All Forum Posts by: Ken Hoffman

Bradley,

I think I know the deal:). I live down the street on Old Baptist Rd in Nk.  My partner and I looked at the deal,  if you ever want to connect we are local investors as well.  Drop me a dm and let’s talk! 

Ken Hoffman

John this is great!  I live in North Kingstown and have a small apartment building in another town.  I’d love to learn about this property and the process sometime.  Hit me up if I can take you out to coffee.

Ken 

Thanks for the input and the reply.  I have a 6 family currently that is professionally managed and after "cleaning house" this property is pretty passive.  I can see where this could be more "active" however I would plan to have an onsite manager and events coordinator to handle these issues on a daily basis.  Like you said screening is key and keeping the place full of like minded people would be critical.

Like everything in life it requires work and planning.  I can see some significant upside to this sort of a rental model especially for re purposing a property that is semi setup like this already...

Anyone else who has done this or is doing this?

Ken

I have heard about, and witnessed as early as 2004 this concept of co housing/co living in NYC/CT area, in fact at that time I rented a bedroom on a floor of a multifamily for $625 a month.  I did some reading about it on Forbes and apparently this appears to be a big thing with millennial generations struggling with student loan debut and housing costs.  A way out if you will and is more appealing as they don't seem to value privacy as much as working together and being part of a community.

https://www.forbes.com/sites/neilhowe/2018/05/28/inside-the-millennial-inspired-co-living-boom/#21b133b33851

Is anyone on here doing something like this?  It's kind of like boarding house but more community minded with regular events like dinners, cookouts etc.  

It appears to be a rental model for a property with open spaces in a higher cost of living area where rents are high.  You can rent out bedrooms and get more "units" in the same property, at a lower per unit cost of rent.  Obviously management is going to be more intensive as will some of the owner costs as community features usually consist of Wifi, common areas with respective utility costs.  However with rental property prices climbing to the point where the numbers don't work, and competition for the "Deals" are stiff this presents as a creative way to get some traditionally nonperforming properties, to perform well.

I'm intrigued and I have a property in mind that might fit this model nicely.  

Any experience with anyone doing this is greatly appreciated.

Ken

Thanks for this post @Ryan Wittig I just left a message for Justin to help me grow my real estate business thru some kind of financing.  I’ll let you and the forum know how I make out.

Ken

Hi Nelson! I choose the River because my network of investors and management is over there however with the prices going way up out there I’m looking for new pastures as well.  Providence is on my radar however I don’t have a local knowledge base there, I have a good friend investor and agent that grew up in Fall River and serves as my local guide on what areas to stay away from.  I focus on finding the right property.

I also choose Fall River because the deal I got,  I got a nice 6 with water views and mostly 3 bedroom units with seller financing.  Helped me get into the game without as much money. 

I’d like to meet and learn how to invest in RI as well.  If you have any suggestions please let me know.

Ken

Hi Cheang welcome to RI!  I’m a new investor as well and have my first 6 family under my belt but it’s not in RI rather Fall River, Ma.  

There are some local real estate investor meetups,  If your interested I’ll send you some info.  It’s a small group of mostly new investors so might be a good one if your getting started.  

Ken