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Updated over 6 years ago on . Most recent reply
closing on first property
Hi, I've posted about the concept of out of state investing before, but just had my inspection and getting ready to close on a duplex in a month. the inspector was very thorough and said this was a good buy considering the price and the condition of the property and not having to do much work.
I've been getting some resistance (naturally) from some family members, so it's a little stressful not having their full support. they think it's a money pit since it's an older house (1920) and will constantly need repairs causing me to lose all my money, and dont like that its out of state (1 hour from where we live, not terrible). They also keep saying how they dont want me buying a property out of state because i don't have a network of contractors they trust, and will constantly have to check in to make sure the job has been done properly.
The market where i live is too expensive which is why i've been looking in providence RI. i think its good value for the price, with decent rent (cash flow about 550-600 if i bump rent slightly) and great existing tenants. also next to 2 hospitals, one of which is expanding. Just in need of some support here. Your family is always going to be conservative and its important to listen to them, but I think the price of inaction could be greater.
Most Popular Reply
Hi Joe, is this property in Providence? don't be scared of older houses in Providence.. Actually don't be scared of older houses in general. Do look at if you have updated plumbing, heating, wiring, insulation. Most older houses actually are more structurally sound due to higher grade of lumber that was typically used back then. Also, you most likely won't need contractors for most of the repairs and if you do, a few phone calls will probably lead you to someone good. And after that, you got a great plumber/electrician/handy man for all your future investment needs. Without the first one, how else do you do it?
I bought my first duplex in Providence the year after I got out of college and it was the best decision.