Hi all, I haven't properly introduced myself, I'm newish to BP. I already started posting without an intro, how impolite!!
I'm looking to add a buy and hold multi family property within a one hour drive of Boston so I can check up on it when I'm visiting home, which tends to be 2-3 times per year. My family could also drive by from time to time. Of course I'd use a property manager but I like the idea of being able to get to the property without jumping on another plane. So Providence is coming up on my radar for a number of reasons.
If I let go of that stipulation, then I will just go turnkey in some of the midwest/southern markets being discussed on BP.
In the past I've done a strategy of buying in fringe areas that then catch up with their neighbors. I imagine this happens slower outside of the very biggest cities, but don't want to rule it out in Providence.
I'll be attending the RIREIG next week, barring poor weather as I'll be coming down from the South Shore, MA.
If I progress in Providence, I'll need the whole team (property manager, attorney, accountant).
However I haven't found any particularly cash flowing stock yet. Will be interesting to discuss the current market with anyone who attends the meeting. I know it's right before Christmas, but I'll be back again in mid Jan.
I'm learning about the out of state tax issue and have seen prior posts about the unique factors of RI landlording. But don't want to deep dive on research if there's no stock anyways. I recognise that it's winter so that's likely suppressing inventory a bit.
Thanks and look forward to meeting you!
Hi Jennifer, welcome to BP!
I have a friend that worked with an agent from RI and he really liked it. His name is Steven Gilikin and his website is http://www.sell-homes.com/
He also has a monthly newsletter http://www3.realtytimes.com/226/stevegillikin.
I hope that this will help.
Hi @Jennifer Stillman Welcome to BP!
I'm an active member of RIREIG and will see you at next weeks meeting for sure.
Investing in the fringe areas in Providence may prove to be a bit of a difficult endeavor but could produce solid returns in the future. There are other areas of RI that may prove fruitful for you as well.
I live in Rehoboth, MA myself, not sure where you live in the SouthCoast but would be open to grabbing coffee some time.
P.S. Can't believe I responded before @Anthony Thompson on a post about RI ;-). He's our local expert for all things real estate.
@Anthony Thompson I knew it was too good to be true!
@Bianca Carmo , @Jim Murray , @Anthony Thompson , many thanks for your helpful feedback. Yes I've paused on asking new questions because I may have a tax problem back here in the UK which is my primary residence. I'm waiting back from my accountant here. Don't want to be a total time waster.
When housing becomes exorbitant and budgets get pressured, many weird things can happen and over here they just greatly reduced the deductability of mortgage interest. This may extend to my US income potentially unless I pay a 30k non domicile fee. So as excited as I am about Providence's great architecture, restaurants, proximity to sailing hubs and livability, I don't think it's good enough for me to pay that fee :)
Hopefully by next week I might have sorted this one
Hi all, just a quick note to say the RIREIG meeting last night was super useful. Jim, sorry I didn't find you to chat but hope to meet you next time I'm at the meeting. Happy holidays!
@Jennifer Stillman I think I saw you in the crowd but did not get a chance to say hello; glad to hear you found the meeting useful though, and happy holidays!
@Anthony Thompson , thanks! We can connect next time. I learned some great info about scaling up from 6 to 100 units. I loved the stories on sourcing deals as well.
Unfortunately I heard back from my UK tax advisor and I can't deduct mortgage interest from income unless I buy via an LLC or pursue a furnished holiday rental. No idea why they are using the tax code to incentivize holiday rentals but not normal rentals.
But with all the crackdowns on Air BnB that route seems a bit politically risky as well. So I'll be looking into commercial financing now and setting up an LLC. The only silver lining is I can deduct those high RI property taxes...
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