New member from Vermont, ready to get the ball rolling.

15 Replies

Hello everyone, 

I am very new to the real estate game. I'm currently 28 and bought my first property a year and a half ago which was a duplex. I spent the first year fixing it up and have been renting it out for the past 6 months. So far I have had a very good experience and now the wheels are turning as to how I can develop an investment strategy to start building an empire! Well, I guess I need to buy a second property first, which I have been back and forth on in terms of what route I should go (multifamily, single family, buy-fix-rent, turnkey, etc). I really enjoy the podcast, which is how I found this site. I am hoping some of the experience and insight from the members here can help point me in the right direction. Thanks in advance.

- Michael

Michael that is the million dollar question. It all depends on what you are familiar with and comfortable with. As a investor in St Albans as well there is a wide vaierty of properties out there but you really need to keep your eyes out if you are looking for anything specific. Welcome to bp.

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@Michael McWatters welcome to the forums! I am also 28 own one duplex and have a second under contract. I'd say "do something". Don't stagnate. Multifamily (esp in Burlington) is a crazy competitive field. It might behoove you to specialize in something else. I feel like everyone is looking at the multi families. 

I'm sure I will run into you one of these days in this not very big state of ours. Excited to see where your empire is at in another year!

Wow! small world @Chris Kelly (although we are in VT). Thanks for all of the encouragement. I have noticed that Burlington is very competitive @Blair Knowles and I appreciate the advice. It sounds like we are starting out with a similar approach, hopefully everything works out with your second property. I have to say this forum has a wealth of information and seems to be a great networking tool, I'm surprised I didn't stumble across it sooner.

 i just joined a few months back , i find it very usefull , and i have been in the business for 27 years ! great site and plenty of helpful members . anyone wants to start a chitin county group ? 

@Michael McWatters  Michael - welcome to BP!  I've personally had good success in rentals in VT working with some of the smaller college towns along the interstate: Northfield, S Royalton, Lyndonville to name a few.  Used to own in Burlington but found the increased rental income comparable to the increased price to buy.  Just my opinion on that - I know many others are doing well in Burlington and it's a beautiful town (went to UVM there).

Good luck and reach out if you have any questions!

- Tom

Hi @Michael McWatters and Welcome to BP! Congratulations on your deal I imagine you have learned more about real estate purchasing that property than any book can possibly provide insight on. Regarding your investment career my recommendation is to research several areas of real estate location and asset class. Also speak to different investors on what they do, read the forums and read some of the top books out there. When you do that you will have clear direction on what you want to do and most important why you want to do it. Good luck and see you on the forums!

Hello @Michael McWatters and welcome to Bigger Pockets. BP is a great place to learn about real estate and get other real estate investors input on real life real estate situations. You came to the right place and I wish you a ton of success. You are not alone in your real estate ambition. 

Quick two cents.... I bought a duplex in Winooski last August.  One unit was really good condition with long term renters paying market rent.  The other unit was a gut job.  I am a carpenter and did all the work.  Now both units are rented and I am in the process of refinancing.  Point being; muilti unit that needs work on one apt.  They have low holding cost and potential for sweat equity and forced appreciation.

Grant 

Welcome @Michael McWatters

Pick one route and stick with it. Find one niche and learn it, it will be to difficult to switch from multi to single family etc.  If you choose multi families, analyze deals daily in your market. This will help you spot a good deal quickly and learn the better parts of the city to invest in. I find it helpful to set a deadline of when I want to buy my first property. This helps keep me on task so I know the process will lead to the result. 

Good luck with purchasing your second property!

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Hey @Michael McWatters ,

Welcome to BP and the wonderful world of investing in Vermont! Congratulations on the first investment too. Just about 18 months ago, I was in a very similar position as you, and now I'm working on closing my next property giving me 19 units, all in downtown St. Albans. The blessing and curse with real estate is that you have so many routes you can explore. As many others have pointed out, find a niche, learn everything you can about that niche through experience (if possible), and make a decision if that's how you want to proceed. Better yet, define your end goal (be very specific) and work your way back from there. If you want to own 100 unit complexes, I would be cautious about spending time learning how to wholesale deals, or fix and flip strategies (although having listened to every podcast. Knowing I wanted to own large multi-family with some commercial units, I started with a duplex and have gone after progressively larger deals in the same area. After three deals, and having spent thousands of hours analyzing properties, going to REIA meetings, and talking with other local investors, I'm moving into the mixed-use space as the next step. In the mean time, find a mentor, a friend, or local who's brain you can pick. You'll be amazed at what networking with like-minded individuals can do for you, your knowledge base, and ultimately your business. Best of luck to you and if you ever want to grab a beer/coffee, I'm in the area a fair amount.

Sorry for the disjointed comment starting at "(although having listened...". I clicked post before I finished that thought!

I intended on saying "although, having listened to every BP Podcast, I've found value in nearly all of them. So don't let your niche confine your education, but be sure to focus a majority of your efforts on your end game strategy."

Thanks everyone for all of the advice and support. BP has proven to be a great resource, I have already met a handful of people through this site and hopefully it continues to be a viable networking tool as well as information source. I am also very interested in attending some investor meetings up here. I agree with you Jay that it isn't beneficial to be uneducated in any particular arena, but that the best probability for success is to hone your skills in a specific niche. Although, VT is such a small market that it could be be a good idea to be a bit for diverse if the deal is there. I really appreciate all of your responses and am happy to see that there is some life on here from fellow Vermonters.  

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