Hoboken Condo Investment
Investment Info:
Condo buy & hold investment.
Purchase price: $620,000
Cash invested: $155,000
My brother and I purchased a 2 bedroom 2 bathroom condo in Hoboken, New Jersey.
What made you interested in investing in this type of deal?
I grew up in Hoboken and understood that rental demand and felt as though the price was a good value for potential growth.
How did you find this deal and how did you negotiate it?
I found this deal through our real estate agent and we offered 10% below asking price.
How did you finance this deal?
We financed the deal through a traditional bank home loan.
How did you add value to the deal?
I was involved in the negotiation of the final price and closing costs.
What was the outcome?
We agreed on a final price and we took possession of the property which rented the same day.
Lessons learned? Challenges?
My biggest challenge was this was my first property purchased so understanding the process and paperwork side of things. It was helpful to have a trusted real estate agent by my side who walked me through the process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with a great real estate agent and lender that I would recommend.