Updated almost 3 years ago on . Most recent reply
My second investment property
Investment Info:
Small multi-family (2-4 units) other investment.
Purchase price: $250,000
Cash invested: $58,000
This is my current home. It is a 3-unit property in Schenectady NY that provides me the ability to live for free.
What made you interested in investing in this type of deal?
I have house-hacked once before and I needed to find another property in a better area for my daughter and I.
How did you find this deal and how did you negotiate it?
I found this deal through a family friend. She had owned the property for 3 years and needed the profits for her downpayment on her new build in Saratoga, NY.
How did you finance this deal?
I financed this deal through a 1031 Exchange.
How did you add value to the deal?
Renovating the 3rd floor in full. Currently in the process of renovations..
What was the outcome?
Great outcome. No complaints at all!
Lessons learned? Challenges?
I learned how to leverage a 1031 Exchange and I now have a contact/business that I can call once my portfolio grows and I decide to sell and buy at larger scale.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Investment Property Exchange Services, Inc. (IPX1031)
I used this company for my 1031. They were very professional and very helpful all along the way. I highly recommend them.