Detroit MI Rehab deal 65k

[Richard Huizar]

Investment Info:

Single-family residence private money loan investment.

Cash invested: $65,000

Borrower inherited property from Parents. Home was in need of a cosmetic facelift as the bones were good. Borrower brough all back taxes and utilities up to date. We gave a 65k rehab loan to rehab the property. Borrower will refi property and then rent out. Borrower has great credit and income and the contractor had great references.

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

Family home with good ARV and great bones.

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

Borrower utilized a HM broker to secure financing for this deal!

How did you finance this deal?

Private money loan using a Familty Trust

How did you add value to the deal?

Borrower grew up in this home and was willing to do what they had to, to get this deal done.

What was the outcome?

Closed deal and Contractor has started the work.

Lessons learned? Challenges?

Past due water bills require a final water reading regardless of paid final bill. Start early as the city is running 30 days behind