1st Investment Property that Fell into My Lap.

[Tyreef Mahboob]

Investment Info:

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

Purchase price: $368,000

Inherited a 2 Family Residential Home located in Brooklyn NY. Currently has 1 Tenant and Vacancy. We’re in the process and doing a refinance cash out, house is currently worth $800k.

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

The House was Deeded over to my father who didn't want anything to do with it. I told him I would take the house, cash out on it, pay him a fee that we agreed on and keep it in our family name under a LLC.

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

Inherited property

How did you finance this deal?

Currently working with a HML to refinance the home.

How did you add value to the deal?

Home is in a well sought after community in Brooklyn, NY.

What was the outcome?

Currently in the process of transferring the title over to the LLC.

Lessons learned? Challenges?

COVID 19 slowed everything down but aside from that, working with our attorney I learned the full process of establishing ownership of a home before the home can even be sold or transferred over.

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

Currently working with Flat Iron Realty.