All Forum Posts by: Christian Allen

I hired an electrician to install a complete hardwired and interconnected smoke detector system in my multifamily property.  The fire inspector came out today and did not give a sign off because some of the smoke detectors were installed in the wrong location.  There is a local code in Providence which the electrician had not done many projects with before and was not completely familiar.  

After the fire inspector left the electrician said he would get me a price for the additional work to change the items which didn't pass.  Am I wrong for thinking I should not have to pay for his mistakes when he originally quoted a complete job and didn't pass due to his own errors?

@Christian M. I am following a similar approach to my investing here in Providence and just closed on my first MF last week. I agree with the others that you should consider buying a MF with potential equity to be gained from rehabbing so you can refinance into a conventional loan with >20% equity. If you can refinance out of the FHA loan, you shouldn't have a problem with getting another 3.5% down loan if you have a DSCR >1 and the banks are willing to work with you.

Knowledge of the Providence neighborhoods is very important when buying in this area.  It can be a difference between a few streets within a neighborhood which can make or break a good investment.  Taxes are a big consideration but with the right deal, good cashflow is very possible.  

I agree with you guys about the sketchiness of some of the West Side neighborhoods.  I think it might be in my best interest to wait for a multi within my price range on the East Side.  It's hard to justify investing in an area you wouldn't want to live in yourself.  

Hi @Jim Sestito, I think one of the reasons for high number of rentals on Providence's East Side is due to it being on a June-June rent cycle.   Lots of apartments are going to be rented out after June where Boston typically follows a September-September cycle. Also, I looked on Boston's craigslist and got a little different map.  Were you filtering something out?

Hello all,

My name is Christian, I am a new investor in the Providence area looking to learn as much as I can before making my first rental property deal.  I am 24 and have been working full time as an engineer in the Rhode Island area for the last 2 years.  I have been watching the market for a few months to understand the pricing of the different neighborhoods and the rent potential from each.  Currently, I live on the East Side and really enjoy this area of Providence.  Ideally I would like to purchase a property on the East Side but the prices are considerably high when compared to the rest of Providence and the supply is pretty low.  

From the research I have been doing, Federal Hill and the West Side seem to have good potential for positive cash flow but finding a property in the right neighborhood is key.  Is anyone else buying and holding property in this area who could comment on how the rental market has been developing over the last few years?