New investor in Rhode Island

[Lenny P.]

Hi all,

I'm pretty new to real estate in general, but hoping to acquire my first investment property soon.  I've been learning whenever possible by listening to audiobooks & podcasts, reading books, and reading some of the many educational posts here .  I'm planning to start with the fix&flip strategy here in Rhode Island, but eventually want to hold onto properties as well.

I'm sure I'll be asking some questions and hope in the future to be maybe even give some answers.

Thanks,

Lenny

[Anthony Thompson]

Lenny, welcome to BP and investing!

Yes the REO inventory is very thin and competition for those is high, as you've seen.

I'd recommend getting some practice talking to owners/sellers directly; you'll have to do it sooner or later anyway, and the sooner the better IMO.

For example, try "driving for dollars" which means driving (or biking or walking) around a neighborhood near you and calling on For Rent signs to ask if the owner might want to sell instead, or talking to people in the neighborhood about any vacant/derelict houses you see.

You might also attend a local real estate investor group such as RIREIG in RI or Black Diamond in Worcestor/Waltham. I'm on an iPad so don't have the links handy but both would be on the first page of Google results I'm sure.