3 Family in Catskill

[Greg Kardos]

Investment Info:

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

Purchase price: $240,000
Cash invested: $28,000

3 family in the charming Village of Catskill. Just 2 blocks from Main Street, this beautiful Mansard Victorian makes the perfect Airbnb or high end rental.

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

I wanted to house hack and discovered this town while searching. There was a big margin between the purchase price to airbnb rental potential in this area. From day 1 my mortgage was covered by rent.

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

I found the deal on market and made an offer that made sense to me.

How did you finance this deal?

FHA financing. 7% down

How did you add value to the deal?

I have renovated much of the building so far. In the future I will finish 550 sf of space in the attic.

What was the outcome?

My airbnb income will be far higher than the mortgage and taxes

Lessons learned? Challenges?

Screen your tenants!!! Evicting tenants during a pandemic is a challenge

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

I was my own agent