Our first investment property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $740,000
Cash invested: $357,000
Purchased as part of a 1031 exchange.
What made you interested in investing in this type of deal?
I knew the Bronx was about to blow up
How did you add value to the deal?
We had a 5 bedroom 2 bath apt and converted that to a 2 bedroom and a 1 bedroom each with its own kitchen. So we went from a four family to a five family. Our rent roll went up an extra $400 a month.
Lessons learned? Challenges?
I learned to not let the seller know you are dealing with a 1031 exchange. Our first investment property so the entire thing was a lesson.