Newbie Investors in RI needing advice

Newbie Investors in RI needing advice

Smithfield, RI · Member since 2022 · 6 posts · 3 votes

Hello! My husband and I are newbie investors in RI and are interested in acquiring our first property. We are interested in multi families and would like to buy and hold. Currently we have access to a HELOC on our current home which we plan to stay in 15-20 years or more. We have an amazing realtor who is also an investor and she is helping tremendously. We are just reaching out for possible for some hope? haha. As everyone here is aware the market is really rough right now. Our HELOC, which is a privilege to have access to, also seems like a deterrent a bit as we have to account for the interest on that as another expense and with property values so high at the time it seems at times impossible to find our first deal that will cash flow. We are open to all types of possibilities such as using BRRR method, buying forclosures and even auctions (while doing our homework etc). I think we are just looking for any advice that is available and honesty about whether or not this is even a good time to start our investing goals. We are so happy to have found this community (thanks to our awesome realtor) and are so grateful to access all the knowledge! Thanks in advance for any advice and or kind words :)

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  • Karl DentonPro Member
    Rental Property Investor · Mansfield, CT · Member since 2021 · 225 posts · 131 votes
    4y

    Welcome Lindsay!

                               Im right in Eastern CT pretty close to RI, there's many local meetups in CT if you consider wanting to look at multifamily in this state. Your right there's many people flooding the market, however you need to be creative to find deals. I know many have enjoyed the app calling "Deal Machine" and also google driving for dollars. Basically drive around in the community you would like to invest in and find distressed homes and contact the owners. These apps help to send mailers in order to help find you someone who may wanna sell. Hope this helps get you started! Please reach out if you would like to connect!

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