All Forum Posts by: Madeline Marquardt

Quote from @Jules Aton:

Please report if animals are not being cared for appropriately. To me that is a no brainer. It is also possibly an APS situation if elder or vulnerable person can’t care for their self. 

Thank you so much for sharing your thoughts Jules, we really appreciate the input. We’ve definitely considered those routes, but at this point we don't have enough evidence/proof of this for us to reach out to those agencies on her behalf. We’re doing our best to navigate the situation carefully while also staying on her good side in case we do end up needing to pursue a non-renewal and/or eviction. Your reminder is really helpful, though, and it’s good to know those resources are available if things do escalate.

Quote from @Wesley W.:

@Colleen F. gives you good advice.

I think in practical terms, your goals (1) and (2) are mutually exclusive.  Are you going to be a philanthropist, or operate a profitable business?  That's a personal choice, but a choice nonetheless.  (There's a continuum, I get it - but hopefully the sentiment lands.)

Of your "questions" at the end of your post, I think your first outcome (1.) is probably the most likely and I would begin preparing for that eventuality (i.e. engage a L/T attorney, procuring cash reserves for non-payment during eviction, funds for extensive renovation). 

That being said, I would strongly recommend getting an attorney on board.  I've seen lots of new landlords try and save money by trying to do a DYI eviction, only to get schooled by a pro-bono laywer from any one of the numerous tenants' right groups willing to battle the evil capitalist landlord.  These folks are trained and intimately familiar with the state/local statutes and all the associated loopholes.  Having an attorney handle this for you is money well spent, especially in the tenant friendly jurisdictions.

Moving forward, I suggest offering only MTM leases to your tenants, so you are not placed in this situation again.  I've written about this strategy in detail here on BP so feel free to search it up.

There is a lot to know in this industry, and we've all made plenty of mistakes.  My rule has always been to, whenever possible, try and learn from others' mistakes in order to avoid them myself; give myself some grace when making a mistake I did not foresee, but to change my operations/process in order to make those mistakes only once.  The definition of insanity is expecting different results by doing the same thing.

Good luck!

Wesley - thank you so much for taking the time to share your perspective, it’s really helpful to hear from someone who’s been through similar situations. You’re absolutely right about the importance of having a good attorney, especially in Vermont. She’s currently on a month-to-month lease, but as you probably know, we still have to provide 30–60 days’ notice of non-renewal depending on length of tenancy (60 days in her case). I’ve been through about a dozen evictions and a half dozen cash-for-keys situations, and I honestly can’t imagine trying to handle any of those DIY in VT with how tenant-friendly the state is. Having a solid attorney has saved us more than once.

I hear you on the tension between philanthropy and profitability (honestly, this is the biggest reason I look forward to investing more in commercial moving forward as the continuum is much more cut and dry compared to residential). At the end of the day, this is a business, but we also want to explore every resource available to help her transition smoothly if we can. That’s really why I posted; not to avoid the legal route, but to see if there are any alternative suggestions or community resources others have used successfully in similar cases.

I really appreciate your thoughtful response and your reminder to always keep improving operations to avoid the same mistakes twice. That’s exactly the mindset we’re trying to adopt as we keep learning!

Quote from @Colleen F.:

@Madeline Marquardt does the lease not have an animal limit.  One thing to do if you have concerns is animal control needs to be involved. They may remove the animals if there are an excessive number not cared for.   This is a call you can make to the animal control officer.  The other thing is if you don't think she is caring for herself and she is elderly there are sometimes agencies you can call. Call your senior center. Not sure if these would be easier than a non-renewal but sometimes animal control is very pro-active in overcrowding situations. 

Thank you so much for your thoughtful advice. I really appreciate your words of wisdom. Typically, we don’t even accept pets at our properties, but this particular tenant was inherited when we took over, and we know the property itself already needs a lot of work. Your suggestion about animal control is very helpful, we’ll also keep in mind the idea of contacting senior resources if it seems like additional support could benefit her. It’s good to know there are options to consider beyond just non-renewal, and we’re grateful you took the time to share them.

This situation is in Vermont, where landlord–tenant law is very tenant-friendly. We inherited a long-term tenant (10+ years) who is very kind and well-liked, but she does not maintain the unit or herself very well. There’s a strong odor, and she keeps multiple cats and dogs that are not well cared for. While she isn’t technically violating the lease, the city inspector who recently went through the property suggested contacting the health department.

We’d like to balance compassion with responsibility. Ideally, we’d like to (1) help her in the best way possible without offending her, but (2) also protect the property and possibly free up the unit for renovations within the next 1–2 years.

Questions:

• 1. Given Vermont’s tenant protections, if she isn’t in clear violation of the lease, would our best option be to issue a no-cause non-renewal notice when the lease ends, understanding that could lead to an eviction if she refuses to leave?

• 2. Are there alternative approaches under Vermont law that might allow us to either require improved conditions (due to health/safety concerns) or provide support/resources while still protecting ourselves as landlords?

• 3. Would involving the health department complicate things, or could it create a clearer legal path for addressing the situation?

VTREM May 2024 Meetup - Monday, 5/6/24 at 6:00pm

Queen City Brewery Event Room, 703B Pine Street, Burlington, VT 05401

You've shared your thoughts and we've heard you! Thank you to all who have filled out our survey. Several folks have identified they want more time to connect with other investors. This truly helps us understand how to manage the meetup and ideally provide the best value to the community. Please don't hesitate to reach out directly if you have any additional thoughts, or if you're interested in helping out with these events.

