All Forum Posts by: Sean Doherty

Saturdays or Sunday are best for me. I'm Available during the week but not till after 6 

@Charlie MacPherson Do you have any plans on doing a meetup in Plymouth anytime soon?  

I'm also new and still looking for my first house hack deal so the more experienced members can hopefully validate my info or correct me if I'm wrong but when it comes to Pawtucket I think the biggest draw is its proximity to MA and the Attleboro T station.  As far as I understand the Darlington area is one of the better areas and the Fairlawn and Woodlawn areas are places that I've been told to avoid. I was told to avoid these areas by my real estate agent and also a neighbor to a place I was looking at in Darlington but I have not spent a lot of time driving through those neighborhoods myself. There are more areas in Pawtucket to explore than those three but I don't know much about them yet.

I'm not sure what effect if any at all it will have on Pawtucket but some current news in the area is the Pawsoxs are leaving to move to Worcester in the next few years.

Good luck on your deal, I hope it works out for you.

@Anthony Thompson   I had a suspicion that they're tougher areas. I came across a couple properties that I thought were worth a little more of a deep dive but I didn't get much info from the clerk I talked to at the Police Department so I figured I'd reach out to the BP community instead of just relying on Trulia's crime maps. Thank you for your detailed response. 

I'm looking for insights on the Silver Lake area and Upper South End area of Providence. My goal is to house hack a small multifamily. If you own a rental in either if these areas I'd love to hear about your experiences. What class of tenants are you getting? Do you think it's safe? Are either of these areas "up and coming" or going down hill? Do you think there's good amenities like restaurant/shopping near by (upper south end seems close to downtown providence so I'm thinking that may be a positive and make the area more convenient)? I've driven them both during the day and they seem a little crowded with multifamily houses and overall busy but I don't think that necessarily means they're terrible areas full of bad tenants. I'd like to get other people's opinions as well. Thanks for any insights you can provide

Welcome to BP. Are you looking to buy and hold? Just a quick thought, you might be able to do a house hack near your school which could cover your housing cost and make college a little cheaper. 

In addition to renting out the other units since your still young and in college, renting out any extra bedrooms in your own unit could be a good possibility and provide more cash flow. I wish I did something like that when I was in school 

Good luck on your journey.

Sean

Hi Raymond, I've been trying to find a small multifamily in Rhode for my girlfriend and me for a few months now and still no luck. I have an agent and am on the MLS every day but I can't find anything worth pursuing. I like Brandon Ingegneri's analogy, at this point I think building relationships with people in the business is the most important next step for me. I plan on attending the RIREIG meeting this Thursday to start to meet some new people and focus on building relationships. Here is the link for some more info on the meetup https://rireig.com/meetings/

It'll be my first time attending so I don't have much more info to give about it but maybe I'll see you there.

Sean

@Al Murray @Anthony Thompson @Brandon Ingegneri @Kyle Brodwater

The state of Rhode Island requires the new septic to be installed within one year of the closing date. The property is currently occupied. 

I contacted the bank today and got some info.  The closing attorney would have to hold 1.5 times cost of the install in escrow and once the system was installed and signed off by the town any unused funds in escrow would be released to the seller.  Once the septic is installed I could then refinance to a new 203k rehab loan to make the necessary upgrades I want to make.

After reading through the links that Anthony provided I found out that if the town has plans to be sewered before Jan 1, 2020 and the cesspool is not failed then I may be able to certify in writing that the property will be connected to the new sewer system within 6 months of receipt of notification to connect to the sewer systems. I'll have to contact the town about there future wastewater plans on Monday. This would be a much cheaper option.

Thank you all for responding and providing insights and information!

HI everyone, I'm going to tour a property tomorrow in Rhode Island. It's a 4 unit in a location that I like. The issue is the property currently has a cess pool and needs a septic in order for the seller to actually sell it but apparently the seller doesn't have the money to install a septic, he wants to use the money from the sale to do the septic. Is this even possible? how's he going to get the money from a sale to install the septic if he can't make a sale until it has the new septic? I originally wanted to use a 203k loan on a property i could house hack but I'm not sure if that will work here. Is there anyway I can get this property under contract/purchased with a contigency that the seller has to use the money to install a new septic? What are some financing options I could use in this situation? thanks for your help there any way I can structure some financing to

@Edward Bethea welcome to BP! I'm also a new member trying to find my first rental property. I'm focusing on a buy and hold strategy in hopes to create cash flow and have an early retirement from my current career. I think you'll find BP to be an invaluable resource. 

I started by listening to the podcasts and reading the blog to get an intiail understanding and some direction on the first steps I needed to take. Then I became a pro member mostly to gain access to the BP calculator's (if you attend a webinar you might receive a discount code for the pro membership at the end). From there I started searching for and analyzing small multifamily properties and have began posting question in the forums. The responses I've got in the forums have been outstanding. My experience so far has lead me to believe this community is the best place for any new investor to be. The members here really do reach out and provide insights that can be very helpful.

Being new to REI myself I don't have much experience or huge amounts of knowledge to provide yet but my suggestion would be to post in the forums and stay active in the community.

Good luck on your journey.