Providence, RI buy and hold house hack

[Jake Noreau]

Hello Providence!

So I am looking to buy my first property (ideally sooner than later) ... My timeline could be 3-6 months if I went conventional, or much sooner if I went FHA through Rhode Island Housing. I have a few questions and wanted to also just open the floor to meet other investors and real estate professionals in this market!

My plan is to house hack my first property, and eventually move into BRRRRs a few years down the line. I'm looking at multifamilys with 6 or more bedrooms (or potential for additional bedrooms) in the East Side neighborhood 02906. Obviously, this is a very desirable - and pricey - area as there is little on the market. I'm wondering if people have any insight on finding deals in this area. Do a lot of people already drive for dollars here? My second choice neighborhood is Elmhurst, and would be perfectly content in this neighborhood, though I've heard recently zoning laws have changed for the R-2 zone to restrict 3+ unrelated people from living in one unit.

Any insight on financing in RI, different neighborhoods, just a hello from fellow Rhode Islanders, and any advice with the market the way it is as it relates to buy and hold house hacking in a B+ to A market.

[Brett Read]

Hi @Jake Noreau, as @Anthony Thompson mentioned you can get more for your money in Elmhurst (a lot more). I have a 2 family in elmhurst that pulls great rents (1200 for a 2BR with no utils included) and I didn’t have to pay the big price tag associated with the East Side. 
It might be worth prospecting for rent by owner listings in the areas you’re looking in to make your efforts more efficient. 
As for financing I recommend talking to local lenders who understand the R.I. nuances. I can recommend a few if you’re shopping for a mortgage. 
Feel free to message me if you have any specific questions.