Updated about 5 years ago on .
My First Rental Property
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $845,000
Cash invested: $375,000
Mixed-Use Commercial building
What made you interested in investing in this type of deal?
Very old building with a solid rent roll that gave me enough cushion to work on the building.
How did you find this deal and how did you negotiate it?
Deal was found through a small network of investors in NYC.
How did you finance this deal?
Took out a commercial loan 5 year ARM.
How did you add value to the deal?
I restored the retail space that was vacant for nearly a decade.
What was the outcome?
Still working to improve the building.
Lessons learned? Challenges?
Budgeting and prioritizing what projects/renovations need to come first.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, there is a bank manager I work with in NYC. Additionally a real estate lawyer that followed up and took care of me every step of the way. We use both for about 90% of the family portfolio.