Investment Property in Bergen NJ (Learning Experience)

[Frank Avallone II]

Investment Info:

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

Purchase price: $579,313
Sale price: $625,000

First Investment Property that I purchased with 2 other partners. Turned out to be a really great learning experience. Since then have had a slightly different outlook on how to invest better into real estate.

Lessons learned:
-Make sure you do your due diligence on current market value rent.
-Properly screen tenants thoroughly
-Buy in renter friendly areas.
-Consider neighboring houses.
-Research all potential value adds prior to buying property.

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

First rental experience. It was a turn key scenario which I personally would avoid in the future. I believe it is better to buy properties with potential value add for BRRR method.

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

Realtor

What was the outcome?

Learned a ton about investing in real estate. Made some mistakes but untimely still made it worth it. Wound up selling the property to reposition that money into a better investment opportunity luckily in a higher market then when we had bought it.