My 1st deal breakdown.

[Jorge P.]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Bronx.

Purchase price: $518,000
Cash invested: $25,000
Sale price: $719,000

This was my 1st investment property which I purchased through a RE agent with low money down.

It was a 3 family which was already in livable condition & just needed small cosmetic upgrades to bring it up to current market standards.

I held it for 2 years as it cashed flow $1,500 per month ($500 per unit). I placed it on the market and received an offer the 1st week which I could not refuse.

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

I wanted to start my real estate investing journey.

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

I bought this through a Real estate agent

How did you finance this deal?

Bank

How did you add value to the deal?

I implemented a better tenant management system which allowed me to cash flow with minimal headaches.

What was the outcome?

I held the property for 2 years and sold it for a profit which allowed me to purchase my next deal.

Lessons learned? Challenges?

Never Inherit Tenants! Inherit tenants have been trained by the previous owner. This means you will inherit the good and the bad of these previous systems. In my case , the tenants had REALLY bad habits when it came to paying their rent on time & adhering the "Quiet Enjoyment" clause in their lease.

Long story short - I had to evict 2 out of the 3 tenants and learned how to successfully represent myself in court & win :-)

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

I worked with a real estate agent .