First Deal Closed in Westchester

20 Replies

This is very exciting, as I remember you posted three years ago that you were looking for just such a property.

Obviously you've put a lot of thought into this and were very patient. I can't wait to hear more about this deal.

@Scott Wolf Thanks! It is in Portchester, NY. I am fixing up the vacant units and common areas now. Next purchase is whenever I find another good deal.

@Scott Schreiber Thank you!

@Eder Aldana Thanks Eder. It took almost 3 years of searching..

@Francis Morris Yes sir!

@Shoshana Shulman Thanks Shoshana. That's right, it's hard to find a deal in Westchester between the high prices and cash offers.

@Matthew Irish-Jones Thanks Matthew. Its in Portchester, about 10 mins from Purchase. I did my bachelors at Manhattanville College, about 2 mins from Purchase.

@Gregory DeRosso Standby for numbers.

Rough deal figures -

-

Purchase Price: $980,000

Down Payment: $196,000 (20%)

-

Rental Income: $7,950/mo

Parking Income: $450/mo

Total Income: $8,400/mo

-

P&I: $3,975/mo (4.5%)

Taxes & Insurance: $1,500/mo

R&M + Utilities: $1,000/mo

Reserves: $400/mo

Total Expenses: $6,875/mo

-

Est. Cash Flow: $1,525/mo

_

Not a home run, but a great start! Glad to start building a track record without losing money.

-

Notes:

1) I am self-managing for now.

2) I plan on raising rents after renovations are complete (est. within 6 months).

Brian, this is awesome, and looks a lot like my Yonkers deal. Who's the lender, and how'd you get the loan?

Not a home run, but a great start! Glad to start building a track record without losing money.

I couldn't agree with you more. Even looking at the next deal has been easier, just in terms of knowing what I like in a property, what to watch out for, etc. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here