Deb, Home Buyer in Chicopee, MA

I am extremely interested in purchasing a 3 family house, asking 130,000, (seems to good to be true) I would

Asked by Deb, Chicopee, MA Thu Mar 19, 2009

COMPLETELY check it 1st. Is this the time to jump into becoming a landlord?

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If " a good time" means "a profitable point" in the cycle, than I would say yes. The experience in my area shows that the same buildings are producing 2-3x more cash annually then they were 4 years ago. But it's less about the timing then about the building. You should worry less about the buildings cost, and more about it's cash flow projection. If you send more information about the building, I can probably give you a ball park. A three family in that price range should generate at least $500/month in income, IMHO.
Web Reference: http://14wolfpen.info
0 votes Thank Flag Link Fri Mar 20, 2009
Dear Deb,
Actually, a 3 family for 130,000 maybe in fair condition, but there is probably some work needed such as roof, cosmetics, or utilities. I am selling a 2 family in Springfield for only $110,000 which will be on the market in 2 weeks. It only needs some cosmetics and a roof.
There are lots of multifamilies in the Chicopee and Springfield market. The key is a good agent to outline the positives and negatives with each property and then taking these stats and looking at your goals for owning a property like this.
0 votes Thank Flag Link Wed Apr 29, 2009
Hi Deb:

I don't work the Chicopee area, but if you would like a referral to someone who specializes in being an investor buyer broker, I can help you find someone. Let me know!

Matt
Web Reference: http://14wolfpen.info
0 votes Thank Flag Link Fri Mar 20, 2009
Believe me, I would completely check this out. I also am well aware of the "pitfalls" of being a landlord. I do believe that there are still decent people out there that need a nice place to live and who would appreciate a niceplace to call home and a good landlord, I know from experience because for years "I" was one of those tenants.I was very lucky and had 2 great places to live over the pat 15 years. Of course you have to be EXTREMELY careful who you rent to, have references, DEPOSIT, and a solid contract, and more, I know even if you have ALL that in place, things can and do happen. So, my thoughts are....I will be prepared for ANYTHING, use my noodle when it comes to buying and renting....this NOTHING anyone "jumps" into. Thanks for the advice :) It's greatly appreciated!
0 votes Thank Flag Link Fri Mar 20, 2009
The decision to be a Landlord is really quite subjective. If you have never been one before, it may do you good to speak to some who have. And speak to some who have in MA and particularly in the area you're choosing to invest.

Some links you might find useful are:
http://www.lawlib.state.ma.us/landlord.html
http://www.gis.net/~groucho/landlord.html
http://www.hud.gov/local/ma/renting/tenantrights.cfm

Now, if you are asking whether now is a good time to be investing in real estate? Then I would say yes. Those who actually have the financial stability and funds to be picking up real estate stand to be able to scoop up some really great bargains.
Web Reference: http://www.commonmoves.com
0 votes Thank Flag Link Fri Mar 20, 2009
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