Package of 4 SFR in Syracuse, NY
Investment Info:
Single-family residence buy & hold investment in Syracuse.
Purchase price: $238,000
Cash invested: $60,000
Just closed a few weeks ago on a package of 4 SFRs in Syracuse, NY. Properties were part of a larger off-market portfolio from an out of state investor. 1 Eastwood, 1 Tipp Hill, 2 Strathmore - purchase price $238,000, all properties occupied with rents $1050, 1050, 1095, and 1185. Commercial loan 20 year amortization, 15 year term, 10 year fixed rate at 5.36% with a local credit union. Some upgrades are required and will be immediate, but should cash flow immediately, and expecting around $300 per door positive cash flow after some initial repairs and projects. Very excited about this deal! As you can see by the photos - this deal this deal took from February (under contract) to June to close. Feel from to PM me for more details about this deal.
What made you interested in investing in this type of deal?
Great off market opportunity consistent with my investing approach.
How did you find this deal and how did you negotiate it?
Off market from agent connection - negotiated through mutual buyer/seller agent brokerage.
How did you finance this deal?
Commercial loan - 20 year amortization, 15 year loan, 10 year fixed 5.36%
How did you add value to the deal?
Immediate repairs, improved local management, review and renew 12 month leases
What was the outcome?
Closed 6/11/19 - still working on the transition plan
Lessons learned? Challenges?
Stay patient - lots of unforeseen roadblocks will present themselves.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Robert Zaccaria, Acropolis Realty - Agent
