Bayonne NJ Small Multi Investment

[Christopher Morris]

Investment Info:

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

Purchase price: $645,000
Cash invested: $60,000

Two Unit property with lots of living space
3000 sqft
One parking spot
Brand new kitchen added
W/D in both units
Good for Long term / Mid Term / Short Term

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

Good appreciation play. The city is working on getting a a ferry to NYC which should increase rent / appreciation.

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

Through my real estate agent. Sellers weren't on the same page which made closing tough.

How did you finance this deal?

Using FHA owner occupied.

How did you add value to the deal?

Added kitchen
Painted the whole place
Added walls
Added doors to have the units flow better

What was the outcome?

Forced appreciation / better rental value

Lessons learned? Challenges?

Vetting tenants on my own to avoid paying broker fees is the way to go