New Investor in Rhode Island

[Brett Prescott]

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!

[Anthony Thompson]

@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 :)