I have read many posts and articles about certain "rules" you are supposed to follow in real estate investing. For example the 2% rule, 1% rule, aiming to achieve a certain cash on cash ROI, etc. It seems like location dictates which rules investors follow based on local market conditions.
What rules are investors in Rhode Island following? How much do these rules factor into your decision making when hunting for a deal?
There are no rules , what works for one person may not work for another .
@Calvin Matthes There are no special Rhode Island specific rules that I'm aware of - all of the rules you mentioned, and others, work just as well in RI as anywhere else.
They're all rules of thumb that you can use to determine if it's worth spending a lot of time investigating a potential deal, or just pass on it and move on to something else.
Actually as I think about it, maybe there is one Rhode Island specific rule: Generally, no one in RI (unless they're a recent transplant from another state) wants to drive more than 15 minutes in any one direction ;)
Yeah but that 15 minutes gets you from one side of the state to the other, no? :-)
My college buddy is from Cranston (lives in West Warwick now)! I’ve been considering flips there. Love RI!
@Richard Galdieri Yes, absolutely - unless you stop at one of the several Dunkin’ Donuts you’ll pass along the way :-)
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