My first tenant occupied property

[Jamal Adams]

My 3rd property, first tenant occupied property. It's located on the Westside of Detroit. Purchased for $30,000 and financed for $24,000. I partnered with Dar Mayweather. We put up $9,276.52 at closing (including closing costs). And rent is $750/mo. Thanks to Kiara Goins, realtor representing the buyer, for orchestrating the process and leading us to the finish line. She found an unpaid water bill at the end, was forthright and laid out everything to me. Thanks to Diane Ross and her team at Chemical Bank for answering all my questions and guiding me through the loan process. Thanks to Jason Cole for sending me to chemical bank. Loan payments with tax and insurance escrow included is $280/mo. Property is cashflowing $470/mo. Which is a Net Return on Investment (ROI) of 62% - ($470*12/$9,276.52). That doesn't include maintenance costs or vacancy costs which I estimate at 10% and 5% respectively which will bring the ROI down to 46% - (($470-($750*.15))*12/$9,276.52) .

About  a week or 2 after obtaining the property I fixed the water leak in the basement, found upon inspection. The tenant told the plumber that I’m the first out the 3 landlords she had to actually get the problem fixed. That made me feel good. One of the reasons I’m doing this is to help families have a functioning and safe home.

If you or someone you know is selling single or multifamily properties please let me know. Also let me know what you think about the deal?