All Forum Posts by: Greg Kardos

Hello all, I will see you at Crossroads on the 24th!

@Chris Szepessy oh that's great! we should meet for coffee one morning! I go to Hilo most mornings around 7:30-8

Investment Info:

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

Purchase price: $195,000
Cash invested: $60,000

2 family Victorian in the surging city of Kingston. With strong rents already, we feel like this was a great buy. Future improvements will turn 49 Henry into a home run.

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

The Kingston rental market is amazing right now!

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

Found on the MLS. We negotiated a little but in the end gave the seller what he wanted because it was a good deal even at list price.

How did you finance this deal?

conventional 25% down with a partner.

How did you add value to the deal?

No value added yet. It cashflows great already.

What was the outcome?

Nice cashflow in an up and coming neighborhood.

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

I was the agent on this purchase.

@Chris Szepessy Hey Chris, yeah I have lived here since March, before the pandemic!! Looking to wrap up this renovation this fall and move on to another. Do you live in Catskill or just invest?

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

Hello,

I am to receive a small inheritance and would like to invest this money in real estate. The inheritance, plus some savings is enough for a down payment on a  small multifamily.

What is the best way to go about this? Is there a certain business structure that I should know about which will reduce how much I am responsible for paying? Any information is appreciated!

Thanks in advance