All Forum Posts by: Toni Mo

WPI/Becker is a pretty rough area- used needles in the street and crackheads running around. Worcester’s colleges aren’t like Boston’s. Clark, WPI, Becker, and HC are all in the worst neighborhoods in the city. You might be better off in a small town with a college.

For a PM try DiRoberto. 

@Steven Caligaris Mike Pazienza in Holden

Architectural Masonry

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Jared for a 3% cap rate you’re better off sticking your money in bank CDs. 

Members will be able to give you better responses if you provide more information. For example, are you looking at two family, three family, 10 unit, 20 unit? What neighborhoods in Worcester? Etc.

Market cap rate varies based on local area market and property type. Multi family is broad and includes two, three, four, six, eight families whoch are common in Worcester as well as larger multifamily (10 unit plus). Try to get a little more specific.

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Mike Architectural Masonry

@Tom Palmieri what makes you think there will be foreclosures in 3q and 4q?

@Asiel Zermeno @James Hamling Hit the nail on the head. "I want to invest out of state" is such a broad statement. Take some time to think through why you want to invest out of state and what your goal is with investing in RE to narrow your focus and that will help you find your market and investment type. 

Better Mortgage and New American Financing both do 15% down for a single unit investment property. 

Sergio Altomare's post included a few questions worth discussing. Interested in everyone's take. 

Post - Do Recession-Resistant Investments Actually Exist? (Hint: Sort Of) (biggerpockets.com)

1. How many tenants are actually jobless and using unemployment benefits to pay rent?
2. What if eviction moratoriums keep getting extended and financial support to owners stops?

Also check out the landlord tenant laws for the area you want to invest in. MA and RI are some of the worst (most tenant friendly) in the country. NH is the most landlord friendly in New England.

Also look at any recently passed ordinances. MA was debating a law to prevent eviction until 12 months after  the pandemic ends (whenever that is) recently.

Definitely visit the areas you are looking to invest. Theres so much you can see and understand in person that is just not possible from a computer. Also go to the local BP meet up or REA meet up in the area. And with enough cash down and a personal guarantee you should be able to get a commecial loan on a portfolio of houses which will save you a boatlod in closing costs.