All Forum Posts by: Octavian Goncalves

@Anthony Thompson Do you know the exact private investor individuals that my team and I can connect with from your groups by any chance? Do you have their contact information please? 

Are there any legit active private money lenders/Hard Money lenders in Rhode Island who my team and I can connect with? If so, please by all means, reply below on this topic as soon as possible, thank you all in advance!!!

Hi @Anthony Thompson

Thank you so much on your response to my app questions, I apologize for my late response, Been having a busy month. I will take your suggestions regarding on the apps for sure. 

Hello again Bigger Pockets Community and Real Estate Professionals of Rhode Island, 

I'm looking for the popular effective apps to use if anyone uses apps for the following:

• Mortgage Apps 
• Property Evaluator apps ( for address, projected rents, Income, expenses, financing info, improvement costs, buy & hold,etc )
• Searching for residential and commercial properties apps
• PDF app for signing, pads, deals, contracts, etc
• Apps for landlords to keep track of tenants paying rent, etc 
• Rental property apps that estimate potential monthly, annual cash flow and the ROI (return of investment) for a property
• Rental property Portfolio apps that tracks one's properties in total
• Real Estate contract apps 
• Offer apps

I did look for a couple of apps such as; Easy Mortgage app, shake up law app, etc but wanted to hear from the RI Real estate community of what apps you use or have used currently for efficient usages as an investor of real estate? Please let know through your suggestions, thank you in advance!

@Anthony Thompson I'll start looking for connections to those local credit unions and small banks 

Actually I've have had my credit pulled through Capital Good Fund through their credit building program which helped build good credit history without reducing my credit score for pulling it out. 

I'll also check on a few credit card companies and see if they do offer credit score reports as well 

That would be great, I'll send you a PM shorty. 

Hi @Shawn Michalek

Thank you for your great information regarding the licenses to become a salesperson first, and to the licensing to become a real estate broker. I'll study on the website information you have given me as well. I look forward to the long-term connection with you. 

Hi @Anthony Thompson 

Thank you so much for welcoming me and your responses to my questions!

1. I've been trying to get in touch with a couple of loan officers to mortgage brokers who are located in the Providence area, but have had no luck. Do you have any networks with one who are in Providence or near the Providence area? 

2. That's great advice regarding if an LLC is necessary or not at the moment, I've seen that there is a website for RI Real Estate Attorneys through this link, which I'll take a look upon soon. real-estate-law/providence/rhode-island 

3. How unfortunate, I was hoping it was still active until I graduated, well there are always other opportunities! 

4. Excellent, thank you. I will take a look at their schedule and what they offer for my current needs and time commitment. rirealtors.org/education/pre-license-courses

5. I'm currently using word google docs using tables to format my potential listings, contacts, along with some information websites to refer back to at the moment, which is working out so far, I thought I try that out until I found a better organizational system, but as you said, what works best for us matters the most. 

I will google some more samples to compare what will work best as well regarding property financials and mortgages, while also check if there are other samples on bigger pockets that works best in my brain's thinking. 

Thank you so much on providing precise and effective details to my questions, I look forward to connecting with you more as time moves on! 

Hello Bigger Pockets Community and Providence Real Estate Professionals of Rhode Island

I'm an upcoming active real estate investor resident of Rhode Island who is pursuing the real estate investing industry part time until I finish College. 

I've have done research through reading resources on bigger pockets strategies to also listening to webinars regarding housing types, etc. I've finally found the niche that I will focus on to start off by the buy and hold strategy on Multi-family residential properties from asset classes A, B, and C. 

I have some questions from the new to experienced real estate investors, agents, and other professionals regarding real estate investing in Rhode Island: 

1. My first primary strategy is to use the house hacking strategy where I use a FHA loan (Federal Housing Administration) to purchase a Multi-Family residential property with me living in one of the units and rent out the others to tenants. However, I have heard that you need a full-time status at a job in order to be considered for a loan regarding real estate investing, is that true or is there other alternatives? I currently have a credit score of 700+, which from people have told me is a good start as well.

2. I've noticed a lot of upcoming real estate investors have been using LLC's to start off on their real estate investing journal, can someone from their personal experience using an LLC business entity, what are the top benefits of using an LLC when buying properties for real estate investing?

3. I've heard about the Rhode Island Housing's Ocean State Grad Grant program for college gradates for first-time homeowners, however I'm not sure if you can use it for a real estate investing company, does anyone know if that is an option? 

4. While I still can be a real estate investor from what I have been giving in information, I've research and heard that being a Real Estate Broker in Rhode Island is a major benefit for real estate investors as you can become the first to know about properties on sale by joining the Rhode Island Association of Realtors once you go through the  Real Estate Institute of Rhode Island for your sales license first. Is that true? If so, are there any tips on how to study well for each exam to ace it the first time? 

5. I've been looking for templates for a real estate investment excel spreadsheet where I can put contact informations from contractors, lawyers, etc on file while also one that allows a real estate investor to calculate passive income monthly, expenses, mortgages, etc. Does anyone have used a template that works in your favor long-term?