Rhode Island is a great location. I purchased both in South Kingstown and Narragansett. Attorney's tend to be local and while the last one we used was fine he does mostly SK I get the impression. For some trades I have recommendations as well as some specialty inspections if you need them like structural. Loans Bank Newport was good. Appraiser I would not necessarily recommend ours as my recollection is he was slow.
Not sure if this is your first property in RI but you need to register rentals with the state if you are an out of state landlord and sometimes with the town too. Not an expert but I am willing to pass on what I know. Local lead and fire laws too are different then MA. What are you buying?
Hey @Michael Medeiros, I don't have much advice to give as I am very new to REI, but Newport is my all-time favorite vacation spot. I am from upstate New York and I am involved in real estate here, but my ultimate goal is to relocate to RI and live in the Narragansett area and invest near Newport. I have heard inland Rhode Island doesn't experience much growth, but as far as Newport goes even in the winter time there is steady tourist traffic.
@Colleen F., I have read some of your posts after doing searches based on Narragansett. Is there a local REIA near the RI Coast?
@ DJ Samson I don't know if there is a REIA , I know there is one in central Ma. There are lot of rental units in the RI area but it is difficult to get your cash flow right on SF's. Newport has a minimum stay limit I think which impacts summer rentals. Narragansett doesn't. In my opinion RI still has a lot of economic issues although like you say some coastal areas are doing ok .
Here is the non-resident landlord information: http://sos.ri.gov/business/nonresident/. There is no charge for the state but sometimes you need to register with the town as well. Narragansett charges $50.00 for that but South Kingstown doesn't have a charge. You are supposed to notify the town of the rental aside from the state registration form regardless of whether they have a formal process.
RI also has some lead and fire laws that you need to pay attention to as a landlord although enforcement is not rigorous. (the town did not even know there was a fire alarm for a recent purchase but they require them in 3 families and above as well as requiring quarterly inspections.).