Woonsocket, RI Small Multifamily Investing

[Raymond Hill]

Hello BP Family,

I am looking at a couple of multi families off market this weekend. The numbers are pretty decent versus the higher priced multis in Providence County areas like Providence, Pawtucket, Cranston, etc. Anybody care to provide some insight on their investing experience. In particular the demand of rentals in the city and if it is a good start for a house hack situation.

[Anthony Thompson]

@Raymond Hill Woonsocket is a tough area but if you’re comfortable with making rules and enforcing them, I do think there’s money to be made there.

While there are better areas of Woonsocket, generally speaking it’s a “C” area and you get “C” tenants.

There’s a lot of Section 8 and I usually recommend if someone is going to invest in Woonsocket they’ll do a lot better if they’re OK with Section 8.

In my experience Woonsocket usually gets hot again right near market tops  so I’d say just be cautious with your numbers and don’t overpay because of any stories of trains coming down from Boston bringing Boston commuters.

But if you buy right and don’t mind dealing with some tougher tenant issues, it is a working class area and you can get some tenants that will stay a LONG time.