Prior to moving to Providence, finding a new rental was a game – a fun challenge.  I knew the lay of the land; jumping from the latest up-and-coming Philadelphia neighborhood to the next – staying just above the trend to find a great place, at a great price in a fun section of town.  Fast forward eight years, five apartments and a pending major move to Providence and all of sudden the game changed.   No longer was finding a new rental a fun challenge but a stressful, confusing and frustrating process.  With no contacts and no knowledge of our new town, my husband and I set out to learn everything we could about Providence and find a place to live – in one weekend.   The following is what we learned and some tips in effort to help other Providence newbies look for a rental in town.

Research. Research. Research.  

Prior to rental hunting in Providence we hit the web and researched the area.  First determining Providence’s neighborhoods and what type of rentals were available.  We found urban living in Providence lends to a variety of neighborhoods and all kinds of rentals including single homes, multi -unit homes, condos, apartments, studios and lofts.   Below is a list of our favorite neighborhoods and our descriptions of them …

Downcity – (aka downtown) The majority of Downcity rentals are in luxury apartment or loft buildings; most are conveniently located in the center of all a small city has to offer – shops, restaurants, theaters, office and government buildings etc..  Many buildings offer great amenities such as concierge, pool, gym and access to common gathering rooms or terraces.  We found some buildings do allow pets (with breed and weight restrictions), but many charged an additional security deposit or monthly fee.   Parking varied, some buildings included parking in rent while others charged an additional fee.  Budget: $$$ – $$$$.

East Side – The East Side (east of Downcity) is a lovely blend of suburban and urban with tree lined streets, historic homes, parks and charming squares and main streets.  A few different subdivisions make up the East Side including Blackstone, Hope (aka Summit), Mount Hope, College Hill, Wayland, and Fox Point – all are quite nice and each neighborhood has its own personality.    While the East Side does have apartment buildings, the majority of the dwellings are single family homes or multi-unit homes with small plots of grass, trees and gardens.  Coming from Philadelphia (aka the land of row homes) we found the East Side’s architecture and green-ness quite refreshing!  We found many rentals to be pet friendly (some with breed and weight restrictions) and many include on-site parking.  Budget: $$-$$$$.

Armory – The Armory (west of Downcity) is an evolving area which includes a mixture of historic single family and multi -family homes as well as renovated mill loft buildings.   With a blend of loft buildings and homes, the area has a bit more of an urban feel but still has a presence of tree lined streets and parks. The majority of stores and restaurants are found on Broadway and Westminster Streets with scatterings of cool places on the streets in between.  We found many rentals to be pet friendly (some with breed and weight restrictions) and many include on-site parking.  Budget: $-$$$.

Develop a “list of musts” and know you’re not going to get them all…

While searching for a rental the “list of musts” is a living document.  The priority of the items on our “list of musts” evolved and changed as we delved into the rental hunt.  All of a sudden our number one priority was no longer walkability and proximity to cool restaurants and bars – but who would accept two large dogs.  We had to be flexible and willing to give up some of our top musts in order to accommodate our needs.

1. Budget
2. Size and quality of rental
3. Walkability
4. Outdoor space
5. Parking
6. Access to amenities beyond those you could walk to – gym, grocery, driving range, mall etc. 
7. Accepts large pets (didn’t expect to have an issue)

1. Accepts Large Pets
2. Budget
3. Size and quality of rental
4. Parking
5. Walkability
6. Outdoor space
7. Access to amenities beyond those you could walk to – gym, grocery, driving range, mall etc. 

The last and best tip: Seek help…

This is where my husband and I went wrong.   Yes, Craigslist and other rental websites were helpful and produced listings– but nothing, not even the neighborhoods’ best watering hole bartenders could replace the knowledge of the area and expertise of a realtor.  I believe we, like many, thought realtors assisted only in home purchasing.  But realtors at Geo Properties are experienced in working with tenants in search of quality rentals in all areas Providence.  Representing both tenants and landlords, the Geo Team has a strong network of reputable property owners and uses a personal approach to find the right fit in terms of space, amenities and location.

If you or you know of a friend who will be relocating to Providence, be sure to contact the Team at Geo Properties!

GQ Newsletter, Providence, Rhode Island

If you’re like me, you love a good bargain. There’s just something about owning an article of clothing or a piece of furniture and knowing that you had to “hunt it down.” (more…)

GQ Newsletter, Providence, Rhode Island

To say that property owners in the City of Providence have had several rough years is putting it mildly.  Combined with a severe recession, higher property taxes have many bailing out of their properties and businesses at an alarming rate. This trend is unsustainable.

