Live in Investment in Upstate New York

[Lindsay Boulerice]

Investment Info:

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

Purchase price: $114,000
Cash invested: $20,000

The was my first investment, a duplex in which I live in half. One half needed a full cosmetic renovation and the other half has had a consistent tenant since I purchased it. Location was a major selling point for me and the home had hardly any structural updating to do, I bought when the market was a buyers market and still own.

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

The area I live in is highly saturated with multifamily properties, and quality apartments are always in demand. I saw the opportunity for this apartment primarily because it had a fenced-in back yard (great for dog owners) and the apartments are both 2 bedrooms and in decent shape.

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

I am a Realtor and was showing a client this property, they walked into the front door of this property on one side and immediately turned around and walked out (needed a lot of updating). I wasn't necessarily looking for a property at the moment but this one struck me as being a good investment.

How did you finance this deal?

I bought this property with an FHA mortgage (prior to realizing there were craftier ways to finance).

How did you add value to the deal?

I represented myself for the buying process. I added value to the property by updating the inside and decks significantly. Between my father and I, we can basically do any physical work that needs to be done. The interior of one side has a new kitchen, bathroom, & flooring to add value if I decide to sell in the future.

What was the outcome?

Great purchase, I still live in it and its been a great property with very little issues and will cashflow incredibly once I decide to move and both sides are being rented.

Lessons learned? Challenges?

Growing pains of course with understanding how to property manage, but overall its been a great purchase.

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

I represented myself (licensed Real Estate Broker)