All Forum Posts by: Dylan Fraembs

@Dylan Fraembs

The Providence market offers solid opportunities, especially in multi-family and value-add deals. Start by networking at local meetups and connecting with investors, agents, and property managers. Focus on market research by exploring neighborhood rent trends and property values while considering your financing strategy (house hacking, BRRRR, or buy and hold). Keep in mind the potential for higher renovation costs due to older properties and the local landlord-tenant laws.

Good luck!

Anthony - thanks for the response. I am investing out of state, I am from long island and work in NYC. Owner occupied advantages are sadly not available to me, but if you have any other strategies that you have had success with in certain markets in Providence let me know! Always happy to discuss over the phone.

Hi @Dylan Fraembs and welcome to Bigger Pockets and real estate investing!

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.

I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.

And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

Jaycee - There are not a lot of pictures or other informative metrics for me to 100% say yes. However, the budget and surrounding neighborhood fit my box. Just not seeing any rents close to the property for 3/4 bedroom properties that would cash flow for a mortgage that size. Appreciate you sending this one over!

Great @Dylan Fraembs! So, would something like this fit your buy box? https://www.realtor.com/realestateandhomes-detail/749-Hemloc...

It wouldn't hurt to set up time to meet with agents, property managers, lenders, and others while you’re visiting your markets of interst. Building a trusted team is key, so starting that process as you actively search for your market will put you in a strong position moving forward.

River - Would you prioritize meeting these team members over going to see some potential properties for a first visit? I plan to stay overnight for a weekend trip in the next week or so.