All Forum Posts by: Madeline Marquardt

Thank you both! The seller and I have started working with a local probate attorney.

Hello all!

I just met with a potential seller who is looking to offload a property within a month, and I had a question before moving forward.

Here’s the situation:

His sister just passed a couple months back, and he's lived with her in this house for the past 20 years. She built the house in 1949 with her husband, and it practically hasn’t been updated since.

The thing is, the property is under her name, and she’s never had a will or trust.

The property has no liens on it. There are no surviving spouses, children, parents, or other siblings to inherit the property--the only one left is this brother who I've been talking with. I have done a little research on probate, and will continue to do more, but I have next to no knowledge regarding the probate process.

Do you have experience with probate properties in this stage? 

I’m assuming this whole process would be lengthy and taxing, especially without a will, but is there any way at all to create a win-win scenario with this?

@Peter Amour That's perfect, thank you so much for passing that along! I have requested to join the group and look forward to seeing what everyone's up to in there.

@Kathleen James That's great to hear! I'm hearing from a few other people that there is in fact one that meets regularly, but I'm still working on getting the details on it. Let me know if you'd like me to follow up with you once I know more. 

At the moment, I'm working for a property management firm based in South Burlington that primarily works with commercial real estate across the New England region. That being said, I really do love anything and everything real estate, so I'd love to chat more with you if you believe I can provide any value to you, just message me!

Awesome--that makes so much sense. I've simply never seen that done before so I was curious if this was something you had seen before either. As for the idea of using the STR as transitional housing too, I think that's fantastic. My property management company actually manages some of UVM's properties that they use as transitional housing for new employees moving here from out of state, so at least in that circumstance, I can tell you they've been doing that for decades and it's worked out quite well for them.

Newbie here trying to connect with others in my market. Has anyone been to a recent REIA meeting anywhere in VT? I have seen some older posts mention one about a year ago, but nothing recent. I've heard from a couple of people that there is one currently in the Burlington area, but I haven't been able to get any info on it.

P.S., if you are an investor in the Burlington area, let me buy you a coffee for a few minutes to chat! Feel free to send me a message if interested.

Thanks!

Whoa, another Vermonter?! Love it.

Sounds like a pretty nice deal, glad you were able to make the best out of the tenant situation! Would be curious as to how operating the long term rental and short term rental on the same property will work. Why did you decide to go about it this way?

Thank you, Kevin! I completely agree. I'm hoping to make the most of it!

What do I really need to know about wholesaling foreclosures? Is it really possible? If so, how risky can it get?

If anyone has some experience with this, it would be awesome to hear more. I really appreciate it, y’all!
 

Thanks Aaron, Julio, and Justin! I'm already learning so much from you guys. I really appreciate it, seriously.