Small multi-family (2-4 units) buy & hold investment in Jersey City.
Purchase price: $157,000
Cash invested: $45,000
This was a Short-sale worked out a deal with the Owner, bought him out renovated and filled up with tenants.
Sort of a BRRR Strategy.
What made you interested in investing in this type of deal?
The Allure of Maximizing return.
How did you find this deal and how did you negotiate it?
A Partner Brought it to me he is an Real Estate Agent.
How did you finance this deal?
Partner Put up 170K .
+ Life Insurance Line of Credit.
How did you add value to the deal?
Based on Rents. the 1% Factor,
What was the outcome?
The outcome was i refinanced 300k out of this deal no money in it, Stayed with Case in my pocket.
Lessons learned? Challenges?
Buy as low as possible because that's when you set the whole deal up to win or fail. If you buy low enough, you get to the leisure of making a mistake.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sure, Partner Agent Brought the deal. Partner Put up the Money. Real estate Professionals helped me Rent out the place.
@Joel S. Great job not easy to pull off in Jersey City these days.
@Allan Szlafrok Not easy at all.
However that's the game we need to continue to play... Nice connecting with you.
@Joel S. Good deal. Good price. Even more of a homerun if this happened recently with dramatic increases recently in this market
@Juan Cabrera I just completed this one...
@Joel S. First off congrats! How long did the process take, and how long was the rehab?
@Neil Pradhanang Sorry for My delayed response. The process on this deal took me long about 20 months.
Construction was a month or So, Renting out & tenant stabilization took another 6 Months. The Refinance was after 20 months.
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