All Forum Posts by: Luan Oliveira

@Anthony Britto Additional Dwelling Units are now by right in RI. You should have no problem converting that basement into a legal unit as long as all codes are met. Your best bet at this point is to get together with an architect and see what your options are. Going from a 2-3 unit may also required some additional fire/smoke alarm work. Keep in mind the law is new, and many cities are still working out the kinks in it. Therefore all the answers may not be there yet. You should check out the firetribe group on FB. There's two good presentations on there regarding ADUs. One from an architect, and another from Kyle Seyboth on his new Tiny home company. Both presentations provide a great overview of the ADU law!

 The Lowe's outlet is mostly appliances. But there are definitely deals to be had. 

also, water is cheap around here. I wouldn't get too caught up around sub metering. 

Here's a thought - since you already have machines, assign a day for the week to each tenant. 

If you do get a second set, make them yours, and assign the tenants each alternating days to the other. 

The other option would be to set up three hookups in the basement if there is space. If you do this, plumb and wire each one to the individual units to keep your costs down. Then go to the Lowe's outlet in Avon and get a cheap set for less than $500 total. 

 Lowe's. You can get the ready to assemble ones. Cheyenne. 

First one takes about an hour to build. The next ones will be much faster after youve learned. Cost was like 30% less than the next cheapest ones. 

How big is the proposed kitchen? How are the finishes? 

There's a lot of variables at play. I can't speak for contractors, but as a DIYer, I know even the most basic kitchen renovation may end up costing me 10k if I were to do it myself. 

2-3k for cabinets. 

1k for plumbing and fixtures

1k for electrical and fixtures

2-3k for granite countertops

1k for tiling/flooring

1k for miscellaneous like painting, etc. 

Now, if I had to pay someone to do these things, that quote could easily double. 

30k settings a little high, but I can see how some of the higher end contractors may want to charge that.

My suggestion would be for you to keep the layout as close a possible to the original  can you do some of the work yourself? Like hanging the cabinets? Can you hire friends in the trade?

How many bedrooms are there? Can you add more?

Can you try rent by the room?

Depending on the number of rooms, section 8 may also be a good option. 5BR is paying like 3K with utilities in PVD.

Ultimately, I think you should sell it. Then buy a 3, then 2, then single family. Your low down payment loans will go a lot further that way!

Call the folks at Lead Safe RI and have a conversation with them. They'd probably be the best ones to inform you as they also do the testing. 

Thanks @Bruce Lynn.

A side gig most likely wont be needed. The plan is to have several months of expenses set aside for the initial ramp-up

I do like your idea of having everything lined up and to be ready to pull the trigger on things as soon as the license is active!
 

Thank you to all the responses so far. As far as continuing the W2, it's not really an option as I currently work in Banking and more than likely someone would see it as a conflict of interest.

That said, I'm not new to RE I've purchased numerous properties in the past and been to hundreds of open houses in the process. I work in regulatory compliance, so I see real estate all day already. 

Ideally, the game plan would be to go heavy into marketing, and let it play out from there.

I'm debating a career changed from my current w-2 into full time real estate. I'd like to go full time right off the bat, and give it my all. I'm ready to invest heavily in marketing and anything else that may work right off the bat. I'm looking for any tips or advice from anyone who's started in the last few years on what has worked well for them.

Are there any marketing avenues that work best?

Have you found it better to specialize in a niche or be general?

What else should I keep in mind?