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Updated over 4 years ago,

User Stats

9
Posts
2
Votes
Casey Groves
  • Investor
  • New Orleans, LA
2
Votes |
9
Posts

Buy and Hold property in Jersey

Casey Groves
  • Investor
  • New Orleans, LA
Posted

Investment Info:

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

Purchase price: $335,000
Cash invested: $30,000
Sale price: $469,000

Bought and held this property just before the housing bubble while other houses in the area went up for short sales. We managed it long distance from New Orleans starting in 2010 and sold it when the market was more favorable for sellers.

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

The fact that we could own something and not just pay rent and that the monthly payment would be lower because of the tenant's part of the bill.

How did you add value to the deal?

Laid a new foundation and finished the basement apartment. Redid porch landing. Put on new roof. My wife did wonderful landscaping in backyard.

What was the outcome?

We sold it for a good price.

Lessons learned? Challenges?

Buying high. Managing long distance without a property manager.

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

Al Cupo did a great job selling this property for us!

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