All Forum Posts by: Jesse Andrews

Hi Vania Castillo I'm an investor here in RI. I agree that contractors are unreliable, but I think you need someone in RI that's a bit more familiar with the area. I know providence and the different neighborhoods pretty well. Feel free to call or email me tomorrow and we can chat. I think you should be getting a better response here. Thanks and good luck!

Hey Tim Gilman I'm a licensed RI realtor. I'm an investor first, and have my license to help support my business. With that being said, I help you out looking for a house. Feel free to direct message me or call me (number is on my signature below). Thanks and talk soon.

Hello Everyone-

I am looking for a Rhode Island/ Massachusetts Rehabber looking for higher- end property. 

Address is 7 Longmeadow Rd in Lincoln, RI. 

ARV $490k (Update: house up the road just closed on 7/12 for $525k)

$115k rehab to make it really nice. 

Cash price- $275k. 

3 Bed 3 bath modern house. Has attached indoor in-ground pool. Needs liner replaced and humidity control in pool area (~$15k). All windows are in good condition. Roof is 3 years old. House needs kitchen upgraded, master bath upgraded and cosmetics, exterior paint, and extensive landscaping. Please contact me ASAP to schedule a showing. 

Pictures: 

Thank You

Jesse Andrews

401-318-3125

Hi Samuel Caulcrick Rhode Island still proves to be a pretty good rental area. The trick is going to be sourcing the property, financing the property, and then eventually managing the property. You can network with a good investor/wholesaler/agents (shameless plug) like myself, or start marketing directly to sellers in the state. As for managing, I can give you some great recommendations for property managers. Financing is always the tricky part (in my opinion). Ideally, the will be enough equity where you can purchase with cash or Hardmoney then refinance out after the property is stabilized. Maybe you have great credit and the money to put down... then you can finance conventionally – that's a great option if that is a match. Feel free to reach out to me direct, and I can give you some advice. I'm also going to be presenting at next weeks RIREIG meeting – you should come by. Good luck!

John Menton I actually just had this conversation today with my bank. They're a local RI bank. They are offering sub 6% rate and 20 year amortization. If the deal makes sense they'll entertain an owner second if you have some skin in the game. They're also looking for a 1.5% DSCR. Message me and I'll give you the contact information. Good luck

No worries! That deal stung... it was one of those rare MLS deals, and I'm pretty sure the seller knew but didn't disclose properly. luckily, the city sewers were scheduled to be run down that street less than a year later, so we were able to hold off and tie in with the sewer. Certainly a lesson learned!

@Mindy Jensen- there was no doubt that it has a septic system... a simple check under the access cover will tell you that. The problem we had was an unpermitted septic that was unfit for residential properties. A typical home inspector won't know the intricacies... and most won't get dirty enough to diagnose (as ours did)

Hey Andrew- If a seller is selling without a broker, that's fine- we call it a FSBO. If someone is selling a property that they don't own in which they will be paid a fee, that's brokering. There's gray area here depending on how the deal is closed. Is the wholesaler selling the contract instead of the house? Is the wholesaler closing on the property first and then re-selling? As a buyer (and please double check with your attorney!!!) , it shouldn't be a big deal if you buy from a wholesaler. There aren't any ethical boundaries crossed, and you're not doing anything wrong.

Hey Greg Dowdell Sorry I missed you last week, I wasn't able to make the meeting. Definitely take Anthony Thompson up on his coffee offer- he's a wealth of knowledge! Also.... Im a URI alum and watching the Rhody/Oregon game as we speak... go go Rhode Island Island! Congrats on buying your first property. My first investment was a multi family that I bought FHA and HH'd. I still own it and it cash flows very well. I feel your pain when it comes to realtors. I've had good and bad experiences. The biggest issues typically happen when you expect an agent that mainly deals with residential houses and "traditional" buyers. More often than not, they don't really understand our mindset, criteria and I've been told flat out that my expectations are impossible. So..... I got my license. I'm a Licensed Realtor in RI, but an investor first. I actually got my license to list an occasional rehab and to get MLS access, and it has been very helpful. Feel free to call/ text/ or email me- my contact info is below. Good luck!

I always inspect before closing. I know some people waive that right, but I'm not at the point yet where I can take that kind of risk. If it's a situation where the seller won't want an inspection period (that happens, but rarely), I'll walk through with my contractor before signing a P&S.