All Forum Posts by: Brian Olencki

@Trevor Scheiderer when will you be in the area?

I didn't realize there was a HUGE event going on in Providence this weekend. Probably a mistake scheduling it the same time. I'll be hanging out for at least a half hour. If anyone chooses not to show up, there is another MeetUp this coming Tuesday. Hope to see you there!

@Shawn O'Gorman not too early. I purchased my first property at 22 as well. I’m in Rhode Island. Not going to lie, it was tough. I had never done this before and dealt with multiple evictions, bad contractors, and decided to self manage. It was rough to start, but I regret nothing. Best decision I’ve made!

I haven't had to deal with this (yet, hopefully never). But the first thing that come to mind is small claims court. Depending on your location it might be something to look into. **I am not a lawyer**

I would reach out to a lawyer in your area and get an idea what your options are. Best of luck to you.

That's interesting. I've always done RTI vs DTI. It makes sense that if a person has a good RTI they might have a poor DTI ratio. I feel the DTI ratio is more about money management vs just how much a person makes and it might be harder to find out and verify. With RTI, there are less variables since theoretically, I had set the rent and just need to verify income. With DTI, I would need to find out what debt a person has and then figure out how to verify that. Some of it might be privileged information. Unsure how that would work.

I've been a renter in RI for many years. In my experience, the April to July time is great to be looking as a renter since there are a number of units coming onto the market since leases have expired. This also plays true (though not as drastically), around the August / September time. There is usually in influx of searching for more of the college student type at this time. 

Personally, I rented out my duplex in January this year. I agree with @Brandon Ingegneri there were more serious applicants. By keeping rents competitive and at market value, I was able to get around 15 applicants in a weeks period and had the unit rented in three weeks to a quality tenant. Best of luck to you!

To get started, I purchased a duplex and planned on house hacking it. I just finished the rehab upstairs. My next steps are to look into a HELOC. If that doesn't work out as I hope, then it might be looking to see if I can open a larger line of credit with a bank (knowing I will be doing my future mortgage with them) or a personal loan / private lender for the next down payment. Best of luck!

@Anthony Thompson @Frank Patalano Sounds awesome. I can't wait to meet you

@Andrew Pettit We meet every two weeks at the same location (size permitting).  This event is not within our typical time frame (I put the wrong date on this invite, we will be there anyway🤷🏻♂️). We do have an official Meetup with our times listed. Check us out! https://www.meetup.com/Providence-Real-Estate-Investors-Meetup/

This is a Meetup for anyone interested in Real Estate Investing, flipping, wholesaling, long term buy and hold, multi-family, single-family, or anything in-between. All skill levels are welcome. I prefer to keep things casual. We will be talking and getting to know one another; maybe share some stories of successes and struggles. No reason to feel any pressure, just come and meet some new people. There will be food and drinks available for purchase. Hope to see you there!