New Member from Vermont

19 Replies

Hello BP members,

My name is Joe, and I'm new to real estate investing. I am a computer geek by training, but I am interested in generating passive income so that my family can have financial security and the opportunity to travel and have adventures (without the day job). 

My goal is to replace my family's income through real estate cash flow in 10-15 years. I am planning to purchase my first rental property, most likely a multi-family. I am slowly learning from the BP materials, running numbers to learn, and figuring out how to get my ducks in a row. This is a site is a great resource.


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@Deborah Du Plessis: Thanks! Admittedly I'm a recent transplant from MI so still feel the newb factor, however been enjoying VT, the area & it's people really well thus far. 

@Dmitriy Fomichenko - Thanks! So seems you are in the area of financing which I'm not very familiar with: 401k + IRA leveraging. I get the highlights (got funds, so leverage them via their respective rules + processes), and yet am parking this in the "learn something new everyday" column".

@Joe E.

My specialty is self directed retirement accounts, not financing. I help investors “unlock” their IRAs and 401Ks to be able to invest in alternative assets such as real estate.

Hey @Joe E. welcome. I just finished a job up in Rutland VT, I was there for almost 2 months. It's beautiful, I love it. What part are you from? I'd love to buy land up there some time soon, or own some property. I've read it has people moving into it right now, but when I looked up the numbers that didn't seem to be so. How do you see it? Are you planning on investing in VT?

@George Griffeth: I moved to Burlington area some months ago, and have driven through Rutland more than a few times. From the lens of a REI newb, I've been reviewing various regional and state info re: RE & economic about Vermont. 

IMHO - It does seem that VT has been around or just under a population plateau for some recent years. 


Now, as to REI in VT? Heh, that's a good question & something I've been mulling on. I work here in Burlington area which is the state's main county (Chittenden County) & is the economic engine of the region & is in growth mode. This area is very rental heavy, and it's residential purchasing & rental prices are above national averages. I scoped out Rutland after your introduction, and that area's prices & rentals seem to be much more reasonable. Also, came across this article re: Rutland which does make sense from what I've seen as I've driven around parts of the state -


Thinking from a REI & plain budgeting perspective, I am going to focus on a 3-4 multi unit, if nothing else than to reduce current rent budget. To be honest, the rehab spooks me a bit as Burlington proper has loads of really old homes (100+ years), so I'm prepping myself for that hit ... but honestly, that's Future Joe's problem. First, I got to find a property where the numbers work, then make offer with plenty of contingencies.

Thanks @Emmanuel Tejeda for the shout out! Joe if you do go the multi family route check out NBT bank's "Home in the City" Loan. Best financing I have seen for an owner occupied multi. It is only available for a purchase in a few city's (Burlington, expanded to Winooksi this year, and I think also Rutland-- definitely good to look into based on where you are potentially looking to buy) in the state. 5% down no PMI on the loan. I wish it had been around when I first purchased, would save me $200 a month on my loan. I don't know if you can finance a 3-4 unit with it but I do know you can do a duplex.

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