My First Real Estate Investment (Duplex) - Endicott, NY

[Christian Valencia]

Investment Info:

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

Purchase price: $65,000
Cash invested: $16,500

The property appraised for $75,000 and tenants were already paying rent. I felt like this was a good deal and squeezed the trigger.

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

I wanted to buy something that was in my price range and manageable so I can get started with real estate.

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

I found it through my friend's property manager (PM). The PM owns real estate and wanted to sell one of his units because he wanted the cash to pay off stacking bills. He wanted $65K and I asked him to fix a small foundation issue for me to agree to the deal. He agreed, fixed the issue and we finalized the deal.

How did you finance this deal?

I put 10% down so $6,500 and financed the rest.

What was the outcome?

The property would be worth a lot more if I make some improvements to both exterior and interior but I will do that with time.

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

No real estate agent involved in the deal. The lenders were great and took me through the whole process.