All Forum Posts by: Sam Albert

@Gawaine O'Gilvie Rhode Island is a great place to start, especially once more inventory becomes available. ROI is good on 3+ families. The average price of a 3 Family is about 350k. However, you can go to areas such as woonsocket or central falls and get properties cheaper than the average.

There are a fair number of good property management companies here as well. Let me know if you have any other specific questions.

@Sohaib Mannan 100% the Realtor’s Job.

Good move extending the rate lock / closing.

@Ian Walsh agreed.

@Reggie Desir send me a message I send you some names

@Sohaib Mannan

Congrats! Always get an estoppel or ask your Realtor to have the “confirmation of rental terms” form filled out. He/She can find that form in instant. (A RI Realtor will know what you mean)

I have this form filled out for any and all multi units, so that there are NO misunderstandings regarding the security deposits (or lack of security deposits), and so you’re on the same page with the tenants regarding all of the rental terms once you close on the property!

Also if there are repairs that the seller agreed to make, then there should have been a “Repair Addendum” executed. There is a place on the addendum that you have to sign stating that the repairs have been completed to your satisfaction. Ideally, you should do a final walkthrough the day before closing to ensure everything is in order. If all the repairs have been completed as agreed, sign the repair addendum stating that. On your way to closing you should do an exterior walkthrough once more.

Hi, I can't think of any negatives / cons to Edgewood. Highly desired community, diverse, centrally located, and rents are amazing. However, you're going to pay a pretty penny to get something in that area right now, especially a multi.

I would just crunch the numbers extra carefully. You don't want to overpay in an area that is generally already high.

@Isaac D. RI is great, given the high prices nationwide. Look into Woonsocket... It’s often forgotten. The supply here is super low though!

@Eric Chauvin credit unions would be the way to go here. Or private financing, but just make sure you’ll be able to refi afterwards

@Patrick Hughes it’s hard for buyers right now, in RI. As of this morning, there are only 289 (2-4) units listed for sale and available in the entire state. There’s very little inventory, and thousands of buyers. Interest rates are low and RI is offering incentives to purchase. Therefore, people are motivated and everyone is being aggressive (often time over aggressive) on offers just because they’re sick of looking.

So just know you’re not alone! My advice is to be patient, and work with an agent who is PROACTIVE, has a great relationship with other agents (hears of deals before they hit the market), and I would also encourage you to look at some deals that have been on the market more than 30 days. If they’re not a complete dump, it may be worthwhile to look at those properties, as the owner may be more negotiable.

Best of luck, use me as a resource if you wish to!

@David Emerson Hi David! Welcome to BP. May I ask why you want to have a co-borrower?

As for some quick tips for buying in PVD... I like to say: it’s a very “Street by Street” city. You can’t shop by zip code or really neighborhood. For example, take the 02908 zip code. You have Providence College, but you also have Chad Brown Public Housing just 1 minute away. There’s a fine line and boundary as to where students will rent or not rent. It’s important that you REALLY understand the different parts of providence and understand how to buy a property in the “right” area.

I also recommend being patient! It’s a super competitive market with very little inventory. Be patient and do NOT force anything. Don’t overpay right now, especially with the uncertainty of market values. A good deal will come.