My First Rental Property

[Hong Y.]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $845,000
Cash invested: $375,000

Mixed-Use Commercial building

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

Very old building with a solid rent roll that gave me enough cushion to work on the building.

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

Deal was found through a small network of investors in NYC.

How did you finance this deal?

Took out a commercial loan 5 year ARM.

How did you add value to the deal?

I restored the retail space that was vacant for nearly a decade.

What was the outcome?

Still working to improve the building.

Lessons learned? Challenges?

Budgeting and prioritizing what projects/renovations need to come first.

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

Yes, there is a bank manager I work with in NYC. Additionally a real estate lawyer that followed up and took care of me every step of the way. We use both for about 90% of the family portfolio.