All Forum Posts by: Tim G.

Hello, I purchased a home about a year ago built in 1900 with an ancient Arcoliner 120k BTU oil fired steam boiler. It got us through last winter but the other day it had completely leaked out all of its water through the bottom. I refilled it slightly and it all leaked out again fairly quickly. I would love to save the boiler but i dont know if thats possible now (or worth it) and I am just looking for advice or recommendations. Of course I would like the financial impact to be as little as possible. Natural gas is available in my area ($800 to run the line to our house). We planned on living in this house for about 5 years or so then renting it out. Also, if anyone has a referral for someone in the RI area that they trust for home heating solutions, please PM me the information.

Thank You

Tim

@Brandon Ingegneri

Thank you Brandon, it has been a challenge. I have definitely learned to live with little throughout my early 20's and it has taught me excellent financial skills. I am someone who gives new meaning to due diligence but I definitely realize there will be a time where things do not work out but I will definitely be prepared. I am very excited to get going but I do realize there is some preparation and patience involved. I continue to absorb as much as I can both from BP and other resources. 

Thank You 

@Mariann Cook

Welcome to BP

I am also an investor in the RI area. This site has been an invaluable asset for me to learn and get started in RE investing. Please let me know if I can be of any help.

@Stephanie D.

There is no doubt the hardest part of RE investing is getting started but at some point you have to make the leap. I speak from experience when I bought my first SFH and now my first Multifamily. I am a perfectionist which makes it harder to commit but if the numbers work and it feels right that's what counts.

Thank you for the insight Anthony and I will definitely keep that in mind. I generally put 110% into any endeavor I take on so the extra work based on the area is fine. Honestly, my plan is to use real estate investing as more of a long term retirement plan but if a successful short term opportunity presents itself I will definitely take the risk. I will continue to learn as much as I can on BP and will also make it out to a meeting as soon as possible (I live pretty close to the meeting location). 

Thank You 

 Anthony,

     I will definitely be making time to come to a meeting soon (work schedule makes that a challenge). Thank you for the advice and I will definitely try to come. Do you find Rhode Island a challenging place to invest? I know rental prices are pretty high in the area so I would assume as long as you can find a good property with favorable numbers (which I hear can be challenging in RI) it should work. 

Thank You

Hello BP,

I have been researching/trolling BP for quite some time now waiting until I am at a point in my life where I feel comfortable to start investing in the Rhode Island area. I recently became debt free and have no other loans except my home which I purchased from a company who flips homes ( I got a great deal and I love it). I work full time as a network engineer so have plenty of room for a risk/reward scenario. I learned a vast amount of information during the process of purchasing my own home. Me and my wife were planning on buying/renting a multifamily but we decided against it since we were having a baby soon. I am looking for recommendations on realtors in the Rhode Island area that have experience working with investors as a start. I am also looking to get information on how some of you other investors in Rhode Island started out and if you were in similar situations in the beginning (owning a home and starting to invest). Starting is always the hardest part and I am a stickler for being prepared which makes it even more difficult. I would like to begin with a 3-4 family property in the area to learn the ropes and continue from there. Your recommendations and advice is greatly appreciated. 

Thank You

Tim 

Richard,

     Welcome to BP from a fellow RI investor. This site has a wealth of information and since joining about a year ago I am still learning something new everyday. 

 Thank you for the advice, 10 units would be a great achievement and would probably allow me to switch from my day job to real estate full time, which is ultimately my end goal. I am 28 years old so I am trying to start young and have a solid plan for retirement without relying on the system. 

About a year ago I decided I wanted to get into real estate investing and researched the topic (with great help from this site) for months. Me and my wife were about to have a child and were going to purchase a multi-family property to occupy/rent for a positive cash flow (hopefully). We ended up coming to the conclusion that with what was going on in our life, we should look for a well priced starter home first. We found a great and affordable 3 bedroom home with tons of potential (unfinished 3rd floor, partly finished walkout basement) and could not be happier (especially at the killer price we get it for after some hard negotiating). Now that our daughter is 5 months old and things are going well, I wanted to explore investing again. Of course, I gained a vast amount of knowledge before from this site and other resources but sometimes the hardest part is getting started. As before, I am looking into getting a multi family property with at least 3 units that can generate a decent positive cash flow monthly. We are in a good position financially since we ended up getting a house for half of what we were approved for so the expenses of our current home have been small. Am I thinking too small in a 3 family or should I be exploring larger options for a positive cashflow in my situation? Am I headed in the right direction? Thankfully, we have a home already so location can really be anywhere within a good drive so I am able to keep a close eye on things. Any recommendations to particular parts of RI/MA/CT would be appreciated as well. 

Thank You

Tim