All Forum Posts by: Nicholas DeCristofaro

Semper Fi!, 

Where would you be purchasing the Airbnb property? Some places require you to file for an STR permit and pay an annual fee. Also, who would be managing, checking in Airbnb users and cleaning the property when people check out. I am currently in the closing process of a property that I myself will be renting on Airbnb. I made it a point to talk to several cleaning companies and other maintenance companies (Landscaping, Snow service) and get quotes so that as soon as I close on the property I can put it right back on Airbnb and not miss any possible income due to not being prepared. Also, will you be rehabbing the property?

@Matt Davis welcome!.  I too am in the beginning stages of Multi-family and Single-family real estate investing in RI.  Providence is definitely a great place to start being that there are a lot of people that live in the city and there is a lot of real estate available.  Two things to be wary about when investing in providence is the taxes that are associated with the city and also, the school systems.  I was initially looking to invest in the Providence/Johnston line being that I currently live in Johnston, but the tax rates are too high for my liking.  So I've decided to venture off into different towns and cities in RI.  Feel free to connect with me, it would be awsome to pair up with someone who is just beginning like I am and help each other out.  Also, if you are looking for contractors whether its a GC, electrician, plumber, HVAC, etc. I know a ton of great guys that do tremendous work at a very fair price.  Good luck on your journey!

 Unfortunately, I will not be able to make it, I work overseas for months on end.  I will be back late Septemeber, we will keep in touch.

Thank's Frank,

I will say, being that I was born and raised in scituate for 24 years I was unsure of the town of Johnston when I moved into this home.  I've been living here for over 4 years now and I could not be happier.  The town has shown a lot of growth in the past 4 years and has brought in a ton of new business.  The town has great restaurants and a ton of convenient amenities centrally located.  The town also offers the "Homestead" exemption, if you were to decide to buy a personal property or house hack.  I would highly recommend the town of Johnston as a place to invest in real estate, as long as your not too close to the landfill!

Thank you Anthony, maybe we'll run into each other one day in our small state!

 Thank you Jeff, means a lot!

Taylor,

Fortunately for me, Rhode Island is a very small state so I found all of my contractors by word of mouth. My family had used the general contractor in their homes on many occasions, so before I even called him I could see the type of work that he's done. The GC linked me up with his electrician, to which does amazing work and I've developed a good relationship with him. Also, my best friend growing up is a licensed plumber so I used him for all of the plumbing and heating work.

Rather than going online and searching for contractors, I prefer to talk to friends and relatives and ask them who they use because I can physically see the end product of their work. Rhode Island might be that smallest state in the country but it certainly has its perks!

Thanks for the positive reinforcement, it means a lot.

Investment Info:

Small multi-family (2-4 units) other investment in Johnston.

Cash invested: $40,000

I currently own a 2 family unit, I am living in the upstairs unit and renovating the downstairs unit. The downstairs will be completed Sep 2019 and potentially rent for $1400/month. The downstairs bathroom and kitchen were completely remodeled, and the remaining 2 bedrooms and living room are getting updated with minor cosmetic work. I did the demo work myself and hired contractors for the remodeling.

Lessons learned? Challenges?

I learned how to coordinate and deal with multiple contractors, I also learned certain ways to be strict when dealing with a budget. This property has given me a solid foundation so that when I purchase my next property I will be able to remodel and work more efficiently.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Every contractor I worked with I would absolutely recommend to anyone in the RI area. They were professional, efficient, and clean. Most importantly when their job was done, it was done right and I was satisfied.

It would make sense that a BP provided lease would address marijuana use in that way.  Even though it's legal recreationally in the state of Mass, you can't have an official document that is tied to BP encouraging tenants to consume, possess, distribute, and manufacture it.  I'm from RI and its legal to use medicinally, but as a landlord, I would personally prohibit everything that pertains to marijuana besides the consumption and possession if the tenant possessed a legitimate medical marijuana card and was within the legal possession limit.  Obviously, I wouldn't allow the use of it inside the rental property, only outside.

With that being said if I were you, I would create a separate clause in your lease agreement that has no ties to BP and addresses marijuana use.  Just be mindful that not everyone is responsible when it comes to marijuana use.  Hope this helps.