Updated over 5 years ago on . Most recent reply
Intro Into Real Estate
Investment Info:
Single-family residence buy & hold investment in New York.
Purchase price: $550,000
Cash invested: $50,000
1 Bedroom Co-Op on the UES. This was originally occupied by my husband and I, and when we looked to upgrade to a 2 bedroom with our growing family we decided to rent out our property. This has been our intro into real estate and rentals and has gotten us both hooked.
What made you interested in investing in this type of deal?
This was originally an investment out of necessity (owner occupied) but once we began renting this out and generating positive cashflow we are now looking to expand our portfolio. This is an area with high demand / low vacancy and a high barrier to entry.
How did you find this deal and how did you negotiate it?
Real Estate Broker
How did you finance this deal?
Traditional Financing
How did you add value to the deal?
Rehab - we worked with a trusted contractor and updated the apartment for maximum rental value.
Lessons learned? Challenges?
Find a trustworthy contractor.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes - my broker and contractor were key to helping this be a success.
Most Popular Reply
@Scott Wolf - Thanks! I am newer to BP so just saw the update. We purchased this in February of 2015 and are currently cashflowing $200 / mo. We have unlimited sublet after the first 2 years which was something we had looked for specifically before purchasing. We have been renting this unit for 2 years and are coming up on a third year of renewal with our tenant.