HeadQuarters / Rooms for rent

2 Replies

Investment Info:

Single-family residence buy & hold investment in Coventry.

Purchase price: $255,000

6 bedrooms
3 bathrooms
brand new hardware and appliances
spacious kitchen and yard
half finished basement

Currently living in it with a roommate/business partner

What made you interested in investing in this type of deal?

needed a place to live and call home that is big enough to grow into or rent rooms when/if needed.  

How did you find this deal and how did you negotiate it?

after several months of looking at places with a RE agent. Property sits on an abandoned road and property line is misleading to what the property looks like. I knew after purchasing it I could petition the town to relinquish the abandoned road (disguised as my driveway) to me as they do not maintain it and is the only access to the house. I am hoping this will pay off in property value and equity when I re-finance in the near future.

How did you finance this deal?

20% down traditional mortgage

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Robert Crudale of Remax in Rhode Island i would highly recommend.

Darin, congratulations on taking action and acquiring this property, especially if it was your first.

Even better that you were able to put 20% down - that should provide a good cushion in case the market turns, rents fall, etc.

I really like your unusual angle on the abandoned road and the property line. Were you able to get the town to approve your proposal?

@Anthony Thompson thanks for the kind words! guess i didnt see your reply till just now.. this was my second property still in the process obtaining the extra land. I have a letter sent to the town manager after many attempts to visit them they need something in writing. Apparently towns dont like to maintain abandoned roads unless they absolutely have to.. considering it is the only way in or out of the property it is their duty to perform maintenance  like snow removal and fixing un passable ruts/pot holes etc. They haven't been doing that I am forced to and they haven't been collecting any tax on that section of land for years. With me maintaining the road and offering them more tax dollars for the unforeseeable future should be enough for them to relinquish it me. Will update this post when the time comes. 

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