I'm an upcoming active real estate investor resident of Rhode Island who is pursuing the real estate investing industry part time until I finish College.

I've have done research through reading resources on bigger pockets strategies to also listening to webinars regarding housing types, etc. I've finally found the niche that I will focus on to start off by the buy and hold strategy on Multi-family residential properties from asset classes A, B, and C.

I have some questions from the new to experienced real estate investors, agents, and other professionals regarding real estate investing in Rhode Island:

1. My first primary strategy is to use the house hacking strategy where I use a FHA loan (Federal Housing Administration) to purchase a Multi-Family residential property with me living in one of the units and rent out the others to tenants. However, I have heard that you need a full-time status at a job in order to be considered for a loan regarding real estate investing, is that true or is there other alternatives? I currently have a credit score of 700+, which from people have told me is a good start as well.

2. I've noticed a lot of upcoming real estate investors have been using LLC's to start off on their real estate investing journal, can someone from their personal experience using an LLC business entity, what are the top benefits of using an LLC when buying properties for real estate investing?

3. I've heard about the Rhode Island Housing's Ocean State Grad Grant program for college gradates for first-time homeowners, however I'm not sure if you can use it for a real estate investing company, does anyone know if that is an option?

4. While I still can be a real estate investor from what I have been giving in information, I've research and heard that being a Real Estate Broker in Rhode Island is a major benefit for real estate investors as you can become the first to know about properties on sale by joining the Rhode Island Association of Realtors once you go through the Real Estate Institute of Rhode Island for your sales license first. Is that true? If so, are there any tips on how to study well for each exam to ace it the first time?

5. I've been looking for templates for a real estate investment excel spreadsheet where I can put contact informations from contractors, lawyers, etc on file while also one that allows a real estate investor to calculate passive income monthly, expenses, mortgages, etc. Does anyone have used a template that works in your favor long-term?

Providence, Rhode Island

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