New Investor in Providence – Looking to Connect and Learn from Local Experts

[Dylan Fraembs]

I’m new to real estate investing and just starting to dive into the Providence market. I’m excited to learn about the area, its opportunities, and the local investment scene. I’d love to connect with fellow investors, especially those who have experience in this market.

Whether you’re a seasoned pro or someone just starting out like me, I’d really appreciate hearing about your experiences. Any advice, insights, or lessons learned that you’re willing to share would be greatly appreciated. Also open to any networking opportunities, meetup groups, or resources you recommend!

Looking forward to connecting and learning from you all!

Thanks in advance!

[Anthony Thompson]

Hi @Dylan Fraembs and welcome to Bigger Pockets and real estate investing!

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.

I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.

And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.