Special offer

Montpelier Multi Families with Motivated Sellers

By
Real Estate Broker/Owner with Green Light Real Estate

There aren't too many decent multi-family properties for sale in Montpelier right now.   Some of them are priced so that only owner-occupied situations make sense (i.e., the cash flow is too low for an invesor).  Some of them are priced very competitively, but with 20% down, then closing costs, then any repairs or renovations, the cost of entry is prohibitive for many investors.

But there are a couple of recent exceptions.  There's a duplex on Hubbard Street and a triplex on Barre Street that have each seen recent price drops.  More than that, there's a very real chance that the sellers of both of these properties will carry back paper.  In other words, with a reasonable offer, the seller will finance some of the property, making the buyer have to qualify for a less as a loan, or come up with less for renovation/closing costs.

Here's the link to the listing sheets for both properties.

http://www.nnerenmls.com/nne/maildoc/h003z21698.html

It's a smart thing for the seller to do, and, all of a sudden, these Montpelier mutli-families make a lot more sense to a lot more buyers/investors.

Are these places perfect?  No.  Hubbard Street probably needs a new roof, and Barre Street needs a little spiffing up.  But there's cash flow in each of them.  There's a real chance for some equity growth in each of them.  Oh--there actually is parking at both buildings.

In March, several Montpelier multi-families came on the market at the same time.  I ran some back of the envelope calculations, and the Barre Street three unit had the best return.  Different people make different assumptions with calculations, but I'm surprised that this one has stayed on the market as long as it has.

Ben Thomas
Century 21 Jack Associates - Montpelier, VT

I know!  I drive by this property through the "barre-o" on the way back home every day, and it really is a nice location.  but the question is, which lenders in this area are really okay with "seller seconds"?  last time i heard one of the local banks would be okay with 10% down, 10% seller financing.  good luck with it!

Dec 01, 2009 03:35 AM