Updated about 5 years ago on . Most recent reply
My First House Hack in Brooklyn NYC
Investment Info:
Condo other investment.
Purchase price: $85,000
Cash invested: $25,000
Sale price: $345,000
I bought this apartment with the intention of fixing it up, living in it and selling it for a profit.
What made you interested in investing in this type of deal?
I just really wanted to own my own place. I was single at the time so I knew I wouldn't keep it so I looked for a fixer-upper.
How did you find this deal and how did you negotiate it?
I found it via a realtor. I paid more than I thought I would for it
How did you finance this deal?
I got a non-prime loan from citibank
How did you add value to the deal?
I renovated the entire apartment. Everything was replaced, from the floors to the bathroom.
What was the outcome?
I made a decent profit from it and eventually my girlfriend (now wife) moved in.
Lessons learned? Challenges?
I learned that I do like some things about apartment living. Like not having to shovel and calling the super for certain fixes. But ultimately, I prefer living in a house. I also learned that real estate investing is real and not a hoax. lolol. I had my doubts in the beginning.