First Deal; NJ (NYC Suburb)Multifamily

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $510,000

Two family built in 1924 in a small walkable town. Short walk to train with service to NYC.

What made you interested in investing in this type of deal?

Strong rental market for multifamily properties, good schools, beautiful neighborhood, beautiful houses

How did you find this deal and how did you negotiate it?

Regulators listing and I used a real estate agent. I came up with a price I thought the property was worth and made an offer, seller countered and we settled on a price which I think would still allow for good cash flow.

How did you finance this deal?

Chase 5% Down

How did you add value to the deal?

Gut rehab of kitchen and bath, upgraded electrical, plumbing, steam boilers, and water heaters.

What was the outcome?

In progress

Lessons learned? Challenges?

Too many to list