All Forum Posts by: Victor Nunez

I’m wondering whether to buy an investment property that will cash flow 1500 a month and my family and I will live in and will appreciate or buy an investment out of state and generate about 3500 month but won’t appreciate.

Kingsbridge heights. Homes.com 

@Benjamin Manibog am I crazy for suggesting you just ask your friend to help you out? Instead of paying all that for it.

Yes the Bronx has exploded in the last two years the property has basically doubled in value. It was an inheritance and now that I know what I know about real estate you are right the bigger ones would cash flow a lot better but since I’m stuck because my in-laws purchased it for us they won’t really understand flipping it for a 60 unit in North Carolina. I say it’s my sons house to sell, my wife and I just have to make sure we make the correct decisions moving forward.

Investment Info:

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

Purchase price: $740,000
Cash invested: $357,000

Purchased as part of a 1031 exchange.

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

I knew the Bronx was about to blow up

How did you add value to the deal?

We had a 5 bedroom 2 bath apt and converted that to a 2 bedroom and a 1 bedroom each with its own kitchen. So we went from a four family to a five family. Our rent roll went up an extra $400 a month.

Lessons learned? Challenges?

I learned to not let the seller know you are dealing with a 1031 exchange. Our first investment property so the entire thing was a lesson.

Looking to purchase my first multi family in Bridgeport, ct. was hoping to hear any stories anyone might have. Thanks