Our first investment property

[Victor Nunez]

Investment Info:

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

Purchase price: $740,000
Cash invested: $357,000

Purchased as part of a 1031 exchange.

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

I knew the Bronx was about to blow up

How did you add value to the deal?

We had a 5 bedroom 2 bath apt and converted that to a 2 bedroom and a 1 bedroom each with its own kitchen. So we went from a four family to a five family. Our rent roll went up an extra $400 a month.

Lessons learned? Challenges?

I learned to not let the seller know you are dealing with a 1031 exchange. Our first investment property so the entire thing was a lesson.