My First Property

[NA Lewis]

Investment Info:

Small multi-family (2-4 units) other investment in Islip.

Purchase price: $630,000
Cash invested: $120,000

Gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.
New garage with rental unit. Total of 5 bedrooms and 3 units.

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

Stability for my family

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

My husband and I were very lucky, as price in our city were beginning to rise. We made an aggressive offer quickly.

How did you finance this deal?

Traditional mortgage from a big bank, 10% down payment

What was the outcome?

This property is now worth $300000 more than the purchase price.

Lessons learned? Challenges?

Research contractors better

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

We have an amazing, creative and patient agent from Sotheby's we have worked with for years.