South Bronx multifamily

[Elvis T Santana]

Investment Info:

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

Purchase price: $550,000
Cash invested: $70,000

House hacked a 3-Family house in the South Bronx.

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

Hot market in NYC "last frontier". Large (and rare) 3bed, 2bath 1800sq apartments.

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

Found it on Craigslist!

How did you finance this deal?

FHA loan using my wife's first time home buyer status

How did you add value to the deal?

Renovated kitchen in top floor unit and completed construction of third unit.

What was the outcome?

Rented quickly at above market rate.

Lessons learned? Challenges?

You get what you pay for with contractors.