Investment Info:
Single-family residence other investment.
Purchase price: $315,000
Cash invested: $315,000
Top-floor NYC Apt Southern exposure in the Primary Bedroom with treetop views for maximum light and privacy. Hardwood floors. Primary Bedroom can easily accommodate a queen bed and a home office, compact gym, or seating area and features dual closets. The second bedroom allows for a full-size bed bed. Perhaps you will keep this as a home office. Storage is abundant throughout the home. The living room is spacious with a functional layout & adjacent kitchen. 20 min to Midtown 1/2. Vibrant area.
What made you interested in investing in this type of deal?
This was my first home purchase - I was able to buy something in NYC where I could actually live = not a shoebox, because it is an HDFC co-op and and literally a 2 bedroom for the price of a studio. This apartment has ample storage space which is so rare New York City. I have two very active athletic cats who need space to run - I simply cannot live in a studio with them. They allow renting out to board approved tenants after 2 yrs. The selling, however, is tricky/Taxes on the profit part high
How did you find this deal and how did you negotiate it?
Found it on Streeteasy. I used a broker, he was absolutely fantastic and I can recommend him upon request. The asking was 329,000 - I ended up paying 315,000
How did you finance this deal?
I paid cash - I had inherited some $ in that same year.
How did you add value to the deal?
In the process of revamping the kitchen (keep the cabinets but whitewash them, I do not like the current ubiquitous NYC "yellow" wood tone, also new backsplash, new stainless steel fridge, I may keep the current stove even though it is not stainless steel as it is fairly new and nice w vent, I may keep current countertops or replace w white granite as they are small in area) buy new toilet, the current is old and small, but the rest of the bathroom is nice! Paint living room, replace 2 windows.
What was the outcome?
WIP
Lessons learned? Challenges?
Finding good/reliable contractors as I am new in the game/do not know anyone. My fantastic broker has helped me with this, as well. I am also not able to do everything at once (money, don't want to take on a loan at this point, as I don't have to, I cannot rent this unit out before 2 years has passed anyway), so I suppose that is not a challenge. In general, my challenge is courage to take action--- I would truly benefit from a more experienced partner/team with more 'let's just do it' -attitude
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Don Moses / Exit Realty Landmark
