To Buy or not to Buy in RHODE ISLAND

Member since 2025 · 1 post · 2 votes

I currently live in Cape Cod Massachusetts. I make like $50,000 a year. MA is so so expensive I'm pretty much completely priced out of any areas that make sense. With a co-signer and a 20% down payment I'm thinking about buying a $300 - $400,000 home or condo and house hacking it.

What do we think. I'm a bit nervous because the tenant laws in RI and the overall population and set up of the state.

do we think RI will keep appreciating and how fast?..... good move or not

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Robert Frazier
Boise, ID · Member since 2020 · 84 posts · 87 votes
1y
I think having a rental within driving distance, where you can afford it, in a market that will grow long term....this is the starting place.
Whatever you buy today you'll be glad to have in 5 years or 10 years.
Start where you can and grow from there. Taking action is the most important thing.

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Mekkel BlanchardBusiness Member
Realtor · Taunton MA · Member since 2018 · 39 posts · 20 votes
1y
I would say always be prepared to take action should an opportunity for house hacking come up! I’ve house hacked in both Ma and RI over the last 5 years and now help buyers do what I have been able to do by creating passive income. I think RI will continue to appreciate and over time as you(tenants) pay down the mortgage creating more equity. Down the road as you build equity you can pull it out to buy more real estate. Let’s connect!
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Tyler MunroePro Member
Boston, MA · Member since 2017 · 89 posts · 42 votes
1y
RI or NH seem like solid options these days as a Boston alternative. If you consider going north, the Manchester market has been seeing some extraordinary gains (similar for RI, though). You may be able to get into a reasonably priced house hack in these markets and benefit from some nice appreciation. If you have the ability to relocate, I think house hacking is a tried and true strategy for any new investor.
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Joe Rodriguez
Real Estate Agent · Melrose, MA · Member since 2016 · 99 posts · 41 votes
1y
@Megan Boyle I personally love investing in RI. I grew up in RI but moved to Boston for college and have been in the Boston area for 15 years. Due to prices, I started invested in RI in 2019 and now have 4 multi family properties.
I would ask, why 20% down and not 3.5% (FHA) or 5% (Fannie Mae) if you up on occupying the home? Save that down payment money you mentioned or go for a multi family at a higher price than the single but have rental income.
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Colleen F.Pro Member
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
1y
@Megan Boyle The parts of RI equivalent to what you may have on Cape Cod are probably similar in price. If you want to be close to the water etc. I would say MA laws vs RI for renting each have their own challenges. RI lead laws may be something to keep in mind for your purchase. (wood windows/wood siding) although that may not be much different than MA. Even though RI is a small state you want to be aware of the differences in cities and towns same as you would in MA. I would say depending on what you do jobs can be less plentiful in RI.
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Jimmy MurrayBusiness Member
Investor · Warwick, RI · Member since 2013 · 220 posts · 119 votes
1y
@megan boyle For the price point you are targeting we have had good luck in Eastern CT. I own 19 properties in Rhode Island and have found the Eastern CT market to have Rents just as high as Rhode Island with property prices 60% less and taxes 50% less. Generating a way better return on Investment.
[email protected]401-829-1533
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