All Forum Posts by: Matthew Sidlo

Why don’t you do 3.5 / fha for a multi if you are willing to move into it? You have plenty of money to buy a huge multi. 

Hello, I am looking to turn my home into a corporate rental. There seems to be a shortage of this type of housing in my area with many businesses. We live in North Kingstown, RI. It is a two bed two bath home, 1400 sq feet of living space, and is on Narragansett Bay with views of the water out the back of the home. Looking to do this quickly, in the next 30-60 days. 

Are there any property management companies in Rhode Island that specialize in this type of rentals?  

@victor Are you looking for a house or multi? I see cash flow positive (if renting out 100%) multi properties on mls right now. There's a good one in NK that just listed...I'd buy it but I'm in the middle of a brrrr.

Nice work! Plan on zoning being a pain, hopefully it won't be.

Sorry, I meant to say cozy.co, not cozy.com. It's $3 a month per unit, and free to the tenant if they link up their bank account. There is a fee if the tenants use a credit card.

I use cozy.com, it does take 5 business days. I would not use PayPal, here is a good article: https://www.biggerpockets.com/blogs/1714/14000-should-you-collect-rent-electronically-online. As for leases, I write up leases and do digital signatures with http://www.findlegalforms.com/esign/... easy and quick for everyone. Good luck!

I lived in Newport and tried buying a few properties that never panned out. A con to consider, and this is an important one... is whatever rehab you are doing is most likely going to uncover more things to fix because the age and wear on many of the homes. Have some extra money set aside. You said Newport County so I'm not sure if you are in an older building or not. Also, look at flood maps, there are a lot of parts of Newport that have extremely high flood insurance.

I live in RI, and lived in SC for a couple of years. I'd rather invest in RI. Instead of looking at states, look for national school rankings. Then drill down from there for opportunity and search for profitable markets.

Christopher Kolasa I invested in East Greenwich, RI. There are not many multifamily buildings, but they do pop up and most cash flow well. Vacancy is not ever an issue, rents are on the high end for RI.

I did exactly what you are thinking... Except I purchased a multifamily at a higher price point (better school district area). I also didn't buy a place that needed major renovations, although I just put a $20k roof on this year. My experience in multifamily buildings was 0, so my next property I may consider fixing and holding. The only downsides to fha is PMI and living in the building for a year+ which is what I wanted to do. I went with fha because it gave me the lowest payments with the least amount of money down. Maybe you can refinance down the road if the market stays strong. I have a friend who used the renovation financing and it worked well for him for the most part. Talk to some local banks and a broker to consider your options. You only get one loan at the 3.5% down, I would look for properties with higher price points if I were you.