RI Support Team

11 Replies

Hi All,

I am a new prospective investor in the Rhode Island area and am looking to put together a solid support team to help me achieve my investment goals. Specifically, I am looking for a Real Estate Attorney, CPA, Real Estate Agent and Property Manager. I would like to use professionals that are experienced dealing with real estate investors. If anyone has any recommendations it would be greatly appreciated.

Thanks!

Jason

Jason, I'll send you a private message with some names. I'd also recommend that you check out a local real estate investment group.

I'm familiar with one in RI, the RI Real Estate Investor Group (RIREIG) but there may be others, and Massachusetts has several (e.g., Black Diamond REI out of Worcester/Waltham).

You can Google either of those of course, but I know the next RIREIG meeting is April 17th (3rd Thursday).

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I agree the CPA doesn't need to be in RI. But ideally you'd want one who already has some RI clients with real estate, as RI has become a lot more tax-unfriendly to investors in the past few years.

For example, they eliminated itemized deductions in 2011 (http://www.investmentnews.com/article/20110327/REG/303279975) and also started treating capital gains as ordinary income around the same period (http://voices.yahoo.com/elimination-preferential-tax-treatment-capital-6915746.html).

That said, one of my more experienced real estate friends in RI seems to be having great luck with someone out of Ohio. I'm not ready to switch yet myself, but I agree the CPA doesn't necessarily need to be in the same state.

Originally posted by @Jason King :
Hi All,
I am a new prospective investor in the Rhode Island area and am looking to put together a solid support team to help me achieve my investment goals. Specifically, I am looking for a Real Estate Attorney, CPA, Real Estate Agent and Property Manager. I would like to use professionals that are experienced dealing with real estate investors. If anyone has any recommendations it would be greatly appreciated.

Thanks!

Jason

Great way to approach investing.

Well done.

Its is how I started a few years back. There is no point of being a jack of all trades. It's better being a master in managing people lollol

Thanks for reading and have a great day.

Thanks for the responses everyone! Lot's of useful information, you can never have too much of that!

@AnthonyThompson, thanks for the list of contacts and the information about the RIREIG. This has been something that I have been looking to find, and plan to attend the meeting on the 17th.

@AnnBellamy, thanks for the advice about the CPA. I am most likely going to go with a local CPA to start off, mostly because I like to meet face to face. I also have a background in accounting, so I am hoping this will help.

@EngeloRumora, this is exactly how I feel about starting out. I know that as time goes on and my experience grows I will feel more comfortable doing things on my own, but to start I want to make sure things are done correctly. Margins may be skinnier in the beginning, but my end goal is to build a sustainable model and benefit from economies of scale, just need to get things off the ground!

Originally posted by @Jason King :
Thanks for the responses everyone! Lot's of useful information, you can never have too much of that!
@AnthonyThompson, thanks for the list of contacts and the information about the RIREIG. This has been something that I have been looking to find, and plan to attend the meeting on the 17th.

@AnnBellamy, thanks for the advice about the CPA. I am most likely going to go with a local CPA to start off, mostly because I like to meet face to face. I also have a background in accounting, so I am hoping this will help.

@EngeloRumora, this is exactly how I feel about starting out. I know that as time goes on and my experience grows I will feel more comfortable doing things on my own, but to start I want to make sure things are done correctly. Margins may be skinnier in the beginning, but my end goal is to build a sustainable model and benefit from economies of scale, just need to get things off the ground!

Thanks Jason,

Even moving forward when you have more experience you should still outsource everything you can to others.

Always focus on the bigger picture and growing the business.

Is your time really worth $10 an hour painting? haha

The only thing needed is to have good people skills.

Thanks and have a great day.

@Jason King

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers. In addition to those mentioned Rockland and Taunton are also good. In RI say hi to my good buddies Craig and Don.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP's newest book here some good due diligence and REIA info in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Originally posted by @Jason King :
Hi All,
I am a new prospective investor in the Rhode Island area and am looking to put together a solid support team to help me achieve my investment goals. Specifically, I am looking for a Real Estate Attorney, CPA, Real Estate Agent and Property Manager. I would like to use professionals that are experienced dealing with real estate investors. If anyone has any recommendations it would be greatly appreciated. Thanks!

Jason

My partner and I can assist you with the RE agent aspect in RI.

I can also recommend a lender in RI:

Jerry Margulies 508.838.9238 [email protected] (Tell him Robert Adams from Sankey Real Estate referred you)

If you need an inspector in RI I recommend:

Tom Watson 401-232-5445

I hope this is helpful.

Hi Jason,

My name is Gregory J. Rice and I am the Leasing Director at Nexus Property Management. We are a full circle realty investment, leasing, maintenance, and management company located in Pawtucket, Rhode Island. We don't do sales; strictly rentals. We currently service hundreds of residential and commercial units in Northern Rhode Island and Southeastern Massachusetts. We are licensed to purchase real estate in RI & MA. As of today we have a vacancy rate of less than 1% (.045 to be exact). We offer all of our tenants and owners their own online portal to take care of all issues. Tenants can pay their rent online, file maintenance requests, view their lease related documents, and also chat with our staff live 24/7. The owner portal allows owners to approve/deny work orders, make owner contributions, chat with our staff live 24/7, and also view tenant related documentation. We consider our service to be the most efficient, fluid operation in New England; possibly the entire country.

I recommend you take a look at our "NVest" page for further details on our services:

Nexus Property Management NVest Program

Thank you kindly,

Originally posted by @Jason King King:
Robert,
This is very helpful, thanks so much. If I reach out to any of your contacts I will be sure to let them know who sent me their way!

Jason. good luck with everything. Let's keep in touch for future business. Let me know if I can help with anything else!