All Forum Posts by: George Gifford

Hi Dillon, I’m another Rhode Island investor.  When I started investing during the crazies of the 2000’s it never occurred to me that I should consider anywhere other than the Town I lived in (I’m in Cumberland).

But even though I’d lived in the Town for 15 years, I hadn’t been an investor up until then.  I was just another resident.  I frequently say this: “you’ll never really know your town until you know it as an investor.” After you start seriously looking at properties, you’ll be amazed at the feel for the pulse of the Town that develops. By looking, I don’t mean on line. I mean walking-in-the-door looking.  There were numerous times I looked at properties just for the sake of looking, knowing I had no interest in buying the place. And I did one to three properties a week.

Visit properties. Visit properties. Visit properties. It takes a lot of time. Eventually, you’ll get a feel for what a good deal is, and you won’t care about whether you should be investing in your state or not.

George

Hi Brett,

I’m a Cumberland resident and a Cumberland investor. We should have coffee, and you can give me a tour.

George

I have deep respect for both Frank and Anthony. But if your proposed subdivision complies with the current zoning and subdivision regulations, you’ll get it done. You just need to be sure your subdivision complies.

The problem is that the vast majority of pawtucket lots were created prior to the current regulations. They are “legal nonconforming.”  So it’s easy to see neighboring situations and presume that if they did it, so can I. But usually you can’t; not anymore.

Fortunately, it’s also easy to find out if you can subdivide, before you take title.

However, on the following matter I agree entirely with Anthony: the new lot you create should be a freebie. On the properties that I’ve subdivided (none in Pawtucket, btw), I have always considered the extra lot to be mine. If the seller based the sell price on the buyer’s ability to subdivide, I always tell the seller they should subdivide first, then sell.

George

I think the additional parking adds value. But talk with your accountant first. I wouldn't pay for it out of pocket. You may want to give a loan to your company (guessing you've got the property in an LLC), then the company would pay for it. If the existing driveway needs "repairs" you could expense the whole thing(?). Again, talk with your CPA.

Waytogo Tarcizio!

Marc, I've had good experiences with BankRI. I deal with Nancy DuFresne in the Woonsocket office.  (I'm right here in Cumberland, btw).  George

I started late in my career, so I'm working on creating as much equity as possible in the shortest time possible, with as little capital as possible.  Cash flow feeds the holding period, and I can't tolerate negative cash flow.

Hi Mike,

Since the property is right across the street from you, would you consider offering to manage the property for them, as a rental?

I'm sure you're not interested in managing a property you don't own.  However, it would give you a change to learn more about the owners and their situation.  You'd establish a good relationship with them, while learning about the property itself.  Then perhaps the opportunity would arise, and you'd offer to buy.