All Forum Posts by: Jay Mitiguy

Hey Graham,

That's a really good question. I'm not exactly sure how she was going about "wholesaling", but based on my limited knowledge of her situation, she was using the and/or assigns clause. I'm not positive though, so don't quote me on it! I agree that the state is very strict on what we can do as RE Licensees, but my understanding is that you can assign contracts as you are technically licensed to do so. Again, I'm not an attorney, nor have I wholesaled anything myself - just my thoughts on the situation.

@Samantha Hiscock

Looking forward to it. Good luck with the new baby!

@Tom S.

Tom - as a fellow investor from VT, what bank did you use out of curiosity?

@Autumn Noble

Hey Autumn. It was good meeting you last night at the CVREIA! I'm loving the fact that more Vermonters are getting involved on this site. I was beginning to feel all alone on BP!

One thing I noticed in your post but I didn't catch last night was your interest in wholesaling. Just a word of caution that it is illegal in Vermont to "broker" deals without a license. I met a woman who was sent cease and desist letters from the VT Attorney General for it. However, I believe there are a couple ways around that. The best path would be to get your RE license, and then you can broker any deals you want without any worry of breaking the law. The second option would be to look into how the courts view wholesale transactions that utilize a "double closing". Without being an attorney or speaking with mine in depth, I would imagine that this is a gray area that could be leveraged if done correctly. The last thing to note is that lease options are not considered sales, so unlicensed people can broker lease deals. Not sure if that helps, but wanted to offer my 2 cents. Looking forward to seeing you again next month.

Jay

@Samantha Hiscock

Hey Sam - It was great meeting you last night at the CVREIA meeting. I must admit that your earlier comment on the post is the common perception of the group. The REIA has been "incorporated" for 6 or 7 years and despite the efforts Tony has made, it's struggling. I agree with Aaron, that the group struggles because few people have taken the initiative to improve it. I was speaking with Tony the other day, and we have some ideas that should help stabilize, and eventually provide ongoing value to, its membership. It was nice having you there because unlike several other members, you have experience and can provide valuable insight and lessons to the others who may be just beginning. I hope that you can continue to come, as I plan on working hard to build this into a quality group.

@Graham Mink

Graham - I just finished listening to your episode of the podcast and it was freakin' awesome. We'd love to have you come up and check out the CVREIA. The more, the merrier. 

Hey @Tyson Moulton,

Welcome to BP. As a local investor, business owner (non-real estate related) and realtor, I have learned immense amounts of information from BP. Be sure to take the time to explore all that the site has to offer - you'll be amazed!

As @Aaron Montague mentioned, there is a local REIA that is struggling to get off the ground. Reach out to Tony Micklus on here and he'll give you some more information on meet up days/locations. We really need additional consistent members to take it to the next level.

If there is anything I can do to help, feel free to drop me a message.

Best of luck!

Jay Mitiguy

I would echo @Aaron Montague 's suggestion of getting your license. While it isn't the cheapest thing to do (roughly $1,000 to go through the entire process), I've found it to be worth it. If I can buy a property and pay myself 1.5% (average cut after brokers and other agents get theres) of the purchase price every time, I'll recoop my expenses after the first property purchased based upon my home buying criteria. If I buy one per year, it makes financial sense. In addition, I can now sell property, both my own or for others, and make/save money on the process. 

I haven't read the flipping book yet, but I will soon. My goal this year is to buy 3 more small MFR's by 12/31. After that, I'd like to flip one to see how it goes.

Hi Stephen,

I used godaddy.com for my site. I'm still in the process of creating it, but here is a link if you're interested in seeing what can be done with their software. www.eastshoreinvestments.com (Admin: sorry if I'm not supposed to be posting links here) It's a $9.99/month subscription and an upfront fee for purchasing and hosting your domain. Mine was something like $170 for two years of hosting. This isn't the first site I've created, and have poked around on other user friendly web-creation sites like WIX.com with some success. I'd recommend seeing what's out there and what seems to fit your budget and your web development skill sets.

Nice. Chittenden County definitely isn't cheap, unless you can find a dump in Winooski or something. The REIA only meets once per month usually on the last Thursday of the month at 7pm. The location changes depending on attendance and it announced the day before usually, if not sooner.

@Maple L. Hi Maple, Thank you very much. Where in Burlington do you invest? I'm looking for some people who'd be interested in jump starting our REIA after the holidays... Any chance you'd want to come check it out? It's ran by a guy named Tony Micklus, but doesn't have any real following yet. If it's ok, I'll ask Tony to add you to the email list for the next meeting, or you can hop on CVREIA.org to check it out. I think with some committed people, we could build a solid club that provides us all with some value.