All Forum Posts by: Account Closed

To start, you can find some local real estate investor meetups to attend.  This will allow you to start networking and meeting people with similar interests and goals as you.  I go to one in Providence, RI, and most who attend this one are either trying to get started or have 1-3 rental doors, so most are in the beginner stages.  I have been going for about nine months, and in that time, there was some talk among 4 of us about joining together to invest in a multi family, but never fully got off the ground.  So the potential is there to make partnerships, but it's going to take time, you can't walk in day one and expect someone to become your partner, you need to create a rapport and relationship with people first.

I am unexpectedly in this position now.  I lived in Kansas City from mid 2014 until mid 2018, where I bought a house for myself in early 2016 with the idea of turning it in to a rental (which I did in December of 2018).  Early this year, my wife got her dream job in Rhode Island, so we moved to Rhode Island where I have been since July.  This change in life has forced me to invest out of state quicker than I anticipated, but I still plan on investing in the Kansas City area, hopefully doing my next deal early next year.  There will be some growing pains as I look to do this, most likely purchasing a property I will need to do some heavy renovations on before I can rent it out, but I made sure to find an experienced realtor, and one who has invested herself.  She has done a good job being my property manager, but hopefully the learning curve will be lessened a little by utilizing her experience and connections with contractors.

But overall, I agree that it is a huge step to go from nothing to investing in a property that is in another state.  Before life happened to me, I wanted to be my own property manager longer to gain more experience before outsourcing property management.

To somewhat add to this question, what about putting a modular/pre-fabricated home on a property?

While I do not yet have the money for my second deal, I was looking at a target area and saw that there was a home built on a double lot.  The current house appears to be far enough to one side that would allow enough room to split the property in two and build on the other side.  I figured I could buy the property and rent out the current house and potentially wait for a recession, hoping that construction prices decrease to then build on the other lot.  This is all wishful thinking right now.

As others have said, there will be no impact.  During the impeachment investigations and hearings, the markets didn't really respond to what was happening during that time.  My opinion that the reason for that was because fundamentally  the businesses in the economy (profits, earnings, business growth, investment, etc) were still on solid ground.  The events happening on capital hill will not impact these business metrics that Wall Street looks for when evaluating a companies worth.  The market does get affected by trade talks between the US and China because the results of those talks could impact the business metrics I mentioned above.

Sometimes Wall Street does get emotional and trade based on those emotions, even though fundamentally, the economy has not changed.  You may see quick spike or dip in the market, but those are usually corrected within a very short period of time.

Any brokerage shop like Fidelity, TD, or Schwab will have their own branded bond ETF's or mutual fund.  The one I use for my IRAs is FTBFX.

I only have one rental property and started leasing it out one year ago from this month.  So I don't have a lot of experience.  However, I told my tenant that if she decides to move before the lease is up, I would release her from the lease up until the day a new tenant moves in.  I am counting on that contract/lease to pay my bills, and if you agreed to it for a set amount of time, I am expecting that to be fulfilled.  On the flip side, things in life happen.  My recommendation would be to allow him to move, but you will charge the tenant up to the day before you have a new tenant moving in (plus any fees if you are using a property management company).  I am saying this with only managing one property, if I had many more, I don't think I could be this generous.

I have mine in a savings account.  If you are saving for up for a down payment on your next property, investing in a mutual fund or equities in general open yourself to more risk of loss.  And as others have said, you want the money to be liquid in case a deal, or partnership, comes across you.  

My wife and I are saving for our own home by investing in a bond fund that's getting about 3-3.5% interest.  Since this is going for our personal house, we value the lower risk of a bond to not lose money than purchasing an equity based fund where we have higher exposure to losing money.  Additionally, the bond pays a coupon payment every month with that money automatically being reinvested in to the same fund, so we are instantly receiving compounding interest.

@Anthony Thompson, thanks for the information, I really appreciate it!

In short, the question is: is a landlord in Rhode Island required to provide a post office box or a location to receive mail on the property?  If so, where could I find support for such a requirement in the Rhode Island code of laws/statutes/etc.?  If possible, the chapter, section, line number etc. would be great!

For more detail, my wife and I live on a property that is owned by the non-profit my wife works for. We live here for free and do not have a signed lease as us living here is contingent on my wife's employment with the non-profit, so we are governed by state law regarding our lease. We were told to have all of our mail sent to the non-profit's main address for our personal use (others do the same who do not live on the property). I have a single investment property in Missouri in which I have all of my mail for my LLC sent to our Rhode Island address. Today, the executive director told my wife that I would need to send my LLC mail to a post office box due to "gm and legal issues." As a result, I want to see if Rhode Island laws require a landlord to provide on-property mailing services.

For what its worth, the cost of a post office box would be worth the cost of free housing for us.  I am going to get a post office box, but I would like to know if the executive director is allowed to do this.

@Kiera Underwood, I am hoping that my equity line of credit gives me at least $25,000, which will be used for a downpayment on the next property. I plan to do a BRRRR with the money, so probably targeting something that requires no more than a $20,000 downpayment. So a purchase price of no more than $80,000-100,000 (20-25% down payment), and even at this price, I would want it to be a duplex (wishful thinking). It'll probably be a lot less than that. I also plan on doing hard money lending for my second deal as I will need money for rehab.