Buying my first Small Multi in Providence - feedback/resources?
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!