Condo buy and hold Queens NY.

[Ken Morton]

Investment Info:

Condo buy & hold investment in Woodside.

Purchase price: $225k
Cash invested: $33k
Sale price: $400k

Bought primary residence 10 years ago. Listing for sale/rent now. Going to use proceeds from sale to invest in more real estate or take out Heloc if it doesn’t sell.

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

I knew it would gain value. Used as primary residence.

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

Mls

How did you finance this deal?

Cash down payment. Conventional loan.

How did you add value to the deal?

Fixing up. Remodeled kitchen. Paint. Resurfacing walls. Restored grout. Enlarged closets.

What was the outcome?

On market now for sale/rent. It is a coop so I can only rent for 4 years.

Lessons learned? Challenges?

Probably wouldn’t buy a coop again. Board approval could take months. I would have taken out heloc earlier and invested in something else.