All Forum Posts by: Bradley Scruggs

Quote from @Frank Patalano:

Quote from @Bradley Scruggs:

Target area has slim to no deals. Everything up here in Rhode Island is a bit pricey unless you're bringing in capital. I have yet to get a deal in the works from doing some driving for dollars. 

Also getting some blowback from the town on a development project and don't know the next steps to take.

Currently at a standstill and learning as much as I can till a deal comes across the table.

Hey Brad. I'm not sure if we have met at the REIA meetings yet.

Yes most Rhode Island towns are anti-development. Some municipalities, Newport, Pawtucket, Providence, etc. I have personally dealt with. If you are considering developing something, find out the main attorney that speaks in front of zoning, and use them. That attorney can find out quickly if a deal is dead on arrival.

Driving for dollars is a great idea near you. Also building relationships with the local wholesalers. Even going to town halls to research housing violations.

We haven't met yet, no. Just been following the group via FB and I have been a member for about 2 years now. Due to my schedule I haven't been able to get to a meeting, but that will be changing shortly! So you should see me around. I will let you know what I end up coming up with.

I know that local police departments put out tax issues regularly, but I did not know about housing violations. I will add that to the list to see what is out there.

@Frank Patalano I will have to do some digging and see. We have a real estate attorney we use regularly for our deals but I haven't discussed this with him yet. 

@Anthony Thompson I have went down to planning and zoning, they gave me a hard no. That is why I was hoping to connect or get some insight from someone that has been able to work with the town on getting something like this accomplished. 

Good note on making one of them affordable housing. When I brought up about the military in the area that seemed to have a positive affect as well, so I might be able to play both cards with a percentage being military and affordable. Thanks for the feedback!

Hey @Marc Rice I already used my VA loan to purchase a duplex, and then used an FHA 203k to purchase a four unit. The four unit is on about four acres of land. Three of that is undeveloped and wooded. That is the portion I am hoping to build on. Thanks for the insight.

You could request their LES to make sure they are meeting the financial requirements for the property

Hmm, maybe I can make my way down there!

Quote from @Nkeonye Nkemdi:

For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action.  A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want. 

I am currently in a suburb of Chicago and have never owned a property.  I do not rent and am learning about house hacking.  I would like to get into a multifamily 4 unit and stay in one of the units.

This was the first step that my wife and I did. Bought a duplex, house hacked it for a year. As soon as that year was up, bought a 4 unit utilized a FHA 203k, once construction was complete we moved in and worked on each unit, and filled each one at a time. After the year was up we bought a SFH for ourselves. All properties are within 7 minutes of the house. It is possible!

Target area has slim to no deals. Everything up here in Rhode Island is a bit pricey unless you're bringing in capital. I have yet to get a deal in the works from doing some driving for dollars. 

Also getting some blowback from the town on a development project and don't know the next steps to take.

Currently at a standstill and learning as much as I can till a deal comes across the table.

Hi to all! 

I am in the military stationed in Rhode Island. I am hoping to develop some land out here that I own because it seems that there is not enough housing for military and people in general that is affordable. 

I have been running into issues with the planning and zoning department about doing a build. However, I see builders all day long putting huge multi family complexes up, why can't the little guy take a piece of the cake?

Does anyone have any advice on getting around or having the town sign off? At the end of the day I would love to put 4 duplexes on the property but would be happy even with just 2 duplexes, the numbers work all day long regardless of build size and being conservative. 

Thanks for reading!

@Kyle Andrade so tricks of the trade right, everyone always preaches find creative financing. When I say VA funding strictly mean the loan. They do offer a construction loan but we did not do that.

Long story short we used my wife's VA loan to purchase the duplex (my name was not on it) , then once the year was up we used a FHA 203k to rehab and purchase a 4 unit (both of our names on this one.)

You can have multiple VA loans out, just can't reach the cap limit to your area. Don't quite remember Rhode Islands.

As per the FHA you can only have one out at a time, which is the difference between the VA. Also FHA is only 3.5% down where the VA is 0%. We will fursure chat soon, hopefully this clears things up a little.