All Forum Posts by: Sam Albert

 I think you mentioned the wrong Sam. @Colleen F.

@Marquis Harris Facebook marketplace is really the only place you need nowadays. You’re going to get a ton of inquiries. Just make sure you have a good vetting process.

@Pat Chamara good morning. Best thing, in my opinion would be to get a second opinion from a proven Realtor in that area. I can send you a few names if you send me a message.

@Anthony Thompson thanks for catching that Anthony. Yes those numbers were 3 units.

@John Stanford Hi John, I’m a Realtor here in PVD, and know the city like the back of my hand. Is there anything more specific that you want to know?

To answer your question: the market for 3-6 units is really good in Providence. Although the average sales prices for multis has increased,($373,000 in 2021 compared to $315,000 in 2020), the ROIs have still remained steady. The issue is 3 units are tough to come by 4-6 units, are even tougher in Providence.

The approximate rent for a renovated 2 bed in Providence (from what I’m seeing) is $1300-$1400. For a renovated 3 bed, I would say $1350-$1500. This all depends on neighborhood and Area, of course. A 3 bedroom apartment in the middle of West End may go for at least $1800.

Let me know if you have any other questions! Providence is changing rapidly, and is definitely a solid place.

@Alan Lafontaine Hi Alan, if you're looking for the best approach to acquiring more units, the best answer is either 25% down on a multi unit with a conventional loan. The second option, would be acquiring a distressed property (if you can find one in this market), and doing the BRRR strategy. The last option would be a new construction, through a private lender, and then doing the BRRR strategy there as well.

Best of luck on your journey!

@Assad Oskuei I’m not sure if you’re on Facebook, but they also have a good Facebook group. They usually posted the virtual link in there.

“Rhode Island Real Estate Investors Group” on Facebook

@Johnny Ruiz this sounds like tax liens, tax sales, tax auctions?

@Jonathan Stevens it can work depending on the area.

College areas obviously work. The west End and East side of PVD as well. There are also a lot of non profit rental assistance programs for folks, and if you’re into that, it could work as well.

Outside of that I don’t see RI as being a decent place for renting by the room.

@Jacob DiScuillo hi Jacob, I’d love to get on a zoom with you and introduce myself and connect! Just send me a message!