Getting Going in RI: The Path to Grow Big Wealth in a Small State

Getting Going in RI: The Path to Grow Big Wealth in a Small State

Coventry, RI · Member since 2019 · 17 posts · 0 votes

Hi Everyone,

I'm pretty new to everything Real Estate Investing.  I'm turning 29 in a week and want to own a house before I hit the dirty thirty.  Have spent my life thinking more about stocks, bonds, and ETFs for investing in my future.  Over the past few months I have been looking into buying a house and along the way realized how well RE Investing (done right) can be used to grow wealth.

Currently I am on the search for a multi-family in Rhode Island for a househack.  From there I hope to grow my portfolio and would like to have 5 properties in the next 5 years.  My background is in marketing and bartending, along with years of random part time jobs.  I have my bachelors in Marketing from Johnson & Wales University.  Much more of the analytical minded side of things which is where the analysis part of RE intrigues me.  So far I love plugging in numbers and hypotheticals to see the profitibility of listings I see.

If anyone has any advice for a new investor or is in the RI area and would like to connect I would be more than happy to.  I have always been of the mind that knowledge is power so I try to absorb as much of it from as many different sources as possible, and since experience is the best teacher those of you who have been in this field already have likely seen many potential issues I may come across.

I look forward to connecting, chatting, and possibly meeting some of you.  Happy hunting!

-Warren

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Providence, RI · Member since 2018 · 29 posts · 409 votes
7y

@Warren West as many mentioned above the RIREIG is fantastic and since you won't be able to go tonight, I just wanted to mention that they have a beginner's class this Saturday, May 18th from 9am-12pm. I will definitely be there and it could be a good class for you too attend as a beginner yourself. Great networking opportunity! 

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  • Buy and Hold Investor · Cranston, RI · Member since 2013 · 1k+ posts · 1k+ votes
    7y

    @Warren West welcome to Bigger Pockets! I'm happy to connect with newer people like yourself offline (I am also of an analytical mind myself) and I'd also recommend attending a local group like RIREIG (meeting tonight actually) or Black Diamond REI.

    House hacking is a great strategy I recommend to all new investors as a way to ease into the business. Even if you don’t ultimate keep your properties as a buy and hold investor it’s very good to understand that side of the business.

  • Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
    7y

    Welcome. Long time RI investor here. There is a big meeting tonight in Warwick. 6pm Rhode Island Real estate investors group. I usually make every one but will miss it tonight.

  • Rental Property Investor · Cranston, RI · Member since 2017 · 171 posts · 158 votes
    7y

    Hi @Warren West,

    Welcome to the great big world of RE investing!  I would second the suggestion to attend the RIREIG meetings.  I've learned a lot at those meetings (and still do) and have connected with several people who have helped me along this journey.  You'll find that most of us love talking about real estate and most are also happy to meet up with you to chat about it.  You'll learn a lot from the seasoned investors, but you'll learn a lot from the newer ones as well.  I'm in the latter category and willing to meet up for coffee and sharing experiences. 

    Good luck on your journey!

  • Coventry, RI · Member since 2019 · 17 posts · 0 votes
    7y

    @Anthony Thompson @Frank Patalano @Nancy DeSocio

    Thanks all for the suggestion on the meetings.  Unfortunately, I actually have a job interview this evening up in Providence and wouldn't be able to make it to this one.  How often do these meetings happen and where would I go to get updates on things like dates, locations, etc?  I'm thirsty for knowledge.

    Also, happy to grab coffee and having a discussion with anyone willing to impart some knowledge, and who knows maybe I'll have learned something you don't know yet!  I do work every day of the week; however, am typically free weekdays after 5 or Sundays.  I am open to anyone that would like to reach out to me.

  • Rental Property Investor · Providence, RI · Member since 2016 · 59 posts · 39 votes
    7y

    @Warren West, welcome to RE Investing.  As my fellow investors said, you will get a lot out of the RIREIG meetings that we all attend.  They meet the third Thursday of every month at the Crown Plaza in Warwick.  You can find their web site online.  It has been an invaluable asset to me for all facets of RE Investing and Networking.  I too am a JWU grad and have been in RE Investing for about 7 years now.  RI has a great community of investors/mentors to network with.  I would highly recommend reading books on the subject as well, if you have not yet done so.  Bigger Pockets has some great ones, but there are some really great ones that most seasoned investors would recommend.  You can always IM me for some titles.  So welcome to the Investing market and I look forward to seeing you one day at the meetings.  

  • Member since 2018 · 11 posts · 6 votes
    7y

    Hi Warren - info on RIREIG can all be found here: https://rireig.com/

  • Providence, RI · Member since 2018 · 29 posts · 409 votes
    7y

    @Warren West as many mentioned above the RIREIG is fantastic and since you won't be able to go tonight, I just wanted to mention that they have a beginner's class this Saturday, May 18th from 9am-12pm. I will definitely be there and it could be a good class for you too attend as a beginner yourself. Great networking opportunity! 

  • Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
    7y

    The best advice that I can give you is to go out, dig up, and analyze deals. While going to meetups is beneficial, diving in and getting reps is the most efficient way to gain knowledge. I’m not saying to fire blindly, but building your back end team and working deals can’t be substituted. I am 34 and have been doing this for almost 12 years and I am still learning things on some of my deals that I wouldn’t have learned otherwise. 

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