All Forum Posts by: Luan Oliveira

@Anthony Thompson I bet it's the one on Atwells Ave right at the edge of Federal Hill

+1 for ripropinfo.com

It's a great timesaver when researching RI properties.

Have you tried using the BP calculator yet? I'd start out by looking at a few properties you like in the MLS, and then plugging the info into the Rental Property calculator. This will help you see how much cashflow you can expect for that property. If you're looking at a particular area and it's not looking too good, then you could move on to other areas and evaluate those too.

I've found that the close you get to Boston, the lower the cashflow will be. But there's always the prospect of higher appreciation. The Providence/Pawtucket area has a lot of working-class neighborhoods, and transit readily accessible. Fall River/New Bedford is also booming right now, with the expected commuter rail. You'll also be more likely to cashflow a bit better in these areas. Just keep in mind that some properties in these areas may require more work than others. With most folks being able to work from home, I've seen quite a few that are willing to entertain the commute into Boston if it's just a couple of days a week.

If you'd like, shoot me a message and I can share some numbers on one of my properties so you can get an idea of the cashflow I'm seeing.

@Mike Miller

Hey Mike! Welcome! You'll find plenty of us from around the area on here. I grew up in Everett and now live and invest in the Providence area.

You'll find different answers from everyone on here. I personally like 3+ family properties where the monthly rent totals at least 1 percent of the purchase price. I also like rent ready properties where the work needed is minimal. If you're willing to take on more work, then you'll probably get better returns.

I'd suggest taking a step back and assessing your risk tolerance and exactly what you want from investing, then you can start crafting some criteria. There's many different ways to make money investing, but you have to figure out what you're comfortable with. Perhaps of you told us a bit more about what you're expecting from your investments then we could throw out some ideas!

@Woodly Tisme

I'd focus on the rent to price ratio rather than just the rent price itself.

It's very easy to apply the 1% rule in the Providence/Pawtucket area. Around Boston, not so much. Also, don't let those 800-1000 rents on the MLS discourage you. There's room to go up. I've been seeing 2BR easily rent for 1200 and 3BR easily rent for 1400. Of course, these are units in good shape, and not falling apart.

@Joe Rodriguez you mind sharing more about these 3.5% loans. Or is it just FHA?

@David Emerson

Have you thought about house hacking for yourself and then purchasing a a rental property with your partner?

Give as low a down payment as possible on the house hack and save the rest of your money for the rental. That way you can take advantage of the low down payment and also get a head start on a second one!

@Gabriel L.

In that case I'd just wait it out and send a notice of rent increase when the lease comes up for renewal!

Also, consider turnover costs. If the rents are close to market and they are paying, your best bet is to keep them in place. Otherwise, you have to factor in the lost rent and costs to bring the unit back to good renting condition. If possible, I'd also ask for proof of a few recent months of payment! That may help ease any concerns of non-payment!

Hey! I'm currently house hacking in Providence, and just picked up my first investment property! I think this is a great market to house hack in because you are able to "eliminate" your mortgage entirely. Decent 1% properties can still be found on the MLS. If you'd like a to learn some more feel free to reach out and I'd be glad to share some numbers on how I'm making it work out here!