Vermont situation guide · Updated November 2026

Wholesaling Small Multifamily Properties in Vermont

Wholesaling small multifamily properties in Vermont means putting a two- to four-unit building under contract in a town like Burlington, then selling that contract position to a landlord buyer for a fee. No wholesaler-specific statute was found, but broker-license rules and tenant issues still shape every deal, so check current text.

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The short answer

Can you wholesale a small multifamily property in Vermont?

Generally yes, if you watch licensing. A Burlington duplex or triplex can be put under contract and assigned, but 26 V.S.A. 2212 bars acting as a broker without a license and no wholesaler-specific statute was found, so an attorney should review first. Ask a Vermont attorney or the Office of Professional Regulation before you market any contract.

Small multifamily usually means two to four units. Owners are often retired landlords in Chittenden County who inherited a building or tired of repairs. You lock the price with a signed contract, then look for an investor who wants the cash flow. Our wholesale offer guide shows how to word that first contract.

The legal question is brokerage. Under 26 V.S.A. 2211(a)(4), a broker acts for another for compensation, and the listed acts include dealing in options and advertising as being in the business of buying or selling any interest in real estate. The owner exemption in 2211(b)(1) covers a bona fide owner, and the text does not say whether a contract buyer qualifies. Read our legality guide, then ask counsel.

Small Multifamily Properties in Vermont at a glance

Wholesaling statute	Nothing aimed at wholesalers surfaced; check current text
Broker rule	Unlicensed brokerage is barred by 26 V.S.A. 2212
Owner exemption	26 V.S.A. 2211(b)(1) covers a bona fide owner
Transfer tax	Base rate 1.25%; some investor purchases face 3.4%
Flood disclosure	27 V.S.A. 380 applies to sellers
Foreclosure tenants	At least 30 days after a writ is served

The opportunity

Why small multifamily works in Burlington

Burlington has very tight rental supply and a large student and worker population. Old North End, South End and Hill Section blocks are full of triplexes and converted Victorians. Owners who have held them for decades often feel the weight of lead rules, code visits and tenant turnover. Landlords from outside Chittenden County keep asking for stable buildings, so a clean contract on a small building tends to find a buyer. Prices are generally high compared with the rest of the state, so verify every number locally.

Tired owners

Long-time landlords may accept a fair cash price to be done with repairs and tenants. See our motivated seller guide.

Hungry buyers

Local landlords and out-of-town investors want rent rolls they can underwrite quickly.

Mixed condition

Older buildings need work, which opens room between the contract price and the end price.

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Lead sources

Where to find small multifamily leads in Burlington

Rent roll watchers. Look for buildings with several mailboxes and one owner address elsewhere. Our absentee owner guide covers the list.
Town land records. The city clerk keeps deeds, so check owner names there. Use our owner lookup guide.
Driving the blocks. Peeling paint and stacked mail show tired owners. Try driving for dollars.
Letters to landlords. Short, plain mail works best. See direct mail.
Estate and trust sales. Heirs often want to sell a rental quickly.

Your exit

Who buys small multifamily in Vermont

Small landlords, house-hackers who will live in one unit and regional investors buy these. Each wants to see rents, leases and unit counts before offering. Share what you know and what you do not, and do not guess at tenant rights.

Know the buyer’s tax picture. Vermont’s property transfer tax in 32 V.S.A. 9602 has a lower rate for a principal residence and a higher 3.4% tier for certain homes that are not a principal residence and do not need a landlord certificate; check current text. Our transfer tax guide explains the idea.

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Step by step

How to start wholesaling small multifamily properties in Vermont

Pull the rent roll. Ask for leases, rents and deposits, and note which units are occupied.
Check the owner. Confirm who holds title with an title search.
Run the numbers. Use the ARV calculator and the MAO calculator with rents.
Review licensing. Have an attorney read license rules against your plan.
Sign the contract. Use a written contract with an inspection window and clear assignment wording.
Line up the buyer. Match a landlord using your buyer buy box list.
Close properly. Close with an investor-friendly title company and disclose your role.

Your checklist for wholesaling Small Multifamily Properties in Vermont

Ask a Vermont attorney how 26 V.S.A. 2211 affects your plan.
Get leases, rent roll and security deposit amounts in writing.
Confirm the seller will deliver the flood disclosure under 27 V.S.A. 380.
Ask about lead hazard paperwork for older buildings.
Disclose in writing that you are not the final buyer.

A Vermont example: a retired Burlington landlord with a triplex

Contract price	$510,000
Buyer price	$531,000
Assignment fee	$21,000
Units	Three, two occupied
Estimated rents	$5,400 per month
Closing	About 35 days

A retired landlord in Burlington’s South End owned a triplex he bought long ago. Two units were rented and one sat empty after a tenant left. He was tired of calls and wanted a clean sale without a listing.

You agreed to buy at $510,000 with a 30-day inspection period and a note that you might assign. In this worked example, you then found a local landlord who wanted the building and signed an assignment at $531,000.

After the attorney reviewed the paperwork, the buyer paid a $21,000 fee at closing and took over the deal. The seller got his price, and the numbers are an illustration, not market data.

Vermont rules to know

Licensing, tenants and disclosures in Vermont

A wholesaler-specific rule did not turn up, yet 26 V.S.A. 2212 forbids brokerage without a license and section 2213 points to the penalties in 3 V.S.A. 127. Under 2252(c)(1) the Commission may pass unauthorized practice to the Attorney General or a State’s Attorney. Until counsel says otherwise, treat your fee as a license question.

Tenants keep their leases when the building sells. Seller flood disclosure under 27 V.S.A. 380 lets a buyer terminate if it is missed, and lead rules under 18 V.S.A. 1767 may apply to older housing; check current text. See our tenant-occupied guide and attorney guide.

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FAQ

Small Multifamily Properties in Vermont: common questions

Is wholesaling small multifamily properties in Vermont legal?

No wholesaler-specific Vermont statute was found, but broker-license rules in 26 V.S.A. chapter 41 can still apply. Whether assigning a contract for a fee counts as brokerage is an open question, so check current text and consult a Vermont attorney or the Office of Professional Regulation first.

What counts as small multifamily in Vermont?

Vermont’s foreclosure chapter treats a dwelling house as one to four family units. Most investors use the same range for small multifamily, meaning a duplex, triplex or fourplex. Five or more units are usually priced like commercial property, so confirm how a lender or buyer defines the building.

Do tenants have to leave when a Vermont building sells?

Not automatically. A sale does not end a lease on its own. In a foreclosure, a residential tenant generally gets at least 30 days after the writ is served. Notice periods for other terminations were not confirmed, so check current Vermont rental law and ask an attorney.

What does Vermont transfer tax mean for my buyer?

The base rate is 1.25% under 32 V.S.A. 9602. A principal residence pays less on the first $200,000, and certain non-principal-residence homes face 3.4%. A landlord buyer may be treated differently, so your buyer should confirm the rate with the Department of Taxes.

Do I have to give a flood disclosure?

The seller must, under 27 V.S.A. 380, before or with a contract. It covers flood maps, past flood damage and flood insurance. A buyer may terminate or sue if it is not given. As the wholesaler, ask the seller to complete it and keep a copy.