Northeast Kingdom Vermont

[Tyler Buswell]

Investment Info:

Small multi-family (2-4 units) commercial investment investment in Hardwick.

Fixer upper investment property. Currently rented as a single family home. I will be renovating the property and converting it into a two unit rental property; one long term rental and one short-term rental property.

What made you interested in investing in this type of deal?

Lack of housing in VT.

How did you find this deal and how did you negotiate it?

I am a real estate agent. The house had been on the market for years, just about everyone had looked at this property but the word on the street was that there was an eviction of the current tenants that had tied up the sale of the property. The property also needs new electrical wiring and a roof.

How did you finance this deal?

Cash.

How did you add value to the deal?

I had suspected that the current tenants were looking for their own home to purchase. I also knew that the tenants were not getting along with their current landlord/former owner. My first move after purchasing the home in November was to waive the tenant's rent for month of December.

What was the outcome?

Good relationship established with the current tenants. Turns out they are already under contract to buy their own home in the area. So my priorities have shifted to helping them facilitate the purchase of the house they are under contract on and to help them move when they close on the property.