Hello! Target: STR/vacation home in Northern Vermont

[Benjamin Frank]

Hello everyone!

My first interest here is in seeking advice on purchasing a property that will initially serve dual function as a STR and vacation property for my family. We plan to purchase next year and are targeting areas around Killington and Sugarbush. Our end goal is to own both a property strictly for rental along with a family vacation home in a sem-rural setting on multiple acres. Our ideal would be a turn key property on >3 acres that we could immediately start renting out and is within 45 minutes to a ski slope but what we think is likely is purchasing a studio or small condo that is slope side that we could then leverage after a few years of paying down the mortgage for a larger more ideal property. We might also consider further north like Stow or Jay or possibly areas in Maine near Sunday River, Saddleback or Sugarloaf but the drives to those location would limit our ability to use as a family somewhat. We'd want to secure a cleaning company and set up the processes that prevent us from having to be onsite to deal with the majority of the needs of the property. I'm curious to hear from anyone with experiences in these areas or who have similar goals.

[Jason Wray]

Benjamin,

My advice would be to treat it as a Vacation home and use financing so that you save on only having to put 10% Down & No Prepays. Great thing about Vacation homes is you can use it as an STR and only need to occupy several days out of the year. I would refinance it in 12-24 months and transition it into a investment for tax purposes but that's up to you and your family.

Good call on that STR and location I have had some around Kittery and North Conway, NH. Great idea based on a year round secret that most never even realize is a cash flow opportunity. Most ski-in-ski-out places in the NE get frowned upon by Mid-West skier because they think we are all ice. Go up after a great snow day to Bretton Woods, Wildcat, Spruce Peak, Stratton and its all thick powder!

Now compare the lift costs, rentals, and lodging to out West and its a fraction of the price. Its great all year round with golf, hiking, white water, camping and fishing in the summer. Snowboarding, Skiing, Ice fishing, Hunting, and Christmas vacations in general in the winter,

Feel free to reach out if you have any questions always happy to talk REI or the North East!