 unit, been getting things situated and getting ready to receive rent checks!

Worcester seems to continue to be a fierce market, however the price points dont seem to be that much higher compared to last year's summer.

How are the BP Worcester investors doing so far this year?

Welcome to the community Ethan.

Have to say you're on the right track for shooting for a duplex right out of college! I wish you the best of luck in your endeavor. 

I'm a newer investor myself, but just closed on a 4 unit myself. If there is anything I can help with in terms of questions, I'd be glad to help!

Take care,

PK

@Ryan Severance

I commend you on knowing your strategy and sticking to it! There's so many avenues in RE so its good to see that you know what you want, and are chasing for it.

I agree that now is a great time to get in before things start to get even hotter! I feel like the hot multis on MLS get bid quickly on so you have to act fast. You're right in that there aren't many 4 units out there, and the ones currently on market are on the higher side except for Rodney.

I have a very similar strategy as yours, you're right in that you have to make sure the wife is on board! Hopefully she's as eager as you are for the dream of rental properties.

I'm sure you will find a property that hits all the checkmarks! Good luck in your journey!

@Ryan Severance @Andrew Albert

Do you mind if I ask how much you guys are looking to put down? I've run numbers for 3.5% down, but honestly the number rarely work from the get go. Most properties seem to be somewhat under rented, so have some room to account for with increased rents. I've set my strategy to not utilize the lowest DP possible, I'm most likely going to leverage either a 25% down investment non owner occ, or a 10% down owner occ.

The way I'm looking at an owner occupy, if I were to just go out and rent somewhere else, easily could be $1000+ a month. If you can find a good owner occupy, where you're only out of pocket a few hundred a month, when the year is up and you move out - that property should cashflow some. While I know it would be awesome to have some cashflow while your'e living in the units, I've found that the 3 deckers don't cut it, the 4 units work much better in terms of getting some positive cashflow, while you're living in the property but 4's are hard to come by.

Never hurts to look at the single families either, I've seen a handful of good BRRR candidates. Could owner occ, rent out rooms and get some equity that way as well. I know that it would be an awesome investment to hit a home run on my first deal, however it's important to take action as well.

Hi BP,

I've invested into the stock market ever since I started working back in 2011. Needless to say the markets have done pretty well over the long term to today. However the more I think about stocks, while it is a great investment - I'm thinking of moving into real estate over my stock portfolio.

Anyone else find themselves in a similar situation? Is it a wiser decision to just sell off my portfolio and move it into RE when a good deal comes up? Or is there a way I can leverage my portfolio without putting myself to deep into risk?

I'm curious if others have found a way to leverage their portfolios, or if it would just be a wiser move to sell off when I have a deal in front of me.

Thanks!

Just wanted to chime in, I've been looking over a good portion of MA and haven't found many places that hit the 2% rule. 

Feel like in Worcester, you'd maybe see ~1%. However as @Steve Bracero was mentioning, a good number of these properties are under rented so even just seeing 1% is tough. Still feel as if Worcester has a lot going for it in terms of cities in MA. Another option might be south coast where prices are cheaper, but rents follow.