Duplex in Glens Falls, NY

[Gargi Keeling]

Investment Info:

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

Purchase price: $160,000
Cash invested: $44,000

UNIMPRESSED w/ our buyers agent and lawyer. So many details of the property were not disclosed (flaws, rehab requirements, tenant details). And they didn't give us any security deposit for the current tenant in the closing. Now the tenant needs to leave and they are understandably upset that they won't get their deposit returneThis place needed work

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

We have family in the area so we have some boots on the ground. And price point is feasible with cash flow potential. Don't expect a lot of appreciation.

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

Searched on Zillow, got recommendation for realtor from my realtor in NJ. I told my NJ realtor about the poor service provided by this agent.

How did you finance this deal?

Standard mortgage loan

What was the outcome?

We know the area through family, got handymen and contractors in there for rehab. Solved water issues promptly, etc.

Lessons learned? Challenges?

Trust and verify. We should have dug deeper into details like security deposit. And we shouldn't have trusted out agent w/ the walkthrough.

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

Yes, standard realtor - wasn't forthcoming about property details and tenant situation.