All Forum Posts by: Joe Rodriguez

I'm looking to take out a HELOC on an investment property as it has appreciated quite a bit throughout the last few years. My mortgage broker mentioned that going to a local bank/ credit union would be the best option.

Does anyone have any recommendations/ good experiences with a credit union in Rhode Island?

Thanks!

@Anthony Thompson That would be great! Thanks!

Any recommendations for good roofers and exterior painters? I have a 3 unit property in the Federal Hill area of Providence and I'm looking to do some upgrades.

Thanks!

I've used and really like Tiger Home Inspection. They are based out of Massachusetts but are licensed and  have inspectors in RI. Steve is great and really knows his stuff. 

@Andrew Casal@Bud Gaffney@Dmitriy Fomichenko Thanks All!

@Anthony Thompson Thanks! Really appreciate it.

On another note, I've seen you comment on many RI posts and forums and have provided great feedback and insight. I could definitely learn from your experience and knowledge. Let me know if I can schedule a time to meet up for coffee, lunch, etc. and talk real estate. I live in MA but usually head down to RI a couple times a month. 

Real Estate will and has given me the freedom of time. In this finite world we live in, time is the most important aspect of life to me. Time to hang with my family and wife, time to travel, time to express gratitude, time to grow, learn and become better, time to enjoy and love all of the time I'm given. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $427,000
Cash invested: $15,000

Just closed on this 3 unit property in West Warwick, RI for $427k. 2nd and 3rd floors are currently rented and cover all expenses. I will be looking to rent out the first floor this month which will serve as the profit and monthly cashflow.

What made you interested in investing in this type of deal?

The numbers make sense in this very competitive market. I usually invest in Providence, RI, but started to expand my search area with the competition and small inventory.

How did you find this deal and how did you negotiate it?

I found this deal on MLS. I am a licensed real estate agent in MA and RI. I represented my wife as the buyer.

How did you finance this deal?

My wife and I financed this deal using FHA in her name since I already have a couple of properties (one with FHA) in my name.

How did you add value to the deal?

I plan on doing some cosmetic upgrades to the vacant unit. Once the existing tenants move out, I will upgrade those units as well.

What was the outcome?

Recently closed on this property. Once the first floor unit is filled, cash flow should be between $1000 - $1200/ month.

Lessons learned? Challenges?

Look beyond messy tenants. I saw this property when it first hit the market but because of a messy tenant, I decided not to submit an offer. It went under contract and then fell through. The agent called me back and I took a second look at it. I pushed past the fact that the existing tenants were messy (as I am very neat and clean) and just focused on the numbers. When I did, the deal made sense so I submitted an offer and it was accepted.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented my wife on this deal.

@Guy Shklar Thanks! I'll check it out. 

I've been trying to find different events and networking opportunities through websites like Meetup.com and Eventbrite but can't seem to find anything promising (of course, I know covid is the main issue). I'm just looking to network with like-minded individuals and talk about real estate, sports, music, business, success, habits, etc. I'm located north of Boston. Let me know of any opportunities that I should check out!