All Forum Posts by: Tyler Fontaine

I could be wrong, in fact I often am but I believe you only need to pay capgains if you dispo the asset within 12 months of purchasing it.

Hey Collin, I currently have a 3 unit in Cranston and live locally. I work with a team of pros who property manage, own their own properties, flip homes, and have a good knowledge of the providence market. 

Feel free to message me, text me, or email me and we can connect to discuss where you're at in the process. Our buyers agent Darwin and myself can help you come up with a plan. :) best of luck man.

Here to help.

1) Get your contractor/electrician/plumber to see what you HAVE to do to remain within code requirements and meet those at a minimum. Also, look at what it will cost to bandaid it or to replace the whole thing. If the price to replace is within budget I'd do it because you're putting out a newer/safer/more reliable product.

2) Cost to replace the entire systems is tough to gauge without knowing the building size and style... Will all the walls be open? Is any of it salvageable? Are you changing layout and have to move drain lines, gas lines, water lines to new locations?

3) Yes you will have to replace it eventually.... When is the better question? I dont think the n acceptable answer would be 6 months after you sold it. We try to put out a good product that new owners are happy with. Ask your people the lifespan of the old stuff and then go from there.

Dude happy to have you here. I love seeing people get into the game. Definitely use BP for the networking capabilities and resources. Join your local REIA and attend the meetings, get out to networking events, and introduce yourself to people in the game.

Also set a goal for your first investment. What kind of investment/style of property, price point, general locale, asset class, gross cashflow minimum per door or building, and by when will you purchase?

I have a friend whos in NH that has 80 acres and is building his dream house then wants to build a version of what your talking about here. This is a huge under taking.

You're going to want to first see if the municipality will even entertain you building STR's in their jurisdiction.

If yes, you will need the land surveyed to find lot lines and see whats possible to build. 

You will need architectural and engineering plans for the builds.

One of your other main points of diligence from the beginning is going to be how will you get water, power, sewer/septic, and potentially clearing of trees and other land issues to get to build these properties. This can be a very costly and time consuming process involving multiple parties.

Then you will need zoning approval, permits, potentially an environmental test and so on. So this can cost tens if not hundreds of thousands before you even break ground on building.

Id get a great local realtor, a lender who specializes in these types of new con projects, an architect, an engineer, a builder/contractor who has the skills for a project like this, become close with the zoning department, the planning and building departments, the inspectors, and all your neighbors so you can have people on your team as you embark on this journey.

Kenny Smith in the above reply gave great steps to follow. I would also look at where your local Real Estate Investor Groups are and attend the meetings. Meet as many other investors as you can. Work for free, get coffee with them, learn, and get into the game as soon as you can.

One of your best options is to secure the deal.

Then you can call any numbers on bandit signs in your local market. Also, go to your next local REIA meeting and let the investors know you have a deal. Someone may be able to take it off your hands after that.

 It sounds like it could be a fair deal as long as all parties agree to it. Just make sure some sort of operating agreement is drafted and executed outlining whose rolls are what, who has decision making power to spend money on the asset, sell it, etc. this way you avoid conflict later.

Yea if you can put them together you can email them to me and Ill take a look at them with you. :)

You should be going to all the in-person networking events, your local REIA, etc and connecting with all the agents there.

Go to MLS and get the list of the top 25 agents for multifamily/commercial sales in your area. Get their info. Call them, get coffee, and then stalk them on social. Comment on their posts. Learn about them. Start to build those relationships.