seeking to network RI and Mass

[Larry Sanni]

Hi everyone - I'm  not really new to real estate investing. I have a 2 family rental property which is owner occupied,  I have owned and managed this property for 5 years. I have read a lot about investing in real estate through bigger pockets and I am ready to build my rental portfolio.

I am looking for investors, partners, and mentors in Rhode Island and Massachusetts markets. I  reside in Rhode Island, so I am familiar with these markets, in addition my property is in Rhode Island.

I like the BRRRR method, and will like to use that to build my portfolio. I mostly inclined to 2-4 multifamily units.

My goal is to acquire 2-3 properties by the end of next year.

I talked to various banks this year but none was willing to invest in a property that needs rehab.

If anyone can help me out on how to secure loans or finance my BRRRR movement..

Looking forward to hear from you guys.

Thanks,

Larry

[Anthony Thompson]

@Larry Sanni welcome to Bigger Pockets!

For networking to find investors, partners and mentors, I highly recommend looking for local groups of investors that meet on a regular basis. For example there is RIREIG that meets in Warwick RI every month and Black Diamond REI that meets in Burlington and Worcester MA. I've been to, and recommend, both groups.

At the last meeting of the group that meets in Warwick, which was a few days ago, there were presentations from four different lenders, all of whom specialize in variations on rehab and BRRRR loans. For example, one specialized in non owner occupied LLC loans while another specialized in owner occupied house hacking type 203 K loans. I'd be happy to share my notes of that meeting with you, if you'd like.

Those groups are also great ways to hook up with private and hard money lenders, which you might need for some of the more substantial rehabs as Anthony and Sam were saying. But at this point there’s so much money out there chasing so few borrowers, you really should be able to find a lender for just about any project, especially since you already have some experience owning a rental for five years. So I think it’s just a question of broadening the base of lenders you’re talking to about rehab loans.