All Forum Posts by: Lindsay Damici

@Blair Knowles Thanks! I would love to join. 

@Blair Knowles I did go see that one - bedrooms are pretty small - especially for the price in my opinion. I haven't 100% counted it out, but for the price I would need a roommate for make the numbers work and with that small of a bedroom it would be hard to do. Upstairs converted attic bedroom is pretty cool though. 

Thanks @Blair Knowles I looked drove by this, but it has no yard and I plan on owner occupying with my dog. I will probably look into it anyways, but I'm not sure it is the right fit. 

Thanks!

I am looking for a Duplex in Burlington, VT and am finding properties hard to come by. I was wondering if anyone had any experience converting a single family home into a duplex or getting permits for duplex conversion or adding/converting a garage/separate apartment on their land.

Is obtaining these permits and the costs associated with them not worth the hassle? I am curious in case I find a good deal on a single family home that has potential for conversion or addition.

Mostly curious at this point - thank you,

Lindsay

Welcome! I am starting off my investor path just like you did. @Blair Knowles is right the Multifamily market in Burlington has been crazy I am currently in the search process and (at least duplex's) properties are scarce, and going very quickly. 

Thanks @Blair Knowles I saw their calculators - I think I am going to try that as well. 

@Omar Ruiz @Peter Amour - thanks I realized I forgot to mention Insurance after I posted it and I reached out for a estimated quote.  Thanks Peter for letting me know that I should look into the difference if I want to airbnb. 

Hi BiggerPockets Community,

I need some advice. I am currently searching for duplex/multi-family property (I am first-time homebuyer looking in the Burlington, VT area) and I really want to take a close look at the numbers and make sure they work for an investment property. I find myself wanting to spend more money, but I'm not positive if the numbers will work out.

Does anyone have an excel sheet or format they can share that would help me make sure I am taking everything I need into consideration?

I am planning on airbnb(ing) the other half of my home and need to figure out how much I need to make (on a yearly basis) renting out the other half if the home is $250,000, $275,000, $300,000.  My goal would be to have the rental income pay for the entire mortgage and if I make more than estimated that can help with all the other items - I just need to figure out what are my estimated out of pocket costs on a monthly/yearly basis. 

List of items I know I need to account for: 

• water
• trash
• recycling
• heat
• internet
• electric
• Vermont Gas rental (depending if the unit it rented, but based off of what I have looked at most are - around $17 per unit a month)
• yearly taxes
• random repairs/updates/discretionary funds (this # is important for me to know because many of the duplex's in my purchase price range need a decent amount of work done on them)

I just have a feeling I am forgetting something and would love to see how others calculate their costs. 

Thank you!

Lindsay

@Tawny Bloom Thanks - that is great advice. I'm not scared of a little renovation, but I need to be conscious about location. I am eager to get started, so you're right I need to constantly check myself and make sure properties make sense.