Has anyone on BP invested in Providence, RI?

Question

I live in MA, but am looking to purchase investment real estate in or around Providence, Rhode Island due to lower pricing compared to MA, and close enough for me to drive to.  Does anyone on BP have experience in this market? Pros? Cons?  Any information is greatly appreciated.

Mike Hurney · Answer

Hey Brian and Family!
I'm not sure if you noticed there are a lot of Condos between Beverly and Providence?

I've looked at many opportunities in RI over the years and none I actually pulled the trigger on.
A fellow Landlord in our Association did very well. The neighborhood he invested in, required him to collect cash rents weekly.
I asked why he didn't take checks?
He said none of his Tenants even had checking accounts!
(not representative of Rhode Island at all)

I'm sure you've done your due diligence (research Income, Appreciation, Crime, etc) on the area you are looking at!

Good Luck Investing and see you soon, Mike
I asked why don't

Brian Ortins · Answer

Thanks Ann for the advice!

Ann Bellamy · Answer

I have done loans in RI and we have unfortunately had to foreclose in RI - Providence, actually.  We no longer work in that market due to many factors, but the tenant base and the laws are two of the factors.  It seems similar to the Springfield MA market to me:  first to nosedive and the last to recover.

The area around Brown University would be an exception to that, but unfortunately it wasn't worth maintaining an infrastructure to support an occasional deal.

I leave RI to those in RI, there is definitely opportunity, but you need to KNOW THE NEIGHBORHOODS and the players and the laws.  I suggest you either specialize in RI or stay out of it, I don't think there is a halfway point.

Just my 2 cents, and I'm sure there are plenty of people who invest in RI and would disagree.

Colleen F. · Answer

Brian, I'm in MA too but our rental is in RI. For RI, there is the non-resident landlord registration and the other RI issue is the lead laws are stronger. We are just now working on a multi-family and the lead will come in to play.  I don't know providence we rent to URI students in Narragansett. RI.  Student market is different in many ways then regular rentals. you get a little of student market in providence too I think.

Brian Ortins · Answer

Hi Matt, thanks for the referral. I will give him a call.

Matt Stoker · Answer

Brian, please give me friend a call. He is a bigshot in the RI market. 
His name is Richard Berlinksy http://www.linkedin.com/pub/richard-berlinsky/11/241/b86

Please PM me if you would like his direct contact #