New to Real Estate · Member since 2022 · 2 posts · 0 votes
I grew up in RI and have family there. I moved to Miami and have been living here for 6 years now. I am trying to buy my first investment property and am considering moving back to Rhode Island since real estate looks more affordable than FL. Is Rhode Island a good place to invest in real estate at the moment? Anyone on this forum have experience in investing in Rhode Island? If so, what cities/towns do you recommend? I have done my research but would like some advice.
I grew up in RI and have family there. I moved to Miami and have been living here for 6 years now. I am trying to buy my first investment property and am considering moving back to Rhode Island since real estate looks more affordable than FL. Is Rhode Island a good place to invest in real estate at the moment? Anyone on this forum have experience in investing in Rhode Island? If so, what cities/towns do you recommend? I have done my research but would like some advice.
Hi Linnette, I run the local RI REIA (RIREIG). Rhode Island is an easier place to invest than say Miami because the amount of money to get started is less and there is a better chance to CashFlow. Miami has had better appreciation. I like Cranston, East Providence, and Pawtucket. Part of your decision involves if you are going to owner occupy the property.
Hi @Linnette Nunez , I’ve been investing in RI since the mid-2000s and would say that if your choice is between FL and RI, to be honest the demographics and trends heavily favor FL. Many more people have been moving south including to FL, compared to RI and the northeast where people have been generally leaving for other parts of the country.
If you must invest in RI because it’s more affordable to start with, Cranston, Pawtucket and many other towns in the upper part of the state (closer to Boston) like East Providence and Cumberland, are worth looking at.
But current trends indicate your money will go much further (more appreciation) if you invest in FL and other areas where jobs and population are migrating, then RI/northeast where they generally aren’t.