First BRRRR Buy in Albany, NY

[Andrew Jennings Freerks]

Investment Info:

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

Purchase price: $199,000
Cash invested: $199,000

Historic 4 plex in prime Albany. 2 units are renovated, and 2 need renovation. Estimated renovation costs $80,000, with a total investment of $305,000. The properties have an ARV of $575,000 and we anticipate the project to take 6 months.

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

Historic home (one built in 1832 and the other in 1826) and the prime location, located steps from the capital, a major hospital and two universities.

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

A broker I found on BP

How did you finance this deal?

All cash and we will refinance on the back end

How did you add value to the deal?

Renovate two of the four units. New roof, decks, repaint/ repair facade.

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

Jaime Brayton