New Investor in Rhode Island

13 Replies

Hey everyone! I’m new to bp and new to real estate. Fresh out of school, I just purchased my first duplex at 22 years old. While I am currently house hacking with this property I am always looking forward to find the next best opportunity. Being this young and this green to the market I’d love to hear any advice that anybody has to offer to someone like me who is starting early and trying to get that snowball rolling!

@Brett Prescott Welcome to Bigger Pockets! If you haven't checked them out yet, the BP Podcast is excellent. Also you may wish to check out local investor groups such as Black Diamond REI in southern Mass and RIREIG in Rhode Island.

Since you just bought your first property, I would recommend taking at least 6 months, 12 would be better, learning how to be a landlord of your first rental unit before acquiring another one.

Learn about renting a unit out, tenant screening, collecting rent, repairs, capital improvements, handling moveouts, etc. And take the time to familiarize yourself with your landlord-tenant laws and other real estate laws & regulations (there are plenty! for example lead paint inspections/disclosures...).

I would also recommend networking with others who have also recently bought their first or second rental property, getting together with such folks for coffee to mutually support each other. And actually, the BP Ultimate Beginner's Guide is a great resource too.

Hope this helps, and again welcome to BP :)

@Brett Prescott Welcome to BP! I would recommend listening to the podcasts as much as possible, digging in the forums, and joining a local REIA. House hacking is a great way to get into investing. You are already farther than others! Ask questions and explore to see what you would like to do next. There are many different ways to invest in real estate.

@Brett Prescott , congratulations on your purchase!  The learning experience you will get being a landlord will be worth it's weight in gold for your next property, and the next, etc.  I'm local to the area as well and willing to chat RE anytime.  Good luck with your investing journey!

@Fan Bi Hey thanks! Initially I was looking in a select few areas in Rhode Island because RI Housing offers down payment assistance if you buy in said areas. I purchased my first in Cranston and as much as I’d like to stay around my house now for the convenience factor I would consider buying elsewhere if I could find a good deal.
@Brett Prescott Hi Brett, half the battle is just getting started! There is a great investors group that meets in Warwick on the third Thursday of each month. You can find all the information about them at www.rireig.com. They are a great group to learn from, and they don’t try to sell you anything. I am always open to meet to talk about real estate. Good luck! Marc
@Brett Prescott take every extra penny and get that thing paid off by your 30th birthday. Whether you buy 100 properties by then or none until it is paid off, you will be able to grow expenentially once that payment is gone. You will have endless options to do whatever you want free of the rat race. No move you make in real estate will make as much of an impact as paying that off.

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