Investment Deep Dive

[Sarah Esposito]

Investment Info:

Single-family residence other investment in Babylon.

Purchase price: $443,000
Cash invested: $22,900

Single family cape that is raised 5 feet. Two bedroom, one bathroom. Detached garage. Back yard is canal with 55 feet of rentable doc space.

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

Location and price. House just sold on the same block for over 1 million dollars.

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

Found this deal on the MLS. Went $5,000 over asking.

How did you finance this deal?

30 year conventional loan with 5 % down utilizing a sellers concession.

How did you add value to the deal?

Family are all contractors/plumbers. Added a new boiler and flipping the house by adding new kitchen, bathroom, floors and painting. 

What was the outcome?

Single family property with 55 feet of rentable doc space.

Lessons learned? Challenges?

Boiler broke first week during a snow storm. I now will make sure that I set money aside for unexpected events.

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

Yes, Mortgage Academy in Farmingdale N.Y. Closed on my property in 2 months.