First buy and hold property in Metro Detroit

[Jay Onye]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $110,000
Cash invested: $30,000

3br /1ba house ,1250sqft , built in 1940

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

I wanted to start my real estate journey and build some cash flow. Needed to end my analysis paralysis!

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

MLS, Negotiated through realtor based on inspection report

How did you finance this deal?

conventional mortgage with 20% Down. Personally financed all the rehab cost.

How did you add value to the deal?

Moderate rehab on the whole house, Roof, kitchen, bathroom, floors, ceiling, walls, electrical, and plumbing.

What was the outcome?

cash flowing more than $300/ month

Lessons learned? Challenges?

Rehab takes longer than expected.