All Forum Posts by: John Wright

Recently I have been considering investing in SFH or small multi-family properties in Vermont with the intent to generate a rental income stream. During my research, I have repeatedly had people spontaneously say things along the lines of "Being a landlord in Vermont is precarious. The regulations are many and the fines are expensive."

However, when I ask why they say that, they can offer no specifics.  So I put it to the forums.  Is Vermont a bad state to be a landlord?  Do they have stricter regulations than the average state?  And do the regulators regularly assess large fines for non-life threatening non-compliance issues?

Thanks Deanna.  If it helps the thread, I am particularly interested in Massachusetts regulations.  I have looked at the laws but, as you might imagine, there is not a clear black and white statement on this.  Rather more along the lines of "you must be fair and you cannot discriminate."  I'm fine with that but within those bounds, I would like to select the most personable, financially stable, and longest-term tenant interested in my property.

I am in the process of transitioning tenants for my single family home rental property.  I've been lucky with a strong response from my listing but it has raised a question in my mind.  Let's assume 2 or more prospective tenants submit applications, pass the credit and background screening, and meet my other minimum criteria.

Must I accept the the tenants on a first-come first-served basis?  Or can I pick the best applicant.  For example, if they all pass the minimum criteria but one has a credit score of 800 or one applicant rented their last place for 8 years and are only moving now because that house is for sale.  Can I pick the one with the best rental resume?

Adding to the comment from Elizabeth, you should also deduct for expenses that are now required by zoning.  For example, older homes may be on septic systems but towns that have installed sewer systems since the house was build may require the property to connect to town water/sewer upon sale of the property.  

If your tear down is near wetlands (not necessarily on the water but near areas that flood in spring) you will have to submit plans to the local natures conservation committee for approvals and likely install wetland protection barriers/fencing and limit construction options.  

All translate to extra costs to rebuild/resell.  And since these are "invisible" improvements, the next buyer is unlikely to pay extra for them so you are better to get your prospective seller to absorb some of it now by reducing your offering price.