As if things were not bad enough, there is now a proposal in the State Legislature to impose a 13% tax on residential rental properties.  Article 24 of the Governor’s FY 2013 Budget Bill would:

• Impose a 13% tax on tenants (6% hotel tax and 7% sales tax).
• Require home owners to collect taxes from tenants on short-term rentals of homes and condominiums.
• Apply to any home or condominium this is rented for a total of 15 days or more per calendar year.
• Tax the first 30 days of each rental to a different tenant.
• Apply to month to month rentals, short-term military rentals, seasonal rentals, student rentals, and other rentals throughout the state.
• Exempt only rentals with a written lease for one year or more.

Neither Connecticut nor Massachusetts charge sales taxes on individual homes or condominiums.  If passed, this legislation would hurt Rhode Island property owners already crippled by the economy by putting Rhode Island at a competitive disadvantage to neighboring states.

Forecasted revenue to the state of RI from this proposal is $3 to $5 million.   This is insignificant revenue to the state budget.   However, it will prevent many property owners from being able to keep their properties.  More foreclosures are not something our housing market needs at this time.

Geo Properties supports The Rhode Island Association of Realtors’ campaign to prevent this proposal from being passed.  We ask that you contact your legislators and ask them:

• Why would we want to drive away business by raising the price to stay in Rhode Island? We’ve already raised the cost of visiting our beaches and the public outcry was tremendous.
• Why would we want to add to the number of distressed properties on the market? We need to provide incentives for business and property ownership in RI, not take them away.
• If Massachusetts couldn’t figure out how to do this, how can RI?

As a Providence resident, small business and real estate owner for over 25 years, I have been through recessions and tough times.  I remained committed to my profession and my State.   In the past, getting through tough times meant working harder and doing a better job.   There were never as many obstacles thrown before us by our State and City to overcome as we now have.

I am optimistic better days lie ahead but only with a concerted effort by a majority of our residents, business leaders and elected officials.  This will be a tremendous undertaking that is absolutely necessary.

A recent article in the Providence Journal by Kate Bramson highlighted the “5 priorities for putting RI back to work.”  Included were: Utilizing our favorable location, keeping college graduates in our state after graduation, improving our business climate with lower taxes and less regulations, improving labor pool skills, and marketing the good quality of life here.

I am in agreement that these are our priorities and need to be turned into reality.   The highest priority should be to improve our business climate.  Rhode Island’s business climate is ranked 48^th by Forbes Magazine and 50^th by CNBC.  A better business climate is crucial and needs to happen real soon.

If existing business owners are leaving Rhode Island due to the poor business climate, how do we expect to bring in new ones?  Is it time to sign up to the TEA Party?

George Potsidis

GQ Newsletter, Providence, Rhode Island

• 88% of Buyers used internet to search for a home!
• Median Age of first time buyers is 31. 
• 63% of them walked through the home they viewed online.

Let’s face it-our world has been scaled down to the size of our smart phones! No longer do we wait to sit down and turn on a computer to access information. We want it Right here, Right now instantly on the phone. Our smart devices have become an essential tool in our everyday lives from making a simple phone call, searching for the nearest restaurant, or an important transaction such as hunting for our next home.  If you are an app junkie like me, check out the list of top free apps we examined that can empower, assist and provide you instant information right in the palm of your hands. PS. Always verify the validity of the information you acquire online with a licensed real estate agent.

GQ Newsletter, Providence, Rhode Island

When I first decided to tackle the subject of Boston vs. Providence, I thought to myself, “I could write a short book on the subject”.  Honestly, the subject simply overwhelmed me.

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Q. So, what exactly is seller financing?

A. Seller financing is when the seller of a property takes on the role of a bank and gives you a mortgage for their property. So instead of going the usual route of obtaining a mortgage from an institutional lender, you would negotiation a payment plan with the seller. (more…)

GQ Newsletter, Providence, Rhode Island

Shhhhhh! Best kept secret in the financial industry! Real estate investors, rehab investors, TAKE NOTE! Only 2-3% of the population knows about this financial secret: the Self Directed IRA (SDIRA).

GQ Newsletter, Mortgage, Providence, Rhode Island

As real estate professionals, we have the legal and ethical responsibility to offer honest and sound advice to our clients, while ideally maintaining the goal in mind to ensure a healthy and vibrant real estate market. Ideally, a pulsating market with healthy activity and sales is beneficial to everyone. However, we are faced with situations everyday where we may have to offer advice that while accurate and sound, seemingly benefits no one. (more…)

GQ Newsletter, Mortgage, Providence, Rhode Island

Thank you to all donors of this year’s annual charity wreath sale. We were able to raise over $500.00 to Rhode Island Community Food Bank in sales!

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Minka Kelly from the movie "The Roommate"

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