My first property - Williamsburg, Brooklyn

[Michael Colin]

Investment Info:

Condo buy & hold investment in Brooklyn.

Purchase price: $530,000

1 bedroom 1 bath condominium unit with separately deeded parking space in a boutique building constructed in 2007 in bustling neighborhood of Williamsburg, Brooklyn.

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

I had rented in the area for a few years, I had heard about the planned rezoning from industrial to residential which essentially opened the flood gates to high end developers in this area and I decided to pull the trigger when I found my unit.

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

No negotiation it was a highly competitive market, this building set a record for selling out so fast.

How did you finance this deal?

I had some money saved for a down payment and I got a 30 year interest only loan, I think the rate was around 7% at the time. After the crash I was able to modify to a much better deal.

Lessons learned? Challenges?

Coop and condo boards can be difficult and at times inept and occasionally corrupt. Condos are great to live in but for investors to pay association fees and assessments that can really take a chunk out of your income.