My First investment, a 1BR Hudson County apartment

[Mike Ragone]

Investment Info:

Condo other investment.

Purchase price: $189,000
Cash invested: $50,000

My first rental property investment was a one bedroom apartment in west new york NJ which has a quick commute to NYC. It is a first floor apartment with low taxes abs maintenance which made it a good place to begin my real estate journey

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

My family has investment properties in this area and has done well the past 20 years.

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

Searching Zillow and viewing properties each weekend after graduating college

How did you finance this deal?

By saving up the down payment then a conventional mortgage

What was the outcome?

A small but solid cash flowing unit

Lessons learned? Challenges?

Have a little extra cash besides the 20% down payment on an investment property because closing costs can often be higher then expected, especially if you are willing to pay for a lower interest rate on your mortgage.

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

I have a great real estate agent that I would recommend to buyers in the Hudson or Bergen county area.