All Forum Posts by: Joe Benson

@Ned Carey They know a lot about real estate but hate the idea of it being not in our area. Im a recent college grad, 23, have a 830-530 day job and they say how it’d be tough for me to be on site if I needed to be there for whatever reason which I guess is valid. They’re really against it and it’s making it hard to make a decision 

Hi, I've posted about the concept of out of state investing before, but just had my inspection and getting ready to close on a duplex in a month. the inspector was very thorough and said this was a good buy considering the price and the condition of the property and not having to do much work. 

I've been getting some resistance (naturally) from some family members, so it's a little stressful not having their full support. they think it's a money pit since it's an older house (1920) and will constantly need repairs causing me to lose all my money, and dont like that its out of state (1 hour from where we live, not terrible). They also keep saying how they dont want me buying a property out of state because i don't have a network of contractors they trust, and will constantly have to check in to make sure the job has been done properly. 

The market where i live is too expensive which is why i've been looking in providence RI. i think its good value for the price, with decent rent (cash flow about 550-600 if i bump rent slightly) and great existing tenants. also next to 2 hospitals, one of which is expanding. Just in need of some support here. Your family is always going to be conservative and its important to listen to them, but I think the price of inaction could be greater.

@Victoria Dransoff about 300-400 below most likely

Getting ready to close on my first property (2 family). Tenants in one unit are great people and clean but are paying under market value. Do I have them vacated at closing and replace with higher paying tenants, or do I leave them in there for a little while I get my feet under me? Will still be cash flowing if I let them stay (although not as much as I could be). Also worried about money lost during vacancy if I have them vacated and cant fill quickly (just first time nerves I suppose).

@Anthony Thompson Do you think once a week would be enough if I managed myself? I can get to Prov in a little over an hour from where I live. 

Also, I've been told Elmhurst is where I should focus for multifamilies as it provides some of the strongest rents, do you recommend focusing here as well?

@Anthony Thompson  Thanks Anthony. Do you currently own any properties in the Providence area? And do you personally use prop mgmt companies or do it yourself? 

Hi, was just wondering if anyone knew of good contractors in the Providence RI area? Haven't bought a place yet, but I live about 30 mins north of Boston and have been looking to purchase a rental property in Providence because the greater Boston area has become pretty inflated. I don't really know anyone down in the Providence area so figured it'd be a good idea to start looking for contractors now as I would still be living in MA when I do buy a place and won't likely be able to go down to the property more than 1x/week. 

@Mike Dorneman  anywhere from 2200 to 3000 (depending on number of bedrooms)

@Mike Dorneman

Looking at a 3 or 5% conventional loan, budget as far as purchase price is ideally less than $260K, buy and hold, ideally 1K in cash flow per month and 2-3% appreciation per year. Thanks

@Tom Ott 

I live in MA, have been doing a lot of searching in the Providence RI market (a little over an hour from where I live).