Our first deal we added to the portfolio

[Lowden Charles]

Investment Info:

Single-family residence buy & hold investment in Mount Kisco.

Purchase price: $1,800,000
Cash invested: $225,000

This was our first deal and we made a lot of mistakes on it. It’s currentl for sale so we can exit and roll the money over into more profitable ventures.

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

We were just excited to get in the game.

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

It was a short sale that originally fell through for another buyer and we were able to get a hold of the broker representing the bank and take down the deal.

How did you finance this deal?

Cash

How did you add value to the deal?

Full renovation of the property. Everything from wallpaper removal, refinishing floors, to landscaping and replacing the cedar roof. New kitchen and master bath as well.

What was the outcome?

We originally were looking to flip the property however we couldn’t due to the fact that we didn’t understand the market that we were in fully. This was our first deal and we were too emotionally attached to it and the return we were looking for. We found a tenant however she is leaving and we need to sell the property ASAP.

Lessons learned? Challenges?

Learned the importance of understanding how a market is trending and having an end user in mind for the property. It took a while for us to find a tenant and now it’s on the market for sale we will have to update the price and try to cut our losses as quickly as possible

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

Yes our agent helped us with the process and is looking for ways to get it sold quickly.