Bought my first REI property

3 Replies

Investment Info:

Condo buy & hold investment in Sunnyside.

Purchase price: $395,000
Cash invested: $25,000

Bought my first REI property with my Fiancé 2 years ago in Sunnyside queens, NY. We bought, renovated, refinanced, and will soon be renting once we find our next REI property to move into.

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

Within our price range. Wanted to get into a long term rental property.

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

Found it online/MLS. Negotiated with a realtor.

How did you finance this deal?

30 year fixed rate, 20 % down.

How did you add value to the deal?

We renovated the property ourselves/ sweat equity.

What was the outcome?

Beautiful renovated 1 bed room 1 bathroom queens apartment built and designed the way we want it.

Lessons learned? Challenges?

Working on renovations within an apartment building can be extremely stressful. In the future I’ll be sure to purchase a condo and not a coop.

Open floor plan! This was originally a galley kitchen which shared the wall with the previous bedroom on the other side.  We flipped the layout and you can now see the bedroom entrance door across the way. Couldn’t be happier with the new layout, it really flows and creates a very welcoming space! 

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