Hey BP Fam!

I am a Boston-based agent and investor, looking to purchase my first small multifamily in a Boston submarket. I love Providence because I know of many people who commute from there to Boston, I have family there, and I would consider living there for a while if it came down to it. I think it's a beautiful city especially around the downtown area, and while the potential drop in student rental demand concerns me, I still think it's worth investigating further.

I've spent the past week analyzing almost everything on market (skipping a handful of obviously overpriced properties). Out of 61 properties I took the time to analyze, I found 6 which look great with my pro-forma (12% or greater CoC after reserves), 8 that look good (8-12% CoC after reserves) and one or two that pique my interest even though they only clock in between 1-8% because I think there's upside.

I'm looking for agents, wholesalers, and other buy and hold investors to talk to about the market or talk to me about off-market properties, and would absolutely love to chat with anyone who's interested.

I'm happy to discuss my process further with anyone who's curious about that as well!

Cheers!

@Alexander M Stanton

Nice to meet you! I think it’s a great idea to get started and the uncertainty in the market can certainly be an advantage.

I don’t have personal experience with Providence, although I tend to agree with your points that it is a strong market on its own, and also has great proximity to Boston. Personally, I believe the student concerns will be very short term, and off-campus housing could be in greater demand to avoid living in shared dorms.

Anyways, best of luck and congrats on getting started!

@Alexander M Stanton I'm always happy to talk about the RI market, and can also direct you to a few other helpful folks (including agents) who are also active in it.

In general it's hard to pursue off-market deals today from wholesalers if you're a new investor who would need a bank loan. Most wholesalers want to sell to experienced folks who are buying cash or with existing private/hard money.

However that doesn't stop you from pursuing your own off-market deals through marketing, which Bigger Pockets offers you plenty of resources to learn about.

Following along, would love to chat about the PVD market as it's something I've been trying to get more educated on. Would appreciate any insight into how you're thinking about it!

Thanks @Suraj Khasnavees , I just answered a similar post from you under the Providence investors: which neighborhoods are most promising? thread.

@Anthony Thompson thanks for the feedback, that's really helpful! Sounds like I need to build up my stockpile of cash and my network!