All Forum Posts by: Zach Midwood

@Aubrey Lambalot @Greg Devlin

Yeah that is a great location you’re in!  I am also a licensed realtor if either of you need any help feel free to reach out.

I like the area between downtown and buttonwood park, east to Allen street and west to rte 6.  The closer to downtown and the hospital or closer to buttonwood the better in my opinion.  As you get closer to rte 6 the neighborhoods get a little tougher and there are a couple projects over that way to stay away from.  It can vary from block to block quite a bit so you definitely should drive around to get a feel or look on the google street view.  North end (north of brook lawn park) is nice as well and south of Hazelwood park in the south end.  My least desirable area of New Bedford is what I call the panhandle.  The south end kind of looks like Florida so the Ashley Park area is what I’m referring to as the panhandle.  

@Greg Devlin

Thanks Greg! I bought a 3-family near the hospital (Saint Luke's) and downtown. Just a couple blocks south of Hawthorn street. I bought it off the MLS for 210k with 5k back at closing. It is a 3-2-1 and I inherited the third floor tenant at $675/month. I am currently fixing up the second floor unit and know I'll at least be able to get $1,000/mo. I'll be owner occupying the first floor while fixing it up but once I'm out I think I can get $1,100/month for it. Heat is included in rent but only $1,300/year between all 3 units. I played the rent numbers safe in my calcs but I really think I'll be more at $1,100 and $1,200/mo for the 2nd and 1st floor. After all expenses I should cashflow about $175/mo/unit.

@Brandon E. Congrats on your purchase Brandon!  Where in New Bedford did you end up buying?

@Greg Devlin Yes, I purchased a property in New Bedford about a month ago.  Currently working on the rehab

@Byron Scott Congrats Byron! I too just closed on my first 3-family up north in Massachusetts. Exciting times!

@Chris Morris I would purchase any way possible as long as the numbers make sense to you. My buy and hold strategy is purchasing rental properties that cashflow at least $175/mo per unit. My 5-year goal is 25 units which will allow me to leave my W-2 job and focus on real estate full time to scale up larger. I think it’s all based on what your goals and strategies are as well.

@Frank Patalano

Hi Frank...finding a great deal is what has been holding me back. As you know, I have been seeking my first property which I intend to househack. Majority of my looking had been on the MLS and craigslist. I still search there daily but that is not where I will find a good deal. I find networking and getting my name out there to be the best bet. Recently, I have been doing direct mailing of my own too. I am committed to the process and determined I will find the right deal. I am seeking cashflowing multi-families of 3 to 4 units that produce from day 1. The patience will pay off and when the right one comes, I will be ready.

Great question!

Zach

Hi Brandon!  I too am seeking a 3-family property in New Bedford and have been for several months now.  I am starting to get a good understanding of the good/safer areas.  My favorite area is anywhere between Downtown to Buttonwood Park, south toward St. Luke’s and North up to rte 6.  Draw a box on a map with these boundaries and that is a safe area in my opinion.  Some areas near rte 6 are a bit sketchier.  I also like the South End near or south of Hazelwood Park and the North End north of Brooklawn Park.  You will find these areas to be a bit more expensive but they are safer.  

Zach

@Ryan Meggison I have been attending the South Coast REIA Fall River meetup consistently and look forward to it every month. It is put on by a great group. There is also a meetup that I recently heard of (and attended last month) in Plymouth, MA. If interested, please let me know and I can send you more info.