Fix & Hold Deal in New York City

Fix & Hold Deal in New York City

Investor · Brooklyn, NY · Member since 2016 · 23 posts · 20 votes

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $499,000
Cash invested: $120,000

Mixed uses property that includes one store, 3 residential apartments and 2 car garage.

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

This deal was an estate and was in pre foreclosure. we are specialize in finding and executing deals like that.

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

We found this deal throw a real-estate Broker

How did you finance this deal?

We used hard money.

What was the outcome?

We just refinance with the BRRR method. we currently have 30 years fixed loan with 10 years io.

1Reply
35 views

3 Replies

Jump to latestLatest
  • Real Estate Agent · New York City · Member since 2020 · 819 posts · 641 votes
    4y

    Is this property held in an LLC? If so, how'd you get the 30 year money?

  • Investor · Rochester, NY · Member since 2016 · 576 posts · 358 votes
    4y

    I assume the $120,000 cash invested was upfront. How much of that did recoup in the refinance?

  • Investor · Brooklyn, NY · Member since 2016 · 23 posts · 20 votes
    4y

    it is held under LLC, i got no docs investment loan. a product that one of my broker has in house. 30 year fixed with 10 year I.O.

    for your question Carini, The property was apprised just over 1million, we got 75% ltv  and basically pull out all our money and ready to invest again :)

Join the conversationCreate a free account to reply, vote on answers and follow this thread.