Hello! Target: STR/vacation home in Northern Vermont

Hello! Target: STR/vacation home in Northern Vermont

Investor · Londonderry, VT · Member since 2024 · 5 posts · 0 votes
Hello everyone!

My first interest here is in seeking advice on purchasing a property that will initially serve dual function as a STR and vacation property for my family. We plan to purchase next year and are targeting areas around Killington and Sugarbush. Our end goal is to own both a property strictly for rental along with a family vacation home in a sem-rural setting on multiple acres. Our ideal would be a turn key property on >3 acres that we could immediately start renting out and is within 45 minutes to a ski slope but what we think is likely is purchasing a studio or small condo that is slope side that we could then leverage after a few years of paying down the mortgage for a larger more ideal property. We might also consider further north like Stow or Jay or possibly areas in Maine near Sunday River, Saddleback or Sugarloaf but the drives to those location would limit our ability to use as a family somewhat. We'd want to secure a cleaning company and set up the processes that prevent us from having to be onsite to deal with the majority of the needs of the property. I'm curious to hear from anyone with experiences in these areas or who have similar goals.
0Reply
32 views

Most Popular Reply

Jason WrayPro Member
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
2y

Benjamin,

My advice would be to treat it as a Vacation home and use financing so that you save on only having to put 10% Down & No Prepays. Great thing about Vacation homes is you can use it as an STR and only need to occupy several days out of the year. I would refinance it in 12-24 months and transition it into a investment for tax purposes but that's up to you and your family.

Good call on that STR and location I have had some around Kittery and North Conway, NH. Great idea based on a year round secret that most never even realize is a cash flow opportunity. Most ski-in-ski-out places in the NE get frowned upon by Mid-West skier because they think we are all ice. Go up after a great snow day to Bretton Woods, Wildcat, Spruce Peak, Stratton and its all thick powder!

Now compare the lift costs, rentals, and lodging to out West and its a fraction of the price. Its great all year round with golf, hiking, white water, camping and fishing in the summer. Snowboarding, Skiing, Ice fishing, Hunting, and Christmas vacations in general in the winter,

Feel free to reach out if you have any questions always happy to talk REI or the North East!

See this reply in the discussion

5 Replies

Jump to latestLatest
  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    2y

    Benjamin,

    My advice would be to treat it as a Vacation home and use financing so that you save on only having to put 10% Down & No Prepays. Great thing about Vacation homes is you can use it as an STR and only need to occupy several days out of the year. I would refinance it in 12-24 months and transition it into a investment for tax purposes but that's up to you and your family.

    Good call on that STR and location I have had some around Kittery and North Conway, NH. Great idea based on a year round secret that most never even realize is a cash flow opportunity. Most ski-in-ski-out places in the NE get frowned upon by Mid-West skier because they think we are all ice. Go up after a great snow day to Bretton Woods, Wildcat, Spruce Peak, Stratton and its all thick powder!

    Now compare the lift costs, rentals, and lodging to out West and its a fraction of the price. Its great all year round with golf, hiking, white water, camping and fishing in the summer. Snowboarding, Skiing, Ice fishing, Hunting, and Christmas vacations in general in the winter,

    Feel free to reach out if you have any questions always happy to talk REI or the North East!

  • Investor · Londonderry, VT · Member since 2024 · 5 posts · 0 votes
    2y

    @Jason Wray Thank you so much for the information.

  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    2y

    Welcome to BiggerPockets, Benjamin! Your plans for a dual-function property and long-term goals sound fantastic!

    Best of luck with your property journey!
    -Julio

  • Patrick McCannPro Member
    Realtor · NH · Member since 2022 · 112 posts · 59 votes
    2y
    Quote from @Jason Wray:

    Benjamin,

    My advice would be to treat it as a Vacation home and use financing so that you save on only having to put 10% Down & No Prepays. Great thing about Vacation homes is you can use it as an STR and only need to occupy several days out of the year. I would refinance it in 12-24 months and transition it into a investment for tax purposes but that's up to you and your family.

    Good call on that STR and location I have had some around Kittery and North Conway, NH. Great idea based on a year round secret that most never even realize is a cash flow opportunity. Most ski-in-ski-out places in the NE get frowned upon by Mid-West skier because they think we are all ice. Go up after a great snow day to Bretton Woods, Wildcat, Spruce Peak, Stratton and its all thick powder!

    Now compare the lift costs, rentals, and lodging to out West and its a fraction of the price. Its great all year round with golf, hiking, white water, camping and fishing in the summer. Snowboarding, Skiing, Ice fishing, Hunting, and Christmas vacations in general in the winter,

    Feel free to reach out if you have any questions always happy to talk REI or the North East!

    Summer time, mountain biking has become very popular as well and many of the ski resorts either have lift access trails or trails in the area.
  • Dan WeberBusiness Member
    Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
    2y

    Hey @Benjamin Frank, I can speak for the areas you mentioned in ME - those are great areas to invest in a STR. They get three seasons of activity because of the state parks with lots of lakes around too. So in addition to the skiing, you also get fishing, kayaking, hiking, camping, leaf peeping, etc.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.