The Real Side to Real Estate Investing

[Joe Gallo]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $595,000
Cash invested: $595,000

This is basically an inside into what Success and failures I'v had while doing my first real estate deal and the mistakes iv made and learned from showing you that it isn't all sunshine and roses.

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

The location, the location is run down but I'v lived in the area for almost 20 years and the far rockaway's are looking to expand and make new communities and want to turn the area around 100%

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

I found the deal through an agent and we negotiated based off any repairs and previous purchases prices of homes in the area.

How did you finance this deal?

OTM--> paid cash for the property, refinanced in the first month and paid investors back; now have a mortgage that is being paid for with one of the rents.

How did you add value to the deal?

I haven't added any value yet--> but the house has needed repairs with tenants in, so Iv been making those repairs which are building up some equity.