Kingston NY Rental Property 2

[Chris Konoski]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $45,000
Cash invested: $250,000

Nightmare house. This house had a water leak on the second floor that was left unattended for a few months because the previous owner was in a retirement home. There was mold everywhere. Mushrooms were growing on the carpets. On top of this, the previous owner was a hoarder. This project was not for the faint at heart!!! There was structural damage, roof damage, everything needed to be gutted and fixed.

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

The price of the property was to good to pass on

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

I used my Keller Williams realtor Deena DeCeglie to find this deal. The home was listed for $80k and I negotiated the selling price of $45k because of all the work that was needed.

How did you finance this deal?

I used a HELOC loan on my primary residence to pay cash for this deal

How did you add value to the deal?

The entire home was entirely redone. It is now a single family home with 4 bedrooms and 3 bathrooms.

What was the outcome?

I am happy with the finished product but it ended up being way over budget due to Covid, Supply chain issues, and bad contractors

Lessons learned? Challenges?

Always check contractor references and check out their work before signing the contract!
You cant always plan on a global pandemic but make sure that you have extra money in the budget for unexpected costs

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

My realtor Deena DeCeglie is incredible. she goes above and beyond for her clients. This is the first project that I used her on and I have had a few deals after this one with her.