All Forum Posts by: Gabriel Hidalgo

 Thank You ! 

 Thank you ! 

Investment Info:

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

Purchase price: $65,000

This property was purchased for $65,000 and it was my first out of state deal. The property is a 6bed 2 bath duplex. Each side as a potential of renting for $1200.

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

I have always been interested in multifamily investments and the price point of the property, the income potential and the renovation cost all made sense.

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

In order to negotiate the deal, I used the inspection report to help me get a better price. In addition I also offered cash and a quick closing timeframe. The seller was aware of work needed and priced it accordingly but was willing to reduce the price point for an all cash deal.

How did you finance this deal?

This was a cash purchase.

How did you add value to the deal?

Property is currently under renovations. The property is being modernized with brand new floros, kitchens and bathroom, windows are being added.

Lessons learned? Challenges?

Working with and building a trustworthy team is of utmost importance. I have started small and out of state where I am entrusting people based on referrals. Working with contractors can be extremely difficult as projects get delayed and there is poor communication(red flags were not present before project began). Finding a property manager who will help you and is in your best interest is also important, the property manager can either make or break the investment.

Investment Info:

Other other investment.

Cash invested: $20,000

Apartment renovated and rented out increasing rents by 100% due to comparables within the market area.

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

The rate of return on my investment would be infinite as terms of the negotiation were settled and due to the apartment being paid in full, the property has a extremely high cash flow for my first deal allowing me to prepare for future deals and investments.

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

A family member of mine had this property for many years and they wanted to sell, however with the value in real estate today I was able to provide value and ensure a higher rate of cash flow.

How did you finance this deal?

I was able to finance this deal by taking loans out in order to purchase the materials necessary for the renovation. In terms of the labor for my contractors I was able to negotiate payment after the apartment was rented in order to pay them with monthly cash flow.

How did you add value to the deal?

The apartment was previously renting for $1000 and I was able to increase the rental income by 100% after the renovation.

What was the outcome?

Throughout all my challenges and adversity faced,the renovation was completed and the apartment has been finally rented.

Lessons learned? Challenges?

One of the lessons that I learned during this project is to definitely screen your real estate agent. My main challenge after renovation was renting the property out. I had an agent for about 3 months in which the agent was unable to rent out the property, I
soon realized how important it is to have the right person for the JOB. I contacted another agent and within 2 weeks the apartment was rented. Please screen your agents !!

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

I was able to find my real estate agent through streeteasy after an apartment was rented in the same building that I was trying to rent out the co-op. My real estate agent would definitely be a recommendable source.

 https://streeteasy.com/buildin... 

Here is the listing, is there anything that you recommend that I update or work on. On Street easy it shows that it has been only up for 26 days but in reality the Real Estate agent has had it posted on other sites since the start of May. Compared to other properties in the area I believe that the listed price is fair.  Could it be that my agent is not doing enough ? 

 I will most definitely be going over the the hospital and posting flyers around. There has been some traffic and some inquiries I just feel like I should be finding other ways to obtain more leads and this is a great place to start. Thank you. 

 I could take a marketing class but that is why I have a Real Estate agent. However, Craigslist is a great way to also get more leads on the place. Thank You. 

I have recently renovated a one bedroom apartment in the heart of Washington heights, New York. The apartment has been on the market for about 40 days now and I am currently working with a Real Estate Agent in finding the most suitable tenant. The location of the apartment is exceptional. It is located steps from the train station and buses, lots of local stores, restaurants, and even a theater near by. The New York Presbyterian Hospital is just about 7 blocks away and the George Washington bridge connecting Manhattan to New Jersey is also a few blocks away. The neighborhood has wonderful parks, schools and an abundance of activities for children as well. 

I have listed the property for competitive pricing comparatively to other units in the area of the same size. I have already lowered the rental price twice and I have also removed the agent fee. 

How can I give this property more exposure if its already on Street Easy, Trulia, and Renthop while having an agent work with me ?

I am currently about to inherit an apartment in a co-op. The apartment is currently vacant and I am looking forward to remodel the apartment. The only issue here is that I don't have the necessary funds needed to complete the full renovation as I would like. I also do not want to rent out the apartment as is. I was thinking of obtaining a home equity line of credit to complete this project, however, I'm not sure if that would be an option. I say this because when owning a co-op you technically do not own the apartment, you rather have shares on this apartment and are given a proprietary lease. In my case the apartment is paid in full and I will have 100% ownership of those shares. I was wondering if there would be any other options in which I may be able to obtain a loan using the value of these shares to increase the value on this property ?