New member introduction Rhode Island/Connecticut

New Member Introductions
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New member introduction Rhode Island/Connecticut

Philip KoutsaftesPro Member
Investor 路 RI 路 Member since 2026 路 2 posts 路 2 votes

Hey BiggerPockets! 馃憢

I'm 22, a recent Penn State grad, and I just relocated to the Rhode Island/Connecticut area for my first full-time job out of college. I'm currently renting on a 12-month lease, but I'm already looking ahead to buying.

I've got some savings and family support behind me for a down payment, and I'm ready to get into owning real estate, the sooner the better. I've been weighing a couple of paths: house hacking a multifamily, though I'd need to wait out my current lease before I can occupy a new property for FHA financing, or buying a single-family home to start building equity now and keep my options open for the future.

I'm still working through which path makes the most sense for my timeline and market, and I'd love to learn from people who've actually done. Please feel free to reach out and I am excited to be part of the community!

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Diana KhanPro Member
Attorney 路 10451 Mill Run Cir #755 Owings Mills, MD 21117 路 Member since 2024 路 631 posts 路 217 votes
3w
Quote from @Philip Koutsaftes:

Hey BiggerPockets! 馃憢

I'm 22, a recent Penn State grad, and I just relocated to the Rhode Island/Connecticut area for my first full-time job out of college. I'm currently renting on a 12-month lease, but I'm already looking ahead to buying.

I've got some savings and family support behind me for a down payment, and I'm ready to get into owning real estate, the sooner the better. I've been weighing a couple of paths: house hacking a multifamily, though I'd need to wait out my current lease before I can occupy a new property for FHA financing, or buying a single-family home to start building equity now and keep my options open for the future.

I'm still working through which path makes the most sense for my timeline and market, and I'd love to learn from people who've actually done. Please feel free to reach out and I am excited to be part of the community!

@Philip Koutsaftes, I like that you鈥檙e looking at both options instead of feeling like you have to rush into one. A single family home and a multifamily house hack can both be good starting points, but they give you very different experiences as an owner. If you go the house hacking route, I鈥檇 make sure you鈥檙e comfortable not only living next to your tenants, but also taking on the responsibilities that come with being their landlord.

I鈥檝e worked with newer investors who were very focused on finding and financing their first property, and then realized there was another side to prepare for once tenants were involved. Things like the lease, the condition of the property, title issues, and understanding your responsibilities as an owner are much easier to think through before closing than afterward.

You鈥檙e getting an early start, @Philip Koutsaftes, and it鈥檚 good that you鈥檙e using this time to learn before making the purchase. I鈥檓 a real estate attorney and investor, so I see a lot of these issues from both the legal and ownership side. Happy to stay connected as you work toward your first property.

[email protected]240-266-0291
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  • Brad SeidBusiness Member
    Lender 路 Licensed in 28 States 路 Member since 2026 路 187 posts 路 58 votes
    3w

    @Philip Koutsaftes Welcome! It sounds like you鈥檙e in a great position to start exploring your options. Since financing can look very different for a house hack vs. a single-family purchase, feel free to reach out if you鈥檇 like to discuss lending options and see what might fit your timeline. Happy to connect!

    [email protected]248-408-3855
    West Capital Lending5128 Reviews
    WebsiteView Page
    0Reply
  • Diana KhanPro Member
    Attorney 路 10451 Mill Run Cir #755 Owings Mills, MD 21117 路 Member since 2024 路 631 posts 路 217 votes
    3w
    Quote from @Philip Koutsaftes:

    Hey BiggerPockets! 馃憢

    I'm 22, a recent Penn State grad, and I just relocated to the Rhode Island/Connecticut area for my first full-time job out of college. I'm currently renting on a 12-month lease, but I'm already looking ahead to buying.

    I've got some savings and family support behind me for a down payment, and I'm ready to get into owning real estate, the sooner the better. I've been weighing a couple of paths: house hacking a multifamily, though I'd need to wait out my current lease before I can occupy a new property for FHA financing, or buying a single-family home to start building equity now and keep my options open for the future.

    I'm still working through which path makes the most sense for my timeline and market, and I'd love to learn from people who've actually done. Please feel free to reach out and I am excited to be part of the community!

    @Philip Koutsaftes, I like that you鈥檙e looking at both options instead of feeling like you have to rush into one. A single family home and a multifamily house hack can both be good starting points, but they give you very different experiences as an owner. If you go the house hacking route, I鈥檇 make sure you鈥檙e comfortable not only living next to your tenants, but also taking on the responsibilities that come with being their landlord.

    I鈥檝e worked with newer investors who were very focused on finding and financing their first property, and then realized there was another side to prepare for once tenants were involved. Things like the lease, the condition of the property, title issues, and understanding your responsibilities as an owner are much easier to think through before closing than afterward.

    You鈥檙e getting an early start, @Philip Koutsaftes, and it鈥檚 good that you鈥檙e using this time to learn before making the purchase. I鈥檓 a real estate attorney and investor, so I see a lot of these issues from both the legal and ownership side. Happy to stay connected as you work toward your first property.

    [email protected]240-266-0291
    1Reply
  • Ashley RigsbeePro Member
    Customer Success & Onboarding Specialist at BiggerPockets 路 Charlotte, NC 路 Member since 2023 路 120 posts 路 46 votes
    2w

    Welcome to the BP community! Talking to a lender now could help so you know FHA numbers and can move when the lease ends. Looking forward to seeing your success stories within the forums!

    BiggerPockets
    0Reply
  • Matthew MorrowBusiness Member
    Investor 路 PA - NY - NJ 路 Member since 2019 路 756 posts 路 258 votes
    6d

    @Philip Koutsaftes welcome! Always good to see a Penn State grad on here. I actually have a 5-unit out in Lewistown, not far from main campus. It's a great area with plenty of opportunity. Renting for a year while you learn a new area is a smart move, you'll know the neighborhoods way better by the time you buy. Use the lease as your runway to build your team and get pre-approved. Best of luck!

    [email protected]484-791-6200
    CORE Team | Realty ONE Group Supreme548 Reviews
    WebsiteView Page
    0Reply
  • Drew SygitBusiness Member
    Property Manager 路 Royal Oak, MI 路 Member since 2012 路 13k+ posts 路 9k+ votes
    4d

    If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

    I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

    To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

    Since most cities won鈥檛 allow basement rental units, I鈥檇 consider finishing the basement, just well enough for me to live down there (cities don鈥檛 care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

    I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

    I鈥檇 also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I鈥檇 aim for low downpayment land contracts and lease options.

    After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

    While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

    Good luck with whatever you decide to do!

    [email protected]248-209-6824
    Logical Property Management4.9465 Reviews
    WebsiteView Page
    0Reply
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