Updated over 6 years ago on . Most recent reply
Upper West Side Condo Buy and Hold
Investment Info:
Single-family residence buy & hold investment in New York City.
Purchase price: $700,000
Cash invested: $80,000
This deal entailed the purchase and re-position of a condominium in a historic upper west side building. I gut renovated and converted the unit from a 1 Bedroom to a comfortable 2 bedroom. Coming from an Engineering and construction background, I was able to efficiently design, coordinate and sub out labor to install a New bathroom, Kitchen, utilities and finishes throughout. The deal produces positive cash flow as the property value increase in a landmark building and popular neighborhood.
What made you interested in investing in this type of deal?
The building and neighborhood has incredible potential for long term value growth. Combined with the off market price, great value add potential and my background in engineering, construction and real estate, it was a perfect deal.
How did you find this deal and how did you negotiate it?
Familiar with the building and negotiated off market deal with seller.
How did you finance this deal?
Conventional mortgage
How did you add value to the deal?
Full gut renovate with high end finishes and appliance. Add additional bedroom.