Our next meetup on Monday, May 6th, will not have a presenter--it will simply be an opportunity to connect with other local real estate investors. If you're brand new or a seasoned investor, come share a drink with our growing community of real estate industry professionals. Drinks will be offered at the bar, and some light hors d'oeuvres will be available.

We've seen a steady increase in participation since the New Year, which is amazing to see. What are you looking for to take that next step in your journey?

If you would like to share your story with the community, please reach out to [email protected], or Mady at (802) 316-8339.

The Secrets to Creating 3 Pay Days Per Deal Without Cash

The team over at Smart Real Estate Coach has very generously offered our group a follow-up workshop! Their presentation at the January meetup gave us a general overview of all the creative financing options open to investors and shared the biggest benefits their coaching team can provide.

Zach Beach will be back to share with us with a more detailed breakdown of how to get started on our own creative financing journey. Some of the topics he will be discussing are listed below:

- How to buy real estate without cash, credit, or banks
- How to buy using lease purchase, owner financing, subject-to, and assign out
- How to sell on rent to own
- How to utilize their 3 Payday System® to get cash now, monthly, and future profits
- Case studies of recent deals

Be sure to register using the link above if you are interested in learning how to maximize your profits using creative terms without any cash!

Blair Knowles and Matt Parisi: From IT Help Desk Professional & Yoga Teacher to $250,000 in Rental Property Income in 5 Years

This month at our meetup, come and meet local husband and wife powerhouse team Matt Parisi and Blair Knowles!

Matt currently owns and runs a construction and development company: 802 Development and Consulting, and Blair owns and runs a local residential real estate brokerage: Ridgeline Real Estate. The husband and wife duo live in Richmond VT with their 2-year-old daughter Harper and another daughter, Amelia, on the way due in April of 2024.

When they first met, Blair was a yoga teacher who had newly started a career in real estate sales and Matt was working the IT help desk at the UVM Grossman School of Business. Starting with one investment property a piece, the duo got hitched in 2018, and quickly grew their portfolio.

Today, the couple owns and self-manages 30 residential real estate units primarily in the greater Chittenden County area. Through house hacking, rehabbing, and development projects, Blair and Matt have built a portfolio that produces $250k in income a year. Come hear their story of how they leveraged their cash, their partnership, and their careers to build passive income.

Join us on Tuesday night to hear about how exactly they manage to do it all!

From Middle School Teacher to Over 100 Long-Distance Real Estate Deals with local investor, Mac Sullivan

Breaking News: VTREM is shifting content in 2024 - We are VERY excited to have Vermont Construction Company as our room sponsor for all of 2024! This means that we can curate presentations at the meetups that are not sponsored. IE: presentations that are aimed at educating attendees and where no one is selling a service. We listened to the feedback from meetup attendees and you said you wanted to hear more from fellow attendees in the room. What is their investing niche? What was their investing journey? Thanks to a room sponsor, we can now bring you a lot more of that content in 2024. If you catch them around our meetup, let's all give a big thank you to Vermont Construction Company.

To get us kicked off during Tuesday's event, we will be featuring a presentation from a local investor you may already know from these meetups - Mac Sullivan. If you know Mac, you know he's been absolutely killing it - living in Vermont, even though his primary market is halfway across the country in Wisconsin.

He started his business from the ping pong table in his basement during the COVID lockdown. It was supposed to be an early retirement plan and a way to purchase rental properties, but what started off as a side gig quickly became the main source of income for his family. He ended up leaving his my job as a middle school teacher in 2021 to focus on Stillwater Properties full-time. Since then, he's done over 100 real estate transactions all over the country, and they're looking to continue growing in 2024.

Join us on Tuesday night to hear about how exactly he managed to scale a successful real estate investing business from a thousand miles away so quickly!

Last thing - spread the word! Please continue to spread the word about this meetup! Our goal is to connect with other like-minded individuals. All experience levels are welcome as we continue down this winding road of real estate investing together.

Is this your year to take the next big step in your real estate investing journey? Join us for good eats and great conversations about investing in property!

This event is sponsored by Smart Real Estate Coach. Listen to Zachary Beach share how they've helped thousands of individuals in over 80 markets across North America go from W2 employees to full-time real estate investors. Their mission is to empower individuals and families to create the life of their dreams by showing investors how to properly scale and automate their business.

Chris Prefontaine founded Smart Real Estate Coach in 2014, which has been considered an Inc. 5000 fastest growing company three times. Smart Real Estate Coach is made up of several medias, including coaching and mentorship programs, a YouTube channel, a podcast, several annual live events, and a series of fully online self-guided courses with 100+ videos and more.

Join us on Monday night to hear more about their Wicked Smart Academy, and get a taste for the education they offer around creative financing.

Last thing - spread the word! Please continue to spread the word about this meetup! Our goal is to connect with other like-minded individuals. All experience levels are welcome as we continue down this winding road of real estate investing together.

Our in-person meetups are about networking more than anything--stop by to grab a beer and chat all things real estate with us!

This event is sponsored by The Stowe Village Inn. Join Mike and Lauren at The Stowe Village Inn as they share about their investment journey leading up to the purchase of a historic 37-room inn, motel, restaurant, and event space, in one of the most desirable year-round destinations in the country.

Before change of ownership, the property was significantly neglected with a bad reputation, thanks to the previous owner. Mike and Lauren gave the property a complete overhaul while started a new business from scratch, with no previous hotel experience.

Hear first hand about their purchase process, the successes and struggles of a new business, and lessons learned. Come join us as we tour the inn, then spend the afternoon at Grant's bar and restaurant to enjoy libations and conversations.

Looking for a staycation after the meetup? Book a room for the night at the inn using promo code REI2023 at checkout for 10% off!