Updated about 6 years ago on .
My First Will Be A Hit!!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Staten Island.
Purchase price: $599,000
Cash invested: $60,000
FHA 3.5% down with a refinance....Personal residence which where I will rent out the entire house when I scale up eventually. Currently the 1 bedroom rental in the house will bring in gross, about $550,000 over 30 years.
What made you interested in investing in this type of deal?
Mortgage paydown with 1 bedroom rental. Purchased about $22,000 under FMV.
How did you find this deal and how did you negotiate it?
Agent helped me. I used a sellers concession to help with the closing cost. About $14,000 extra we got at the closing table.
How did you finance this deal?
FHA 3.5% down plus sellers concession.
How did you add value to the deal?
Upgraded the rental unit and added a parking space. Raised the rent by 30% immediately. Also made upgrades in the main part of the house where we live. No new kitchen yet, but floors, paint, hardware, appliances, etc.
What was the outcome?
Ongoing. So far the value of the home is about $680,000 without any exterior upgrades.