All Forum Posts by: Theo McCloe

I also live in NY, Rockland County. I currently don't own any property in NYS, but I do in Connecticut which isn't much better as far as landlord friendly. However, I have my attorney write a rock sold lease to protect me and my assets. To rent in NYS you need to know the laws to be protected. I also have an LLC which I would suggest if you don't. With an LLC you can apply for 0% business credit cards for 12 to 18 months for capitol. Renovate the property then list it or re-rent with a protected lease agreement.

Investment Info:

Townhouse buy & hold investment in Connecticut.

Purchase price: $350,000
Cash invested: $12,250

This was my primary residence before moving to Florida. Then it became a rental property, and I now have the real estate bug and want to scale my portfolio.

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

Was my primary home at first.

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

Purchased during the beginning - middle of the Covid pandemic. At first, I lost the deal and then the first buyer bailed out, so I was next in line and closed the deal.

How did you finance this deal?

FHA

How did you add value to the deal?

Master bath remodeled, painted the interior, new light fixtures and door hardware.

What was the outcome?

Exceptional

Lessons learned? Challenges?

N/A

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No