Rental Property Investor · Milton, VT · Member since 2014 · 88 posts · 25 votes
Hey,
I'm reaching out in hopes of finding some fellow Vermonters who are part of this wonderful world of BP. I've been waiting anxiously to get involved in the Champlain Valley REIA, but the last two meetings have been cancelled due to low attendance. Are there any Vermont Investors interested in getting together for a meet and greet outside CVREIA? If so, message me on here and we can figure out a plan.
I would recommend OOS investors to steer clear of Vermont and it's quirky laws.
That is 100% correct. Vermont is one of the most tenant friendly states and the real estate laws and common practices differ from the rest of the country. If you want to invest in VT you really need boots on the ground.
Investor · Williston, VT · Member since 2016 · 28 posts · 19 votes
6y
Living in Vermont and being a REI, I have to agree with @Samanatha Hiscock. With the appropriate amount work and due diligence you can find the "right" deal in any city/state. However, I believe Vermont has additional challenges that you may avoid in different locations.
Rental Property Investor · Milton, VT · Member since 2014 · 88 posts · 25 votes
6y
As a VT native and investor in both VT and NC, I have to disagree with the general notion that VT is more complex than other states. It is often more expensive, and can be difficult to find qualified tenants, depending on your market, but legally speaking, it isn’t any more complicated than other states. Different, yes; complicated, not necessarily.
While the legal system does lean in the favor of tenants, we are definitely not the only state with this set up and many, many people invest here successfully. It really boils down to finding a market with the right tenant demographics, and putting systems in place to properly screen prospective tenants. The eviction process can be expensive if you pay a lawyer, but you can save yourself a lot of money getting familiar with the process, the necessary documents and procedures to file. I’m far from the smartest person I know, and I can do it myself if I choose to save some $. I often buy distressed properties and have to evict the existing tenants upon acquisition and it takes around 3-4 months to finalize the process and regain control of your asset. If you’re investing in this style, build those numbers into your pro forma and plan for it in your renovation schedule. Problem solved! It’s all a function of proper planning and having adequate cash reserves.
I would say the biggest hurdles we face, outside of the tenant friendly laws, would have to be the high cost of living and property taxes, however, the high rents achieved in more populated towns/cities does account for it. Overall, VT can be and is a great place to live and invest in, but it takes proper planning and good systems, just like any other investment.
Investor · Springfield, VT · Member since 2014 · 158 posts · 75 votes
6y
Coming from L.A. to Vermont, the RE laws and prop taxes suck... I buy REO's and obsolete municipal properties, so the assessed values vs my purchase prices have huge gaps... i.e. I bought one NH property for 60k that was assessed at over $1 million, the city reassessed it at THEIR appraisal value of $120k so I'm effectively paying about 8% property taxes. Similarly bought a VT property that was assessed at $1mil and the town did reassess the property at my purchase price of $90k but the taxes are about 3% of assessed value. Compared to Calif Prop 13 which was about 1.25% of purchase price.
I didn't know about the VT land gains taxes and yes, tenant laws are very favorable to them. So, I agree, OOS investors need to do their homework.
Charlotte, NC · Member since 2019 · 60 posts · 20 votes
6y
Hi there, I have a buildable lot that can fit a SFH under assignment. Are there experienced builders in the Chittenden County area? Or a team/individual that someone recommends?
Specialist · VT PA, FL · Member since 2020 · 11 posts · 4 votes
6y
I just wanted to introduce myself to the group and would love to meet up.
I have been in information technology for over 30 years and would be willing to volunteer my time to setup private and secure video chats We can also have an encrypted private site where we can exchange files and publish documents for the group.
I live in Ludlow and own two properties, one on the mountain and one in town. We also own commercial property in Pennsylvania and land (on market now - under contract) in Maine at Lake Sebago.
I would love to meet fellow Vermonters to discuss issues I am having on taxes and future growth areas etc.
If anyone wants to reach out and say hello please contact me!
Specialist · VT PA, FL · Member since 2020 · 11 posts · 4 votes
6y
@Ralph Jensen Do you still own property in Vermont? Do you live full-time in the state? Would love to chat I know you posted a while ago so if you’re still around the area let me know.
Investor · VT · Member since 2020 · 17 posts · 8 votes
6y
Just wanted to pop in and introduce myself. Im an aspiring investor in the Upper Valley. Currently doing my homework and monitoring the markets during the pandemic with hopes of picking up a SFH or multi in the near future. Any other investors/contractors in the UV?
@Graham Mink how are you, do you know a closing attorney that understands assignment, or that can do closings throughout the state?
I've done a few assignments in Vermont, never an easy thing to get people onboard with since nobody does it here and it's an attorney closing state. I've used Jonathan Stebbins at Bauer Gravel Farnham to do it.
Real Estate Coach · FL · Member since 2018 · 46 posts · 10 votes
5y
@Dan Beaulieu thanks for reaching out. What attorney would you recommend in Vermont. Do you also know an attorney that can handle Statewide to do in Petal research and closings.
San Francisco, CA · Member since 2015 · 1 post · 0 votes
5y
Hi all - new to BP, is there an active Vermont/Burlington REIA or informal meetup I could join? Would love to meet up and learn from more experienced RE investors (my background is in PE and venture).
Hello my name is Shelly and I am new to BP. I own a duplex in Morrisville and live in Stowe VT. Is anyone still doing any types of meet ups? I would love to get to know other people in the area and am hoping to expand my portfolio soon.
Hi all - new to BP, is there an active Vermont/Burlington REIA or informal meetup I could join? Would love to meet up and learn from more experienced RE investors (my background is in PE and venture).
Hey Morgan! I was running one pre covid in Burlington...most people are not meeting up right now in groups unfortunately. I'm excited to get a vaccine inside me and get back to it soon!
New to Real Estate · Greensboro, NC · Member since 2020 · 36 posts · 13 votes
5y
Hi all, Im new to Real Estate investment. Background is Martial Arts school owner and bartending. I would love to meet up and learn all the fundamentals. When is any REIA meetings happening? Im in Hartford, VT
Investor · Chittenden County, VT · Member since 2020 · 10 posts · 0 votes
5y
@Jonah Richard I heard from a local investor in South Burlington that he used Residential Capital Partners. He is a former HomeVestor “we buy ugly houses” franchise owner and recommended them to me when I was looking for hard money. I didn’t end up using them so I can’t give first hand experience. Hope this helps!