Kingston NY Rental Property

[Chris Konoski]

Investment Info:

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

Purchase price: $220,000
Cash invested: $80,000

This was my first Multi-family rental property purchase.
2- Family home that was covered in mold and needed a new roof and new bathrooms

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

I did a 1031 exchange on a single family home in florida and wanted to start investing in multifamily homes

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

I had my Realtor Deena DeCeglie @ Keller Williams look for properties in my price range and found this. I negotiated the price from $169K to $155K and pulled the trigger

How did you finance this deal?

1031 Exchange

How did you add value to the deal?

There was a lot of sweat equity put into this place, Demo, painting, electrical, new boiler install.
I had a contractor replace both bathrooms and redo the wood floors. They also painted the entire exterior of the house

What was the outcome?

It is now an income producing property in a high demand area.

Lessons learned? Challenges?

Always expect delays and added costs even if you have a reputable contractor on board

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

My realtor for this was Deena DeCeglie at Keller Williams and she specializes in investment properties. She was great and found a property for my 1031 exchange within the required time frame which was really tight.