Michigan Property 2

[Matt Jamieson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $52,500

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

My wife and I were moving back to Michigan from out of state into my first outside sales opportunity. I was nervous about how the job may work out, so we decided to find something we could afford to pay cash for. This property fit what we could afford in cash at the time, so we purchased it without ever seeing it in person and flew back to Michigan from AZ and moved into this house.

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

If I remember right, the property was listed for $64,000 and had just been reduced to $59,000. We had a real estate agent tour the home and give us feedback. Our cash offer and quick close helped us to reach agreement at the $52,500 price.

How did you finance this deal?

Cash.

How did you add value to the deal?

Painted and installed washer/dryer in bathroom on the main floor (was previously in the basement).

What was the outcome?

We moved to be closer to work and kept this property as an investment. The property has been rented by tenants ever since we moved out. We were able to refinance at a lower rate and borrow out more money than we had invested into the property.