All Forum Posts by: Brenda Hedges

I'm working on a first flip deal in Vermont. I have a single family residence under contract for well below the assessed value. I had applied at my local bank but was turned down because my ratios of debt to income are off. So I did a search of the hard money lenders on BP and contacted RCN Capital in CT. I applied 2 days ago and did get an email from a loan officer asking me to sign documents giving access to my tax returns but have not been contacted regarding the process or when I might hear from them. Has anyone else done any transactions with them? Any reviews of their services?

There aren't many hard money lenders willing to work in Vermont. It would be great if these folks are legit. Many thanks!

@Austin Groupp

Good questions. It depends on your definition of a "good investment". Are you looking to buy a vacation home and rent it out short term to cover the costs or are you looking at long term appreciation? Because we have so many places to recreate in Vermont, second homes can be a good investment but it depends upon what you're looking for and where it is. Ski condos can be a good investment but it sounds like that is not what you're looking for. Cottages on the lakes are easy to rent to cover costs. Let me know what you're vision is and I can give you a better answer. 

@ David M

I've learned that some of the smaller local banks will do rehab loans. They will loan on the After Rehab Value (ARV) rather than the purchase price. One of these banks is the Union Bank located in Lamoille County. Best of luck with your project!

@Destiny Hall 

Welcome to BP. I am in Waterbury Vermont and am a licensed real estate agent as well as a relatively new investor. I'd be glad to answer questions you might have about the market and local conditions in different regions of Vermont. What would you like to know?

@Krystina L.   I agree, I've learned that I have to act very quickly if I want to buy anything in Chittenden county. I keep getting beat out because I take too long doing due diligence. Starting to look at other parts of the state. 

If memory serves me, VSECU will do FHA loans. You will want all this sorted out before you finalize an offer. It's a good idea to check with them as soon as possible.

@Rosie Williams

Welcome to Bigger Pockets. You've got the right attitude to get started. Hang in there. I'm in Waterbury, Vermont and although I've been a Real Estate agent for a while, I'm just getting started with investments too. The market in Barre is interesting. There are a lot of inexpensive properties and a lot of rental units for sale. If you're careful and watch your numbers, you should be able to do well there. Especially if you are going to buy and hold properties.

@Hattie Dizmond

Thank you for the very helpful info. I'll check into the test kit but I'm not actually sure that I want to go back into that property.

@Justin Tahilramani

Thank you for your reply. Any developed lot here is worth around $70,000.00 and they are asking $39,000.00 for the property as is. We are allowed to have modulars. I need to look at the cost to rehab vs. replace and to decide how much hassle the remediation would be. In terms of experience, I've been a real estate agent full time for the last three years and bought, rehabbed and sold several houses before that. This would be my first flip of a house that is in this poor condition. 

@Hattie Dizmond

Thanks for your reply. In this building there is black mold and white mold and it is every where. To get rid of it would require removing everything to the studs. Yes, in Vermont, I would have to disclose the mold remediation. The property is now listed for less than the value of the lot.