All Forum Posts by: Collette Douglas

Just bought a property in Rhode Island today! Looking for licensed contractors... I don't have advice for you but I'd love to get your dad's contact info if you are willing to share. The market is hopping right now! Hope you got an awesome deal! What town did you buy in? We were looking at Fall River!

@Matt Charette I appreciate the clarification! Looks like it won't hurt us :)

@Colleen F. You are amazing! Thanks for chiming in and clarifying and sharing :) That's a relief to know!

@Jaysen Medhurst, @Brandon Sturgill, @Colleen F., @Brett Read Thanks so much!!!!

I appreciate all your concern and advice :) I shouldn't have been so vague. We *are* looking at purchasing a multifamily triplex in Rhode Island, and occupying one unit of it to satisfy the VA requirement for primary residence. We are (ALSO, i.e. simultaneously) looking to purchase a multifamily property out-of-state, strictly for investment income, that we will not occupy. This brings a few questions:
1) How long do we need to occupy the multi in RI to satisfy the requirement? I've learned its 366 days minimum. Does anyone have any other thoughts on this?
2) Is my best option for then buying another multi out of state, hard money, some kind of conventional loan (haven't found one yet that will underwrite a multi that ISN'T owner occ), or a personal loan, if the purchase price is just fantastically low?
3) Should I even attempt to fund so many projects at once, being brand new to landlording? I want to dive in head first and develop a large portfolio of units, quickly. And will I run into difficulty financing these properties, and closing close together? (We make 6 figures, have excellent credit, and will have zero debt aside from the mortgage on the owner occ multi in RI)

I appreciate alllllll the help and insight you can give!!! Thanks for stopping by this post :)
Collette

@anthony thompson this may be a newbie question but when you get an inspection do they charge by unit or one price for the entire property? It seems like the work is multiplied, so I thought perhaps they charge accordingly.

@Colleen F. Thanks a bunch! You sound like you know some things about RI investing ;) I think we've narrowed our search to the Middletown, Newport, Portsmouth, Tiverton, Bristol areas, nothing west of the islands because of the toll bridge and tourist traffic. We were advised that the schools are great in some of these areas and they can be bedroom communities for Providence. We would definitely end up making a multifamily purchase using VA in RI, if we find one where the numbers make sense, and occupying for a year there would not be an issue. It's the out of state properties I want to buy and not occupy that are giving me fits. Thanks for your insight!

Thanks @Matt Hurley! I have heard similar stories about NFCU! I didn't want to use the 203k loan because of the owner occupy requirement (we'd be out of state). I should totally look into local lending. I wonder what programs they might offer....

Thanks guys! I forgot to mention, we are about to be assigned to Rhode Island, where the price of entry is steep, and laws favor tenants. So we were not thinking of buying there, but rather back in our home town, where we know the area and are comfortable. The price of entry is also excellent, and rents are very stable. Therefore we weren't looking to occupy. I guess our only options are traditional conforming loans with a hefty down payment. Right?

Hey Matt! We are about to move to RI and are hopefully buying a multifamily to house hack for the 1 year we'll be there. Can you clarify what this 6% off the top means? I haven't heard of that and now you got me worried lol. Will we owe it, if we are owner occupying as residents? Thanks for anything you can tell me! :)

Help! We are ready to start investing in our multifamily rental portfolio. We hope to gain passive income to fund a comfortable retirement, by getting started now, in our early thirties. We would like to avoid making a large down payment, but also don't want to owner occupy. We are military and the VA loan is an option, but they do require owner occupancy as primary residence. Has anyone purchased a multifamily and rented it out without waiting very long, say 6 months? We could probably find a way for me (the wifey) to reside in a property out of state in order to satisfy the primary residence requirement while the hubs is as school, but I wouldn't want to stretch our time apart any more than 6 months. After 6 months, could I legally rent it out and return to live with my husband? IS THIS OKAY? Tell me you stories please.