1 bedroom condo First Investment

[William D.]

Investment Info:

Single-family residence buy & hold investment in Staten Island.

Purchase price: $228,000
Cash invested: $30,000

Just purchased a 1 bedroom condo around the block from me for 228k. Market value is 275k at the minimum. Needs a full rehab. Very excited considering it is my first investment. Will not cashflow anything at the moment. Buy and hold strategy.

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

The price was much lower than the comps in the area and building. It is also very close to my home.

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

I save homes on realtor and Zillow and have the price drop alerts. As soon as the price dropped I had my agent reach out to the sellers agent.

How did you finance this deal?

Conventional

How did you add value to the deal?

Full rehab