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

Picked up this 4-plex in North Syracuse from my grandpa the day after Christmas 2024. Rents were under market, so we filled the vacant unit, raised one rent, leased the 3-car garage to a car collector, and just signed a new tenant for Unit 1. No renovations yet, but we plan to do cosmetic updates as units turn over to boost long-term value and cash flow.

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