Buying my first Small Multi in Providence - feedback/resources?

[Alexander M Stanton]

Hey BP Fam!

I am a Boston-based agent and investor, looking to purchase my first small multifamily in a Boston submarket. I love Providence because I know of many people who commute from there to Boston, I have family there, and I would consider living there for a while if it came down to it. I think it's a beautiful city especially around the downtown area, and while the potential drop in student rental demand concerns me, I still think it's worth investigating further.

I've spent the past week analyzing almost everything on market (skipping a handful of obviously overpriced properties). Out of 61 properties I took the time to analyze, I found 6 which look great with my pro-forma (12% or greater CoC after reserves), 8 that look good (8-12% CoC after reserves) and one or two that pique my interest even though they only clock in between 1-8% because I think there's upside.

I'm looking for agents, wholesalers, and other buy and hold investors to talk to about the market or talk to me about off-market properties, and would absolutely love to chat with anyone who's interested.

I'm happy to discuss my process further with anyone who's curious about that as well!

Cheers!

[Anthony Thompson]

@Alexander M Stanton I'm always happy to talk about the RI market, and can also direct you to a few other helpful folks (including agents) who are also active in it.

In general it's hard to pursue off-market deals today from wholesalers if you're a new investor who would need a bank loan. Most wholesalers want to sell to experienced folks who are buying cash or with existing private/hard money.

However that doesn't stop you from pursuing your own off-market deals through marketing, which Bigger Pockets offers you plenty of resources to learn about.