All Forum Posts by: Wendy Forbes

@Account Closed.  Thanks, everyone!

I will check with my CPA as well, but am interested in BP members' best practices for setting up bank accounts for rentals. I am transitioning my rentals into LLCs and plan to have a separate bank account for each. I also have an LLC for overall management of my business. I am unclear how to allocate expenses between my property LLCs and my management LLCs. For instance, if I go to Home Depot and buy a vanity and a range for Property LLC and also buy a drill and some other supplies that will be used for all my properties, do I have to purchase the general supplies using my management LLC bank account, but the property specific items out of the Property LLC account? Seems incredibly cumbersome.

Inspiring story, Jason! Congratulations on your persistence and creativity. Sounds like you presented things very clearly to the credit union, also. I'm particularly impressed with how close your actual costs were to your budget. How did you find a good contractor? I find that carpenters are harder to find than plumbers or electricians, and much harder to get accurate estimates from.

@David Dachtera, yes I have. There are very limited permit parking areas within walking distance of the building, but that may be the best solution until I can sell it.

@Dodie Dawson, will keep you posted. Once I have all four apartments rented I will put it on the market. In the meantime, I will be taking much of the advice given to me above in order to find decent tenants.
@Dodie Dawson

That's helpful, Susan. Our city has very limited spaces for 24 hour parking permits, but that is an option I can give tenants.

@Nathan Bartlett - I sent a response to your intro email.  @Karen O. I'll be in touch for your referral if I decide to look there.

@Nathan Bartlett, welcome to BP. Thanks for responding to my post about Southbridge, MA. I really like your approach to investing. It's good to remember the advantages we have here in our sparsely populated state where each individual knows, correctly, that they can really make a difference to a community. Since moving back to VT from western MA seven years ago I've been struck by the sense that I would be able to meet all the major players in whatever endeavor I take on within a few months of embarking on the project. My challenge has been choosing that project! My 4-unit is in the North End of Barre in the flood zone and has no parking. There's a lot I like about Barre, but I'm not sure if I will continue to invest there or look elsewhere in the state. To learn all about my first misstep please take a look at my forum post from a few weeks back -

https://www.biggerpockets.com/forums/52/topics/327...

I am in the process of finishing up renovations to two of the four apartments in this building. Once that is done, I'm hoping to refinance and move on to another, more well thought-out project. I'm considering whether I want to invest further in Barre or look for another part of the state with less risk. I'd love to sit down with other investors and think hard about what could be done in Barre, both residentially and commercially, to help it reinvent itself. The more time I spend in the city, the more I like it.

I haven't spent much time in St J or Lyndonville. Student rentals interest me. Is there a need in Lyndonville, or does the college take care of housing for its students?

I'd be interested in getting together with you and your partner to discuss your thoughts about investing in Vermont.

@John Anderson, I am working on ways to cover the parking for my tenants. I agree they shouldn't have to pay for it.

Hello Massachusetts investors - Do you have any thoughts on whether Southbridge, MA would be a good place for buying rental property? I am based in central Vermont, about 2 1/2 hours from Southbridge. I have a 4-unit rental property in a low-income area of VT as well as a 2-unit in the desirable college town of Northampton, MA. I am looking to purchase more solidly cash-flowing properties, but this time I would like to buy in an area that at least has the potential for appreciation. Do any of you have a sense as to whether Southbridge is on its way up, down, or holding steady? My son has been spending time there recently and thinks it shows a lot of vitality in the diversity of its inhabitants, as well as the mix of rural lifestyle with suburban amenities. I plan to check the area out thoroughly, but thought it might be useful to sound people out as to local impressions, pros, cons, possible changes on the employer front, other upcoming changes you may know about, better and worse areas, etc.

Thanks for any feedback you can offer!