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Blog :: 04-2013

The 'North-40' and the Future of Burlington's Waterfront

The future of Burlington's waterfront may be changing sooner than later. The "North-40" also known as the Urban Reserve is a piece of land that covers about forty acres of lakeshore north of the Moran plant to Burlington College.

Burlington North-40, located in between the Moran plant and Burlington College.

Burlington North-40, located in between the Moran plant and Burlington College.

For years this area was left largely ignored and undeveloped by the City. It wasn't until March 18, of this year, that the Burlington City Counsel voted unanimously for "improvements to safety" and the creation of a management plan for this area along Lake Champlain.

A few current "improvements" stated  for the 'North-40'  include establishing a boat launch site, patching up portions of the bike path, as well as enhancing the riparian zone along the lake.

Still curious about what else is in plan for the Burlington waterfront? Other City Council projects underway include the Waterfront North Access Project and the rebuilding of the Moran Plant. Click on the links to learn more.

Remember to stay informed on the future of Burlington's lakeshore and downtown areas by visiting the  PlanBTV website. More information regarding this blog can be accessed by clicking on the Burlington Free Press article: Counsel to Consider Plans for Burlington's 'North-40'.

The highlighted portion of the waterfront illustrates the location of the North-40.

A 1984 map of the 'North-40' highlighted in blue.

Pros and Cons of Buying Investment Property

"Things to consider before buying an Investment Property!"

Burlington VT Multi Family Property

Burlington VT Multi Family Property

The combination of low housing prices, rising rents, low interest rates, plus the growth in construction for multi-family housing rentals suggest that it maybe a good time to focus your time and money in rental housing. However, like any investment today, there are always risks associated. Here are a few questions and  considerations you should think about before buying any investment property.

Financing? How much down payment will the Lender require? Can you qualify for a mortgage for an investment property? What type of information will I have to provide? Because of the unpredictability of the stock market, many investors are considering Mutli Family buildings as a great alternative to traditional investments. One way creative investors are coming up with the downpayment is by using their self directed IRA.  Check out this link to learn more: http://www.penscotrust.com

Tenants? A Landlord is a business owner, and the Tenant is the customer. Certainly there are always risks that you might wind up with bad tenants. However, tenants need to be appreciated, and the emphasis needs to be in finding good "customers". It's the tenants that are paying the morgage, taxes and expenses on your property.  They should be treated like customers and like any good business owner you need to take care of the customer! You should be prepared to screen tenants, run credit checks, manage complaints, and have a sizable reserve fund set aside to pay for property-owner expenses. Owning and managing any property is a big commitment. Outsourcing the responsibilities to a property manager is a viable option, however,  you can expect to deduct anywhere from 4 to 10 percent off your annual profits.  (local property managers include Fusion Property Management and Coburn & Feeley)

Tax Implications? A good investment property should provide a positive monthly cash flow, appreciation and don't forget about tax advantages. With taxes due in a couple of days- its a good idea to consider ways to reduce your tax liability in 2013. While rental income is taxed at ordinary income rates, you can often post a tax loss while still generating a profit. Thats because you can deduct the depreciation of the rental building to offset income on not just the rental property, but also on your ordinary income. Also you can put off paying capital gains when you are ready to sell, provided you purchase another investment property. This is called a 1031 exchange and might make sense as your return on equity starts to diminish. With a 1031 you can leverage your initial investment by trading up to a more desirable investment property. As always before making a big financial decision check with your tax professional- just wait till after April 15th!

Feel free to contact us for any questions you might have or click here to see our listings of investment portperties  in the Burlington area.