Investment Info:
Other buy & hold investment.
Purchase price: $6,000
Cash invested: $20,000
Sale price: $156,000
Bought a 2 bedroom co-op under a hud program that was in motion at the time and cam out of pocket $6000 for the purchase.
Sold it for $156K
What made you interested in investing in this type of deal?
Needed a place to live and the deal was perfect for my situation at the time.
How did you find this deal and how did you negotiate it?
My wife's aunt lived in the building and connected us with the board.
How did you finance this deal?
Cash
How did you add value to the deal?
I gutted the bathroom and Renovated it with new sheetrock, floors, vanity, mirror, lights. One light in the shower and one above the vanity. New Shower Head and added a niche in the shower as well. A nice Marble base for the window and the entry point of the bathroom floor.
LED Lights through out the house. Living room had no ceiling light, so I added one. Replaced the dinning and kitchen lights. New floors for dining room & Kitchen.
New kitchen cabinets, as well. Buffed/stained Parkay floors.
What was the outcome?
Outcome was luxurious! everybody wanted to rent it.
Lessons learned? Challenges?
Learned that if you do not stay on top of you GC his workers will at times play when the cats away. Very Trustworthy Contractor and did good work.
Also I waisted 3 months trying to rent the apartment out. Everyone wanted it but with a Coop there are so many hoops to jump through with the board and management. That is why I went with selling instead.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My Rockstar Realtor Briahana Savage got an offer weeks after placing on the market
BsavageGold.com
https://instagram.com/bsavagesold?igshid=fvy7st26d732
My Rock Star Real Estate Attorney Paul Torres helped negotiate and advise a great deal on this Project. Even got 90% of the funds made available the same day.
https://www.jblaw-group.com/
https://instagram.com/paul_torres_esq?igshid=11ultom62cyyo
