My First Out of State Investment

[Kaden Hurtibus]

Investment Info:

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

Purchase price: $350,000
Cash invested: $96,000

At the end of 2024, my business partner and I acquired a 4-plex in North Syracuse from my grandfather, who was ready to offload the property. We closed the deal the day after Christmas and immediately got to work—not with renovations, but with strategic rent optimization.

The property was in solid condition, but rents were well below market value, creating a clear value-add opportunity. It also included a detached 3-car garage, which we fully leased to a local car collector for additional cash flow.

Since closing, we’ve:

Filled the vacant fourth unit with a new tenant

Increased rent in one existing unit

Leased the garage for added income

Just signed a new tenant for Unit 1

We’ve now stabilized the property with full occupancy and improved income without any upfront renovation costs. Long term, our plan is to turn each unit and complete cosmetic remodels as they become vacant to continue driving up rents and property value.

This project has been a great example of leveraging relationships, recognizing underutilized assets, and focusing on long-term potential over short-term flash.

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

I know the market very well since I grew up in Upstate NY. Lots of potential in this area with an insane amount of new jobs coming.

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

My grandfather was off loading the 4-plex to 1031 into a condo in Florida.

How did you finance this deal?

DSCR Loan

How did you add value to the deal?

Raise Rents and cleaned up the entire property.

What was the outcome?

Long Term Cash Flow

Lessons learned? Challenges?

SYSTEMS are everything.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Certain Lending - Tim Fazio