Townhomes Make A Great Starter Home Investment

[Wendy Lovejoy]

Investment Info:

Single-family residence buy & hold investment in Queens .

Purchase price: $112,000
Cash invested: $9,000
Sale price: $225,000

I purchased it and put in about 30k in repairs. Then sold it to a family and made about 80,000 after all my expenses

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

It was a good starter home in a great neighborhood. But I normally purchase duplexes

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

I found it on MLS and I put in the offer as a Broker. The seller excepted and part of my commission was helpful in the No Money Down concept

How did you finance this deal?

I used a traditional lender

How did you add value to the deal?

I updated the kitchen and one the bathrooms. And I added yard appeal

What was the outcome?

It was a fast sale once I shred with the neighbors I was selling. I asked them if they knew anyone they wanted to make a neighbor

Lessons learned? Challenges?

Using people who like the work and had respect for working with me. I also used a family friend to do the work

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

Yes myself. And Anthony Williams of Real Estate is Power in New York. 404-997-0297. He is a mortgage consultant