Newbie looking at Elmhurst, Providence

[Saikhantal Yu]

Hi Everyone,

I've been reading and learning on this forum for a few weeks. It's very impressive how nice and supportive everyone is.

I'm a first-time investor. I spent a few months in Providence last fall and I was living in an Airbnb place in Elmhurst, very close to PC. My feeling is that it's a quiet and safe neighborhood. I am familiar with the streets, etc. already. Since this is my first real estate purchase, I sincerely appreciate any advice. I am curious about a few topics in particular as below.

I noticed Elmhurst saw a price increase over the last year. Any idea why?

Ideally, I'd like to hold the property for a long time. Do you think this is the right move in Elmhurst?

I am assuming that multifamily near PC would be easy to rent. Is that the case generally speaking?

Would anyone not mind recommending realtors, lawyers, and lenders to work with locally here? 

Do people always incorporate an LLC here when buying real estate? I know lots of people do in NYC.

As I said, I'm all eared for any advice regarding the above topics as well as anything in general that you think I should be aware of. I've been working my *** off to earn the bandwidth to think about investing, so I'd really like to make sure I make smart moves!

Thank you very much. Be safe and healthy!

[Sam Albert]

@Saikhantal Yu

Elmhurst is a great area in PVD. I was born and raised LaSalle/Mount Pleasant/Elmhurst.

Providence in general has seen an increase in prices, it’s not just Elmhurst. I don’t think Elmhurst has appreciated more than any other area in PVD. There are no new developments in the area, so I can’t seem to think of that being a trend. However, it’s a highly desired area in general, so if properties are coming up in that area, they may go over asking because buyers just simply want to be in that area.

Creating an LLC for their properties is something investors do nationwide. This is to protect yourself against liability.

I’m a Realtor, and if I can be of any assistance to you, let me know.

I also can recommend some attorney’s, home inspectors, and loan officers to you as well.