All Forum Posts by: Sam Schildkraut

@Doug Dias Doug, congrats on the success of your first deal! Would love to connect with you and hear more about the journey of your first BRRRR. I am in the middle of my house hack in Worcester and, while I'll likely do another hack, want to get more into the BRRRR side eventually.

@Todd Wheatley thanks man! Yeah Framingham was on the radar. I’ll have to dig in a little more to learn what areas of town to focus on and what rents looks like to find investment friendly properties. If you have enough familiarity with that area def will take you up on a chat

Hi Bigger Pockets Massachusetts Fam,

Looking for input on locations to begin researching for my next house hack. Currently hacking a multi in Worcester and if everything goes as planned in an ideal world will refi out of the FHA and will move into another FHA multi after my 1 year commitment is up

Looking for 3-4 family. Assuming life turns back to normal eventually, would want to be somewhat equidistant to cambridge (where my gf works) and Marlborough (where I work) or at least where neither commute is hell on earth (i.e Worcester to Cambridge during rush hour)

I know Lowell/Fitchburg is a multi investor friendly market that would fit the bill. Wondering where else people have experience where the numbers might work, where there is “consistent” inventory of this type, while still reasonably qualifying for a loan of that size.

Would love to hear input and any insight you can provide if you’re currently investing or hacking in a market that might fit this!

@Brian J Allen I will gladly jump in to say I personally worked with Brian recently to close on a fha house hack in Worcester that so far is working out fairly well. We definitely had some of the challenges mentioned above with cash buyers etc. and lost on a number of bids. However Brian is extremely knowledgeable when it comes to Worcester properties on and off market and would highly recommend working with him if you're considering investing in that market. His proactive approach as described above allowed me to comfortably make offers sight unseen/pre-open house to give me the best advantage you can try to get when competing as an FHA buyer in the Worcester market. Overall great guy!

Anyways...I would also add a couple things...it is very challenging to make a two families work numbers wise if you’re looking for cash flow / free living as opposed “some help” with the mortgage, so focusing on 3-4 families or properties with creative “value add” type opportunities (i.e. converting rooms for additional bedrooms, unconventional unit set ups etc.) will be your best target. Also Worcester is very neighborhood/street by street driven. Brian can tell you more about this but very important in terms of what you can get for rents, the types of tenants, and future appreciation/desirability. Lastly, you’re going to find many Worcester properties need some love (some more extensive than others) and/or come with existing tenants who are likely to be below or well below market rent, so this is something you should be prepared to deal with and will need to be accounted for when writing offers.

Welcome! If you’re looking at Worcester for investing I would highly recommend connecting with Brian J Allen. He’s pretty active on here but couldn’t tag him for some reason. Knows almost every property on and many off market, and every street and neighborhood. Great guy!

Hi BP,

Anyone have advice or experience with retired renters? Specifically looking at how to verify income. Potential tenant appears to exceed minimum income requirement based on pre-screen but would need to verify with the application. I assume they are collecting through social security/retirement accounts.

My thought would be for them to provide several months of bank statements to show proof of distributions and amounts, proof of total retirement account fund, official proof of social security payments and amount (somehow).

In terms of other verification this applicant does not have a current landlord as they have been living with family. Any thoughts on screening from that regard? Naturally all other background checks and credit checks would apply.

Anyone have experience/war stories/recommendations on renting to retired folks?

Hi BP,

Long post here, sorry. Looking for some thoughts on this situation. I’m under contract on a multi family. One unit is vacant the other is occupied. The current tenant has been there for four years, and after speaking to him wants to move and doesn’t want to stay there permanently. He has been doing work for the seller as a handyman in lieu of rent (not quite sure how long or the quality of his work). In fact he was actively working on the bathroom pipes when I was there.

he’s willing to sign an estoppel at a little below market rent, but is TAW with no paperwork or sec deposit. My concern would be if he is accustomed to not paying rent, assuming that tenant and having a hard time getting him out (even if you move toward eviction no evictions are happening now with covid).

My options as I see them:

- let him sign the estoppel and agree with the seller during P&S to come up with 1 mo sec deposit before closing and hope for the best

- try to have him and the current owner sign a new TAW agreement with my terms and I would take it over upon close (including 1 mo sec deposit)

- offer some cash and help him try to find a place and move before closing

- ???

Closing is set for mid May but will likely be pushed due to covid.

Any thoughts on strategy based on experience here?

Please no “omg you should back out now the world is collapsing” covid doomsayers

Thanks!

Hi BP fam,

Looking for recommendations for electricians, plumbers and/or handymen who service Worcester. Have some inspection items to address for a property I have under contract initially, and then use as go-to’s going forward. Thanks!

@Avery Heilbron thanks Avery. Third rec for Tiger I’ve received

Does anyone have a solid rec for an inspector in Massachusetts for a 3 family? Specifically Boston/Worcester area.