Wholesaling in Rhode Island?

[Tyler Daly]

Before I get into why I'm here, a little background about me: I recently graduated from the University of Rhode Island with a degree in management and a minor in electrical engineering. I managed to secure a job that pays the bills and then some as a way for me to slowly begin putting money away for a down payment on my first property. In the meantime, I bought several BiggerPockets books and am currently on The Book on Estimating Rehab Costs. My reason for wanting to go into real estate is because despite wanting to reach some degree of financial independence, I also want to help others get the best deals possible to ensure a true win-win scenario.

With that being said, I just wanted to drop by here to see if I could get a few of my Rhode Island-specific questions answered or at least entertained:

- Are wholesale deals existent in Rhode Island? If so, where have you had success in searching for these kinds of deals?

- Who are some well known attorneys in the area to consult with getting a legal contract written up when the time comes? I'm unfortunately not very well versed when it comes to this subject and know that it would only make sense to consult someone who knows what they are doing (or maybe even learn a thing or two from the first experience!)

I look forward to hearing back from the community and contributing further in the future!

[Anthony Thompson]

@Tyler Daly yes wholesaling deals exist in Rhode Island. I've been wholesaling in RI since 2004 and you can find wholesale deals all over the state but the areas with the most population (Providence, Pawtucket, Warwick, Cranston, Woonsocket) tend to yield the most leads simply because there are more properties. It's just a question of marketing consistently and researching properties to make sure you're spending your time on leads that are worthwhile.

That said, I think there's a lot of virtue to "farming" an area and concentrating on really getting to know the properties within 15-20 minutes of where you live or spend most of your time. You'll notice more in that area because you're already spending time there, and it will also be easier to pursue properties there by talking to the neighbors, checking records in town hall, etc.

I'm active in the RIREIG group which meets monthly in Warwick, and we've had a number of real estate focused attorneys speak at our group over the years, all of whom are familiar with assigning contracts or double closings (the two main mechanisms of wholesaling).

Attorneys who come to mind for having spoken recently and focusing on real estate are Adam Rose in North Providence and Melissa D'Ellena in East Greenwich but I think we even have a few attorneys who are members of the group but haven't presented yet.

Other than that it sounds like you have a great story so far and are off to a very good start with those BP books/resources.

If you have any other questions please let us know, and welcome to Bigger Pockets!