Introduction / Looking to buy first Multi Family in Rhode Island

[Matt Davis]

Hi All, I'm writing this mostly to introduce myself. I've been lurking these forums and studying RE for the past five or so years while in college. I'm now out of school, living in Boston, working full time, and getting ready to jump in with a small multifamily. The next step for me is to start networking with some local investors, so I'll probably show my face at some of the local meetups going forward. I know there are a couple on the 6th and 15th.

I'm mostly looking in Rhode Island / Providence because I have connections in the area and the market is more affordable / cash-flow friendly when compared to Boston. I have a decent financial situation, and some family members that might invest with me, so that should prove useful going forward. I still have a lot to learn about structuring the deal and financing, so I'm planning to meet with some local banks (recommendations welcome) and an attorney over the coming weeks, and connect with brokers once I can paint a clearer picture of what I'm looking for and how it'll be funded. 

Anyway, I'm excited to meet some of you folks in the area.

[Anthony Thompson]

@Matt Davis welcome to Bigger Pockets! This is definitely a great place to do networking and I’m glad to hear you apparently already have the next RIREIG meeting (on the 15th) in your calendar. I’ll be there too so please be sure to say hi.

Friends and family are always very helpful on your real estate journey so that’s great news that you already have some lined up for your first deals.

For local banks I’ve had good experiences with BankNewport, Harbor One (formerly Coastway), Navigant, Washington Trust, BankRI and Pawtucket Credit Union. I’ve heard good things about Bay Coast Bank as well but I haven’t used them yet personally.

I’d be happy to recommend some attorneys as well. For brokers/agents, there are several good ones active here and I can recommend some too. But it’s good to hear you want to narrow things down a bit in terms of what you’re looking for and the funding. Good agents will help you work through some of that, but I think you come across as a more serious buyer when you’ve at least started to work on those items yourself first.

Again welcome to BP, and we’re excited to meet you too!