All Forum Posts by: R.J. Petrillo

Looking at some properties around there and it seems to be the norm to have a cesspool in a few towns (WW, Coventry, NK/SK)

Any immediate watchouts or gotchyas / red flags?

Hmm. I don't have any specific info/experience with W. Babylon, , but at least it isn't Brookhaven - which is among the worst on the island when it comes to this stuff.

Sounds like you might need to apply for a variance or exemption. Reach out to your local state senator/rep perhaps to inquire? Usually they have offices of constituent aid or constituent services or what not that might be able to point you in the right direction. 

What town? And are you in Nassau or Suffolk?

Some will make it easier than others, but all will make it difficult.

Good luck!

Been trying to educate myself on ADUs to potentially add an apartment to an existing property or to have in my back pocket when evaluating additional purchases.

RIGL 45-24 covers ADU stuff, and I know they relaxed the laws a little back in 2017 or so, and then again in 2022 (removing the family member requirement).

I have at least one property zoned B-1 or B-2, which theoretically should allow for the creation of an ADU. I'm currently also evaluating some properties currently in Cranston and Warwick (zoned appropriately as well), and was wondering if anyone has been through the process of adding an ADU or doing a garage conversion?

Hi Yeury! Happy new year and congrats on your purchase!

We have a MF here in RI as well. Did most of the work myself in most units, but am in the process of a more heavy reno on another one of the units that I am contracting. I do a lot PM work for my W2, so I have no issues managing multiple contractors schedules and timelines, but that's my experience.

I've gotten recommendations primarily via word of mouth mostly but also have done a decent bit of hiring through Thumbtack to be honest. I can send a few recos your way for sure if you'd like.

For the more costly/advanced/difficult work (electrical, major plumbing, complete flooring) I've signed agreements, but for the simple stuff it has been emails/texts/handshake agreements. Not the best methodology, but if I get burned for a few hundred bucks I can live with it.

Get a few quotes/bids before doing anything for sure, in my experience there haven't been any real drastic differences between the various bids (all within $500-$1000 or so of eachother)

Good luck! What area is your new purchase in?

I've gotten to the point where I think it's best to have someone else handle the tax side of things - we are starting to get a little complicated, and will only get worse from here on out lol.

I've previously taken care of everything myself when it was only 1 or 2 doors, operating as a sole prop, but now I have enough properties and have been doing a decent amount of reno/rehab to warrant 1099s going out and all that jazz - I figured it was time to find someone well versed who can handle such things instead.

Any recomendations folks? TIA!

Personally I prefer condos as an out of state investor because it eliminates a lot of the headaches from a maintenance standpoint, but you have to be really careful with HOAs from a renting permissions standpoint, and a fees standpoint

You pay for piece of mind while you gain equity slowly. Not great for returns, but in my experience great for a handsoff and "passive" investment standpoint. 

I've been looking for some new opportunities in that area myself for a year or so now.

Also, a lot of the ones in Kissimee and Orlando have high fees because they are zoned for (outside of Orlando proper) or allow STRs, so I would eliminate them from your search unless that's what you are going for.

I'm assuming you are planning on running STRs/AirBnBs?

Thanks Matt & Raymond. I'm continuing to hit the metaphoric pavement so to speak - reaching out to more folks until someone at least will process an application - but it seems official policy is to not process mortgages for investment properties. Two of the bankers I spoke with even said they themselves were unable to get mortgages with their own employers for deals they were looking at - they were not forthcoming as to who they did ultimately go with - but they did let me know that it was for in-state properties, and likely would not aid in out of state purchases.

Fingers Crossed. I've funneled down >50 deals into 2 or 3 that seem worthwhile. Would love to be able to put in an offer on at least one of them this summer.