All Forum Posts by: Erica Larence-Penna

Have you looked into Rhode Island?  The price point is going to be lower than MA and there are still deals here.  Plus if you are in MA, you will be close enough that if you ever have any issues it's a short drive to the property.  I have two 4-unit properties in RI.  One I purchased in 2019 and the other in 2022 and both have had amazing returns.

Hi Jorge, I am a real estate attorney in CT.  Happy to help!

We have a 4-unit property in Pawtucket, RI that we purchased in October 2019 for $245,000. We put about $20k into completely renovating one unit and redoing the floors in another. We currently gross about $3385/month and net $1200 after all expenses. The seller was paying all utilities even though electric was separately metered, so we immediately moved electric to the tenants and rented the renovated unit out for $300 more per month than what the seller was getting.

We are out-of-state and self-manage. We have great tenants who have been pretty easy. All long term who pay on time. We originally planned to renovate each unit as tenants moved out so we could get market rents for them, but that hasn’t happened yet. One of our tenants told us they have started looking for a bigger place and that prompted us to look into selling.

I know the Zestimate is not usually accurate, but it is showing $438,000. I’m thinking we could possibly get $400,000 for it. We owe $235,000 on the mortgage and would end up paying capital gains unless we did a 1031 exchange. It just doesn’t seem likely that we’ll find another deal in this climate. So being conservative I think we could net about $115,000-$130,000.

The other option would be to cash out refinance, but that might be difficult as I’m self-employed and my wife (who is the sole owner) is a per diem physical therapist and doesn’t have 2 years of work history. If we did that though we could likely pull out about $50,000 in equity and have a mortgage payment that’s about $200 more than what we currently pay.

What would you do? Would you sell? Refinance? Keep it as is?

@Griffin Goudreau is it a single family or multifamily?

Does anyone have experience in self-managing hotels?  My partner and I are looking at a 24-unit hotel that is currently self-managed by the owner.  He seems to have the systems in place already, but I live about an hour and a half away from the property and my partner lives about four hours away from it.  

@Cody Smith I highly recommend @Brett Nissen as an agent in that area!

@Matt Lopez you are not required to use a lender who is physically in the state you are purchasing, but you need to use one licensed there.  I highly recommend getting pre-qualified or pre-approved with a lender who is licensed nationally.  @Elise Marquette is awesome and is licensed in 48 states!

@John Sirianni I highly recommend @Elise Marquette!

@Account Closed is able to lend in 48 states, I believe.  She's fantastic!

@Chris K. are you looking to purchase a single family or multifamily property?