Small multi-family (2-4 units) buy & hold investment in Syracuse.
Purchase price: $89,900
347-49 Grant Blvd, Syracuse, NY is a multi family home that contains 1,571sq ft and was built in 1955. It contains 2 units, 2 floors, 4 bedrooms and 2 bathrooms, off-street parking for 5+ cars, and a 2 car garage. It's located close to bus routes and qualifies for local transitional living organizations.
What made you interested in investing in this type of deal?
Purchase price, cash flow & proximity to other property owned
How did you find this deal and how did you negotiate it?
Skinny Realty. Negotiated full asking price with the contingency that the 1st floor tenant moved out due to illegal use of basement as extra bedrooms over the span of 10+ years and neglect by owner to deal with it effectively. The entire apartment needs about $7000 worth of work, along with about $1000 in the basement. Having them out enables me to get in and do the rehab.
How did you finance this deal?
$40,000, 30yr private loan w/ 5yr term to cover closing & rehab costs
$57,400, 15yr Balloon Note & Mortgage with owner w/ 5yr term to cover remaining mortgage
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Steve Skinner with Skinny Realty. Highly recommended. I will likely never work any other agent as long as it's up to me. This guy is super personable, works his butt off and has integrity to match that is so rare. I don't think anyone would earn my trust like Steve has. This is the second property I've purchased, and both have been with Steve. If you live in the Syracuse, NY area, and are looking for a real estate agent... you can't go wrong with Steve.
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