All Forum Posts by: Peter Amour

as kevin siedlecki stated , if current tenants are paying market rents and current , thats great . Do you feel they are worthy ? if you meet them and feel like you are not sure , those are the ones that usually bite you :( trust your gut . i have always been good about spotting the ones i thought could be trouble , and 99% of time they will cost you .

i live in Vermont ( very different animal ) i have purchased many places over 5 units and many under 5 units and one of our local banks did them all commercial with very good rates ( 3.5 % fixed 15 years ) . the fact they are smaller and local , and i have some history with them now , they hold them in house . i would not say its 100% not an option to go commercial , but depends on your history also ( how many you have flipped or rehabbed )

is the seller going to go after the sale ? maybe see if you can start showing for rental now , maybe get a lease with rental income on both units ? just something i have done in the past .

i can't remember , i gotta read up on what that 1% rule was  , i think from what i remembered , it didn't work to well  in burlington . i pretty much go by cap rates , condition of building and area . it's not that easy to find an 8% cap anymore , 10 is now a dream :(

yes , those area's are still hot ,  but sure don't get the 50-60 calls in the first day like 10 years ago :) it is still healthy market overall especially for 1 and 2 bedrooms . i am not sure on the report ???? they used to do it twice a year . i have been slowly getting out but i still own/co-own about 30+ units , i am not getting out because i am worried , just getting closer to moving overseas .

Burlington has been great for years , but i believe when the new report by Allen and Brooks comes out , you will see vacancy rates shoot up to 3.5% --maybe even 5% . i have noticed real slow on 3br up ( unless on college schedule  of june 1st ) also people seem to be moving or breaking leases much more often ; with 3,500 units being built , it was bound to go up . i believe it is still a very healthy market and the new units will be absorbed . 

thenks for replies , keep them coming if you got any more :)

i think cap rates are a good evaluation method , but you still want to use a few others . people must remember these are guidelines and not gospel . 

i use a cap rate in our market as a starting point .

in our market the  single family rentals can be priced more for an owner to buy, fix , and move in to a hot area . so that being said , rental numbers won't matter much .

i am getting a bit burned out and i am trying to decide on selling another building ( just sold a 4 unit in winooski ) or hiring a good maintenance man or property manager . 

can anyone recommend a reasonable property manager in burlington area ? i know the big players , but i would rather have a smaller outfit or a semi-retired maintenance person . i am mostly just tired of the calls on maintenance stuff  more than anything :(

i am in burlington , vermont , but most sheet rockers now have sound board they use for special situations .