All Forum Posts by: Sam Albert

@Nate Stitchell welcome, Nate! Feel free to reach out to me for any questions. I’m a realtor and investor here in providence.

Welcome, Anthony. Please do reach out if you ever have any questions!

Thomas, send me a message. I have a property that I'm selling on Amherst, with 7 beds. I can help you comp.

@Ethan O'Neill Welcome! I bought my first house right out of college, and the advice I would give is to purchase a multi-family right away. The sooner the better. By the time you’re 30 you’ll have so much equity in the home(s). I would also recommend asking different people the same questions! You’ll hear so many different point of views and understand the topic a little more each time. Don’t hesitate to reach out to me with any questions or real estate needs.

Welcome from PVD

I can kind've see where you're trying to go with this, and how studio apartments can get you higher rents than rooms. However, this seems like a lot of work, and it may not even raise the value of your home too much. If you're trying to put a kitchen/livable area in the basement you may run into a problem. (Trust me I have two properties with finished basements) But some of my clients have issues when I called to get a smoke certificate when they want to sell and the Fire Marshall makes them tear everything in the basement apart. Not fun for you, as a seller, and it can break your deal with the buyer. 

So I highly recommend keeping it simple. Rehab the property with nice countertops, cabinets, and flooring. Then rent out each room from 600-700. If you're looking for more income, buy another property.. and another one.. and then another one. Just don't go over complicating things.

Steven,

The short answer to this question is this. I would say, conservatively, the average sales price of a single family (in great condition/rehabbed/updated) in a good neighborhood of Providence right now is $210k-215k. For a Two Family $210k-230k. 

Generally you want to buy a house that needs work for no more than 65%-70% of that sales price. For Example. If you know a single family near Lasalle, once renovated is going to be worth $225,000. You want to buy it for $146,250. That's using 65% of the After Repair Value. 

I'll reach out to you in a Private Message if you want me to explain further.

Lissette, I'm going to Private Message you now. I work with a few Wholesalers who have new off market deals very often!

@Tyrell Yorke Welcome to BP! That's a true friend you have, that just saved you not just money, but from possibly being discouraged and disappointed.

I'm a Realtor and Investor here in Providence. I specialize in helping First Time Home Buyers. Feel free to reach out to me with any questions. I'll also send you a Colleague request as well.

Sure thing, I’ll send you a colleague request.