All Forum Posts by: Jay Mitiguy

@Account Closed Hi Jeffrey, Sorry for the long dry spell on BP. Been busy looking for my next deal! I financed this deal with zero money out of pocket, excluding appraisals and home inspections. The bank loaned 80% as a first, and I used a HELOC from my primary residence to finance the remaining 20%. My mortgage is 4.5% and my HELOC is .5% for 6 months and prime plus 0 until it locks after 10 years. Very cheap money if you ask me.

I'm not sure if they have branches in Binghamton, but a regional bank from Norwich, NY does my financing. They're called NBT Bank. Good size, but not too big to tie you up in red tape and BS. I'd suggest giving them a shout if they are in your neck of the woods. Good luck in whatever you find.

@Julie Greene  Check your email. You should be good to go now!

Thanks! @Julie Greene  and @Jay S.

Julie, If you want, I'd be more than happy to send those over to you if you give me your email. They've been a great tool for me through this process!

Well it's official. I closed on this property today. Looking forward to being part of the true real estate investors club!

Thanks Nicole! I'll pass your information along to the club President to get you on the list. Looking forward to seeing you there.

@Nicole Carey 

Thanks! Everyone is welcome to come, whether they own investment properties or not. There is a $20 annual fee but that's peanuts if you even learn just one piece of useful information. The next meeting is the last Thursday of this month. (9/25). You can drop me your email and I'll pass it along to the guy the runs the thing if you want to get on the mailing list?

@Nicole Carey 

Welcome to BP from another Chittenden County native! As I'm sure you've  begun to figure out, BP is a great place for information, resources, mentors, etc and I highly advise spending a lot of on here getting familiar with the site. 

There is also a local REIA group the meets monthly in Burlington. It's a very small group and meetings are hit or miss, but I know with a few more reliable members, the group could be in a much better position. Feel free to PM me if you want more information.

I'm in the process of closing on my first duplex so I have just lived through what you're currently experiencing. All my recent knowledge has come from this site and I wouldn't be in this position if it weren't for BP. We as members of BP are here to help you along the way, so don't be shy!

Good luck and maybe we'll catch up around town.

Jay

 @Aaron Montague Burlington definitely has a strong base of real estate investors/developers. I will try to reach out to see if any of them would be interested in joining the REIA. I know some local restaurant/pub owners that might be willing to support something like that - looks like I have some investigating to do! Thanks for the great ideas! I'll keep you posted on the progress.

@Aaron Montague

Very nice. How long have you been at the real estate investing game? Congrats on the next 4 as well. Exciting stuff for sure! Southern VT is a great area, but I rarely make it down unless I have to go for work... You're absolutely right about Burlington and there being lots of money. Unfortunately because of that, property is pretty expensive for a new investor, hence my attraction to St. Albans and the outskirts of Chittenden County. The REIA actually tries to meet monthly in Burlington, but the existing membership is about 12 people, of which 75% can't make the meetings. I've been trying to attend one for 3 or 4 months now, and have yet to see one held. They are always cancelled due to low RSVP'ing. How would you advise going about championing that process? The current "President" doesn't own any investment property and seems pretty unmotivated from what I hear.