All Forum Posts by: Lindsey Costello

@Kevin Berry Thanks for the insight! I'm planning on putting my leases & rental income in a bank account associated with an LLC for liability purposes. I'll have to go talk to them and make sure that opening up an account in that manner won't be an issue.

@Anthony Thompson Exactly what I was looking for. Thank you!

Hello BP community! I've just closed on a triplex on the East Side of Providence which will hopefully be the first of many. I'd like to set up my business account which will manage my rental income through a local bank in order to establish a relationship. I'd appreciate some suggestions? I'm also in the market for a good electrician and/or contractor for a remodel. Any & All suggestions are helpful!

@Spencer Grassie Just seeing this now! Thanks for reaching out! I did in fact get a great home inspector who was very thorough. Currently working on finding home insurance that will tolerate some remaining knob & tube wiring :( Hoping this hiccup doesn't throw a wrench into my first deal!

@Fan Bi As a first time buyer, I would definitely say that it hasn't become any easier yet! The inventory for Multi-families on the east side is still pretty low. I've had a few situations where I was unable to see the property due to an offer being accepted within 2 days, and distressed properties selling 30k over asking.

That being said, I've gotten an offer accepted on a 3 family on the East Side!! Setting myself up with the ability to close w/in 30 days & offering 5% over asking was what made mine the more competitive offer. The deal is molding into a nice house hack. Holding my breath until papers are signed.

@Fan Bi What parts of Providence are you investing in?

@Fan Bi Very good to know, thanks for the insight. My current mortgage lender I'm pre-approved with is requiring a decent amount of reserves.

Hello Frank! Thanks for the input... Definitely no complaints about less competition right now, but I'm also seeing less inventory at this very moment that meets my specs because  I'll be living in one of the units. I've seen a few properties between there but none that will work for what I'm looking for. Keep me in mind if anything pops up closer to Hope St!

@Joshua T. Yes! Let's stay in touch. I'd also like to look into attending the virtual RIREIG meeting so thank you for that information !@Anthony Thompson

@Matt Romano Hello! Thanks for your insights! It definitely seems like everything is at a standstill at this moment. I'm just staying vigilant with any new listings, and prepping so when I see a good opportunity I don't have to hesitate. This is the first I'm hearing of these Covid-19 clauses so I'll be sure to mention them when I'm making offers. 

@Joshua T. Thank you also for some good advice! I suppose some patience during this time, and in this field is necessary. As for now, I'm doing everything I can to be prepared for when trading opens up again!

@Anthony Thompson Thank you so much for the wise advice. Being my first property, I'd definitely like to accompany the inspector for not only buying purposes but also the education of what to look for. The no-go on the walk through with this property is due to the tenants as well. I have a feeling tenants will become more wary of outsiders as the virus ramps up in the coming 2 weeks. I am prepared to cover 3 months vacant, otherwise I'd be a bit more hesitant at this time. I appreciate the negotiation advise- I may consider seeing how that goes over during this time! Take Care, and stay safe!