All Forum Posts by: Bonnie McCullough

Thank you for your input. Yes, our realtor is probably a bit lazy, but we are kind of stuck for the short-term. The property will not convert to a single-family without more outlay than worthwhile. Yes, we realize the local VT person with a mind to have an extra unit is our market. Less of those people than we realized. It is a great property, someone will come along and make it work for them.

We have a 2 family property in southern Vermont that has been on the market for a while. Do people not invest in Ski country multi properties? The price is only $227K, less than even single-family properties of its size in the area. The rents could be $900 & $1,300 (it is empty now so it shows more easily). Does our math not work out for people to invest?

Owning a high-end duplex vs. owning a 4-5 unit are different animals. I would stick with your duplex formula until you get more experience. The market is going up now and is pretty hot in the summer, might be better to wait to see what the winter holds for the market. But do keep your eyes out so when you see the right good deal you are ready.

Newbies should consider the lower prices of vacation areas to buy their first multi-family. If you like to go skiing or to the lake or shore where the prices are lower consider buying a multi-unit there. Good way to start out in property renting if you are not too far away to handle the property. Let your leisure place become your money maker.

Be careful in Fitchburg. The best deals are in the worst areas and the students will not want to live there either. Unless you want section 8 you would have to be in specific areas. Not as many students live off campus as you might think, don't go more than a few blocks away.

We have had a place just north of the Berkshires in West Dover VT for 14 years. Like anywhere else you have to be careful about who you rent to. The prices are lower so it is easier to break into the market. Our 2 family near Mount Snow is for sale if you have any interest in that area.

That was a dirty way to try to get you to take section 8. As far as I know in Mass you don't HAVE to accept Section 8 unless your property has more than 4 units. And if you live at the property they absolutly can not force you to take vouchers. I would stick to your current lease and start eviction as soon as they don't pay. 

I would wait it out. In a few years, you would likely forget about living with someone for a month or 2, but you would never forget the year or more it took to get him to move.

Massachusetts still has lead in older homes and apartments. It is not an ideal situation, but I don't think you NEED to do anything unless one of the kids tests positive for lead. If there is no chipping paint and he does not let the kids suck on the woodwork it may not be a problem. The expense comes in IF they test high for lead, and even still there would likely be a delay looking at their primary home first. 

We had a problem a few years ago when a couple who had lived at our unit had a child who tested high, and even then they needed to retest them 2 months later to be sure it was not a false positive. So we had a few months to figure out what the child might have gotten into and fix the situation in the meantime before the state stepped in. We were able to offer the family another apartment in a newer building in the meantime as well, just in case the second test was also high. But as it turned out the second test came way down because of all of the remediation we had done after the problem was first discovered. 

We now have that unit 'lead encapsulated' which is much cheaper than remediation. Our 2 kids grew up in our unit (where only half of the lead has been eliminated) without any issues. Long story short, do not panic, the kids are not there that often. If he knew that there was lead in the unit prior to moving in I do not believe you have to be lead compliant UNLESS there is a problem with his kids testing high unless things have changed in the last 5 years.

Yes, some smaller banks like TD are able to work in many states locally. Best to look in areas you are already most familiar with or really take the time to know the area. The first deal is the most critical.