New Member from Vermont looking for investment opportunities

New Member Introductions
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New Member from Vermont looking for investment opportunities

Michael Joseph
Milton, VT · Member since 2015 · 11 posts · 5 votes

I am a Healthcare IT manager who works out of his home in Vermont.  My goal is to acquire 1 to 2 investment properties this year and grow to 10 over the next 5 - 10 years.  I am starting my search in Vermont but am not limited to this area but will entertain any viable options that meets my criteria.  I look forward to learning from and working with the PB group.

Thanks

Mike.

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Derrick Craig
Memphis, TN · Member since 2013 · 969 posts · 524 votes
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@Michael Joseph 

Welcome to BP!!

I think you are doing right start your property search close to home. You will learn all the ups and downs of property investing. Its going to be a great ride and you also have BP to bounce questions and ideas on the forums..

Good luck and happy investing,

Derrick

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  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
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    @Michael Joseph 

    Hi and welcome to BP!  What is your criteria for out of area properties.  Are you looking for something that turnkey, or something you have to put some work into?  Buy and hold or flips?

    0Reply
  • Michael Joseph
    OP
    Milton, VT · Member since 2015 · 11 posts · 5 votes
    11y

    Hi Larry,  I am looking for buy and hold.  If the opportunities are out of state then I am looking for something that is turnkey.  In Vermont I am willing to put some work into it.  I can have more oversight and control over a local opportunity hence the higher degree of flexibility.  With out of the area opportunities I would also be looking to engage a property manager.  Either way the numbers must work.

    1Reply
  • Derrick Craig
    Memphis, TN · Member since 2013 · 969 posts · 524 votes
    11y

    @Michael Joseph 

    Welcome to BP!!

    I think you are doing right start your property search close to home. You will learn all the ups and downs of property investing. Its going to be a great ride and you also have BP to bounce questions and ideas on the forums..

    Good luck and happy investing,

    Derrick

    2Reply
  • Aaron Montague
    Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
    11y

    @Michael Joseph 

    Welcome to BP!!  I grew up in Brandon and own 3 places in Rutland :)

    Milton should be a great area for Buy and Hold.  I'd stick to the 3 and 4 family places.  In New England you'll need the extra unit just to pay your taxes :)

    Do you own your primary now?  Have you considered moving into a place and house hacking your way to your first investment?

    1Reply
  • Edward Synicky
    Rental Property Investor · Yorba Linda, CA · Member since 2012 · 336 posts · 69 votes
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    @Michael Joseph 

    Congratulations on finding Bigger Pockets! You will find this a tremendous resource for all of your real estate needs. Please reach out to me or any of the other members for any help you may need to start your real estate career. Over 40 years I have been convinced there is no better way to achieve wealth than through the ownership of real property.

    All the best!

    2Reply
  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    11y

    Welcome and best of luck!  I think that one of your best bets to get started might be to buy a place and live in it while either fixing it up or renting it out - a live in flip or a house - hack.  Be sure to ask questions of the community!

    Podcast Guest on Show #223
    BiggerPockets
    2Reply
  • Michael Joseph
    OP
    Milton, VT · Member since 2015 · 11 posts · 5 votes
    11y

    Thank you all for the warm welcome and advice on how to get started.

    As for living in one of the rental units...that would be a last resort at this point in my life.  I do understand the value it provides.  If I were a little younger I would do it in a heartbeat.  As a matter of fact, I am recommending to my young adult children that they consider this approach.

    -Mike.

    1Reply
  • Jon HuberPro Member
    Rental Property Investor · Boca Raton, FL · Member since 2014 · 1k+ posts · 713 votes
    11y

    @Michael Joseph

    Welcome to the community! I'm an IT guy that works primarily from home as well. I can assure you that your IT analytical skills will translate well. Also, working from home allows a bit more down time to scout locations and research properties. BP has a tremendous amount of information to help you, but it is only available if you seek it out. Be sure to be as active and engaging as possible. Read blogs, post questions, and the podcasts are gold! The best free education you can get.

    2Reply
  • Tom Martin
    Investor · South Burlington, VT · Member since 2015 · 2 posts · 0 votes
    11y
    Originally posted by @Michael Joseph:

    Either way the numbers must work.

     Hi Michael, what are your numbers for a good investment? I know a few coming on soon in Chittenden. I look forward to hearing from you!

    0Reply
  • Michael Joseph
    OP
    Milton, VT · Member since 2015 · 11 posts · 5 votes
    11y

    Hi Tom,

    I new to real estate investing and am looking for opportunities that provide a at least a 10% cap rate and a cash on cash return in the teens.  I have about $50k to invest.  I am not finding any opportunities in Chittenden county that qualify because I am looking for B grade properties in either B or C class neighborhoods.

    If you think you have something that meets my criteria please let me know.

    Thanks,

    Mike.

    0Reply
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