2 Family Acquisition, Poughkeepsie NY

[Jake Garay]

Investment Info:

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

Purchase price: $166,500
Cash invested: $25,000

I purchased this small 2 family property in July of 2020. The property features 2 1 bedroom apartments.

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

What interested me the most in this property was the opportunity to renovate the property and increase rents.

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

I found this property on the MLS and negotiated the purchase myself.

How did you finance this deal?

30 Year Fixed Rate Mortgage.

How did you add value to the deal?

I fully renovated each unit. New floors, new kitchen, quartz countertops, new lighting fixtures and new bathrooms.

What was the outcome?

I took the property from a monthly rental income of $800 per unit to $1,400 per unit. This property cashflows nicely each month.

Lessons learned? Challenges?

Renovation turnaround time was much longer than originally anticipated. Next project I will hire a project manager to oversee the entire project and expedite the process.

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

I am a broker so I represented myself. Steve Chance from PrimeLending was the loan officer on the transaction and did a phenomenal job throughout the entire process.