All Forum Posts by: Micaiah Cormier

Thanks man! I understand there will be interest, but I didnt want it amortized like a traditional mortgage. 7% and payments divided evenly so that if we refinance in 2 years we have reduced the balance. They suggested using a lawyer in their area. Its not far from where we live.

@Laura Williams yes this is good info thank you. I was hoping to not amortize though, to avoid paying the seller all interest in the beginning. I'd like for my son to refinance as soon as he is able, and if he has paid the principal down some it would be advantageous when that time comes.

@Mike M. Thank you this is great. You definitely introduced a couple of ideas I hadnt thought of.

My son is looking at his first 3 unit, and since he is only 18 owner financing sounds like a great idea. It turns out, the owners are open to it. Any advice on forms, terms, do's dont's?

I live in NH where there is no state income tax. I was reading the VT state tax laws and while the language somewhat confuses me it looks like I'm subject to their state income tax as well as the federal cap gains for my tax bracket. The land gains tax is a small tax in this case as the house is sitting on less than one acre. thank you for the feedback, it's appreciated. 

I'm looking at a promising flip in Vermont, but I read that the state of VT charges a cap gains tax. Is this in addition to the federal cap gains and if so what is the rate? Wow, feeling like everyone will make money but me :-(

your requirements are too strict for a C+ include everything and raise rent accordingly. screw the credit score, if they had good credit and money they would own. you can learn a lot from talking to them and asking face to face if there is anything they feel they should know about them up front. most people are pretty open and would rather disclose anything than have you find out from someone else. ask for references, but don't check them - talk with former landlords and bosses as they will give you the information you are looking for. good luck!

I don't know what it is, but 1 out of 10 has worked out for me. most sadly have trashed my apartments.

My investment has been profitable. I haven't always enjoyed it or managed it well but being older helps in the wisdom department. you can do an easy yearly projection if you know how to create a spreadsheet. I could send you the one I use if you like.

It was for me, I'm 41. you Just have to manage it well. Don't buy a maintanence nightmare and hold out for good tenants.