All Forum Posts by: John Devereaux

Hi BP Community,

I had a few questions concerning expenses when owning a multi-family property. I am a first time home buyer and looking into a duplex. I will be putting 3.5% down with an FHA loan. I am doing some calculations on a duplex and got stuck on the fixed-land lord paid expenses. In regards to the electricity and water, what if I want to make the tenants pay for those? Also what is the average cost for PMI? As for "other" monthly expenses, what can I expect to be paying and what for?

Thank you in advance for your input.

Hi BP Community,

I was blessed to stumble upon the biggerpockets podcast about 4 months ago. I always knew I had interest in real estate but didn't know the right steps to begin my journey. After getting hooked on the podcast I have not stopped reading and listening to podcasts/audio books about real estate every day.

I am from the greater Providence area. I am currently taking my my pre-license courses and my expected date to have my license will be toward the end of April. I really want to learn the Rhode Island market and the industry in general before diving into my first property. I am a firm believer in being educated before making big financial decisions.

I want to buy my first property sometime between the Winter and Spring of 2016. I am looking for a multi-family home as my first investment property. I also became aware of the "Ocean State Grad Grant" program which I am eligible to receive up to $7,000 toward my down payment of my first purchased home. There are some drawbacks to using it but the pros seem to outweigh the cons. Also, as a great coincidence, I just learned tonight that there is a Rhode Island Real Estate Investment Group out of Warwick that is meeting as I am writing this. I have already put in my Calendar the next meeting on April 21st. 

I would love to network with some like-minded people who can collaborate toward a common goal. I am a highly energetic and motivated individual that believes that we all have a student AND teacher inside of us. We all have something to offer. I look forward to meeting you!

Thank you both for your input!!

Its always nice to hear peoples stories who were in my shoes not too long ago. I appreciate your time!

Hi Jerrel!

Thanks for the notice. I will definitely have to check that out.

I will certainly reach out in the near future!

Hey Matt!

Small world. Thanks for reaching out.

I have been doing a lot of reading lately and plan on going through numerous of the books they have provided through Bigger Pockets.

Feel free to reach out when you're back in Rhody. I will most likely have my license by then and closer to pulling the trigger on a property. Definitely good to hear from someone local!

Hi Bigger Pockets Community,

Sometime in the next year I would like to buy my first investment property. I am looking to obtain a multi-family home, preferably 4 units.

Before I do so, I realize I need to expand my education and learn from others who have been in the same position. I do not come from wealth nor do I have a lot funds. I would love to hear some suggestions about an ideal first purchase of a multi-family home. Here are a few questions I have:

1) what are the positives and negatives to living in your own investment property? This has crossed my mind a lot and it doesn't seem like something I read too much about.

2) What are the ideal financing tactics you have used when buying your first home with little funds to start?

3) Is a multi-family the best place to start with little funds?

4) What are the best ways to minimize my risk?

Thank you all for sharing!

Hi Bigger Pockets Community,

My name is John and I am from Rhode Island. I am currently 23 years old. I work full-time in business development for a travel company in Providence. I am currently taking my pre-courses to become a part-time agent. Real estate has always been a passion of mine and I want to become an agent to learn the ropes of the industry while obtaining more income to invest.

I want to purchase my first investment property in less than 1 year from now. I am looking for a multi-family house, preferably with 4 units. I understand that action is better than inaction, but I feel that I need to be more educated, therefore, learning is my action for the time-being

My ultimate goal is obtain 20-30 investment properties by the time I am 40. Furthermore, my goal is to work for myself and be my own boss. Although a blessing and a curse I am committed to pursing my dream of getting out of the 9-5 life and being able to enjoy this gift of life!