Looking to invest and find private money in Providence, RI area!

[Luis Barrios]

My wife and I bought our first home in May of last year (2018). The home we bought is a 2 family in Providence, and upon purchasing it, we decided to turn the 2nd floor apartment into an AirBnB listing instead of getting a regular long-term tenant. Since publishing our listing, we've had great success and on average make about 2-3 times what we would with a regular tenant (with a lot more work of course).

Our goal is to buy a second property in the next month or two and repeat the same AirBnB model. We will get a private loan/lender to finance the property and repairs (if any are needed), and then we would list it and "refinance" through a the bank. Essential, BRRRRing the property. We've done our research of the area, have been learning a lot from Biggerpockets and a few real estate workshop to know this is what we'd like to do next and the model will work.

We would love to network with and hear from others who have done a similar investing or are looking to begin like we are!

[Anthony Thompson]

@Luis Barrios I haven't done what you described, though it does sound great.

I would only say, make sure the #s on the property also work as a regular (non-AirBnB) rental and that any extra profit from AirBnB is "gravy".

I attended a meeting in Providence last October, after finding out about it through the Providence Apartment Association, and the meeting was run by a few folks from the city who were looking for community feedback in formulating new regulations for student rentals and AirBnB.

While there were a few landlords present, I'd say the best phrase to describe most of the attendees was "angry mob" - virtually everyone present had negative things to say about student rentals and AirBnB.

That's not to say you won't be able to make money with AirBnB for years to come. You probably will. But just, be cautious, and don't make that extra income necessary to make the deal work.