First Investment of a 2 Unit in Upstate NY

[Bryan Cavellier]

Investment Info:

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

Purchase price: $134,000
Cash invested: $10,000

First house! 2 unit (2Bed1Bath Each). Both rent at $900. I live in one and rent the other. Mortage is FHA and $1,250 a month, leaving me paying $350 a month as my "rent" (house hacking). Bought for $134k in 2019 in Syracuse,NY.

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

House-Hacking, being able to have someone else put money into my invest and bring my monthly expenses down.

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

MLS and was listed at $140k that was worked down to $134k with $8k of seller concessions.

How did you finance this deal?

I had an FHA loan and not a lot of money in bank account so added seller concessions to get my initial investment as low as possible. Put $8K of my own money down (which was just about everything I had).

Lessons learned? Challenges?

FHA is great to get started but if you can avoid the "red tape" of it all...do so.

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

John Arquette was my agent and was great through the process.