Buy and Hold Investment

[Raj Patel]

Investment Info:

Single-family residence buy & hold investment in Redford.

Purchase price: $97,500
Cash invested: $97,500

3 bed 1 bath bungalow that needs minor repairs.

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

It was a good buy and hold

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

My realtor found the deal.

How did you finance this deal?

Cash

How did you add value to the deal?

- We stripped the floors, put new carpeting and LVP.
- Painted the whole interior.
- remodeled the bathroom
- remodeled the kitchen
- Added new stainless steel appliances

What was the outcome?

The new tenant was excited about the place and couldn't wait to move in.

Lessons learned? Challenges?

Get licensed contractors that can pull permits if needed.

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

Nick Harris at FIRE Realty Team in metro Detroit