All Forum Posts by: Darrell Lee
Darrell Lee has started 12 posts and replied 140 times.
Post: Fix and Flip Vermont
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
Good luck, following thread as I have a couple unfinished projects.
Post: New in real estate investing (200k cash)
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
I agree.
Post: Rural Investor in Vermont
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
Here's one, 70 Valley St, Springfield, VT 05156 $80k Fixer with possible $60k VT. GRANT money available.
1/2 acre of land where you could park a RV trailer while you renovate.
Post: Can I no-cause evict a section 8 tenant who is on a month to month lease?
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
The Seller has to take action, you cannot as you are not the owner. But check with a lawyer.
Post: Can I no-cause evict a section 8 tenant who is on a month to month lease?
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
As good as my lawyer is, the free tenant lawyer is very good and the judge I had was also biased towards the tenants...
Post: Can I no-cause evict a section 8 tenant who is on a month to month lease?
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
If you are buying the property, I think eviction will be faster, but talk to a lawyer.
Post: Can I no-cause evict a section 8 tenant who is on a month to month lease?
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
18 months was the Moratorium
3-6 mths for the eviction
Post: Can I no-cause evict a section 8 tenant who is on a month to month lease?
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
It takes 3-6 months to evict a tenant. You have a reason, you want to move in... I think they have to be out in 30 days. But you need to talk to a VT Lawyer. I can refer you to mine, He evicted 3 of my deadbeat tenants who stopped paying rent because of the Eviction Moratorium and it took me about 2 years to get rid of them. Lawyer in WRJ.
Post: Veteran Housing or Low Income Housing - Looking to invest
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
Post: Vermont Real Estate Investors Networking Meetup
- Investor
- Springfield, Vt
- Posts 158
- Votes 75
Quote from @Darrell Lee:
Quote from @Shauna O'Donnell:
@Darrell Lee thank you for your input, good to know that about Springfield. Have you had a lot of issues with people paying rent? Wondering if there would be an opportunity to do Section 8 housing there if properties are cheap and market rent is high enough. Just a thought and a way to guarantee at least some rent each month.
New VT state program called VHIP. VT will pay $30-50k per unit to rehab units and bring up to code, vacant units and will execute 5 years leases paid by the state. I just finished evicting 3 deadbeat tenants from my 3 unit property so it is all vacant. The catch is it must be vacant 90 days and winters in Vermont are expensive to heat the building so the pipes don't freeze requiring costly plumbing repairs.
So this property may be eligible for up to $130k in grant money and rental income guaranteed by the state! This should make Vermont rental property very desirable. The rents might be slightly below market, but to have the state paying the rent would be worth it and a zero vacancy rate for 5 years will compensate.
Still researching this program but it looks very promising.
I would sell this vacant property for $250k and the GSI would be around $48-50k/yr