All Forum Posts by: Sam Albert

@Andrew Sprague Congrats in advance on all your upcoming success. Real Estate is a great tool to financial freedom, so you're on the right path.

I'll keep it short and sweet and just give a suggestion to buy a multi-family before buying a single family. It sounds like you're considering a single family in your short term goals, I would say not to! Utilize FHA to purchase your first multi family property with little (3.5%) to no money down, and then go from there! Once you get the first one, you'll want more!

I will also recommend to ask the same question to 3 different people. That's my way of hearing different perspectives, thought processes, and opinions. So for anything that you don't have a clear understanding on, ask 3 different people/search for the answer using 3 different sources (youtube, bigger pockets, google.)

Best of luck on all of your endeavors. Don't hesitate to reach out to me, if you have any questions.

Hi @Reda Bennani Providence is considerably more affordable than Boston, to begin investing in multi units. Are you looking to purchase turn-key properties? How do you plan on purchasing?

Keep in mind multi-units are SUPER competitive in Providence County. So, if you're thinking about purchasing a multi unit in PVD, be ready to compete. Although prices still make sense, with the current market rents and interest rates, buyers should be ready to pay a little over asking for 2-3 unit properties. 

Those are just some of my immediate thoughts. Aside from that, Providence, and it's surrounding cities, is an excellent place to invest! Best of luck on your journey, and don't hesitate to reach out with any questions.

@Brian Ly Welcome Brian! A good place to start finding other investors in RI is joining the RI Investors' facebook group!

Search in Facebook: rhode island real estate investors group

Don't hesitate to PM me with any questions.

Seems like everyone missed your keyword: Conventional.. 

The simple answer is: if you're buying conventional, YES. You can do this. It just requires 25% down on the second home.

@Kristen Shook buyer agents don’t cost you a thing. No deal is worth going into unrepresented by an attorney and REALTOR.

The seller’s REALTOR will always have their Seller’s best interest in mind, not yours.

Still hustling and moving along. Being smart about when to leave the house!

@Saikhantal Yu

Elmhurst is a great area in PVD. I was born and raised LaSalle/Mount Pleasant/Elmhurst.

Providence in general has seen an increase in prices, it’s not just Elmhurst. I don’t think Elmhurst has appreciated more than any other area in PVD. There are no new developments in the area, so I can’t seem to think of that being a trend. However, it’s a highly desired area in general, so if properties are coming up in that area, they may go over asking because buyers just simply want to be in that area.

Creating an LLC for their properties is something investors do nationwide. This is to protect yourself against liability.

I’m a Realtor, and if I can be of any assistance to you, let me know.

I also can recommend some attorney’s, home inspectors, and loan officers to you as well.

@Matthew Soule

End the lease ASAP. I also advise my clients to also do month to month.. this is primarily the reason why. They could pay you on time every month and still be terrible tenants. If they’re in a lease, it’s very tough to get them out through eviction for other reason than non-payment.

ADT is really good. I have it at all my properties. I have a local contact there, if you would like his number.

Something more affordable would be looking into ring. It picks up any motion/activity at your door.

@James Campbell Hi, Pawtucket Credit Union is great. I would go with them. Stay away from those Rocket Mortgage / Quicken Loans type of lenders.

When it comes to HELOCs, line of credits, etc., it’s good to build a relationship with a local bank. Not to mention the customer service will be much better. Lastly, underwriter for a local bank will be local, and not some random lady in Ohio, who could care less about this RI file.

@Matthew Soule you simply need to send them a termination notice, which can be find on the RI district court’s website. Send it asap, as it needs to be send a full 30 days in advance. (Before April 15). Needs to be sent regular U.S Mail, and you can give them a copy by hand.

You can also send it after you receive April’s rent, to avoid being in a situation where they don’t pay you April in retaliation for receiving the termination letter.