Brooklyn Projects x2

[Sasha Goldberg]

Investment Info:

Condo buy & hold investment.

Purchase price: $1,700,000
Cash invested: $500,000
Sale price: $2,500,000

gut reno of duplex (2k sq ft) + 1200 sq ft backyard area. lived-in for 2 years to invest into current BK project: demolish building, ground-up construction of 5600 sq foot 3-unit condo building.

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

we live/work in Brooklyn and wanted to start investing in RE - got our RE licenses out here, but plan to use agents for future BRRRR

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

agents, word-of-mouth, walking around and hitting your head on the wall for years until we found a buyer that would accept.

How did you finance this deal?

cash, lender

How did you add value to the deal?

we are building a ground-up new 5600 sq ft 3 unit condo -

What was the outcome?

duplex: great ARV - allowed us to leverage into a much bigger deal

Lessons learned? Challenges?

ground-up construction sucks when you have holding costs this large

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

not especially on these projects