Michigan Property 3

[Matt Jamieson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $138,900
Cash invested: $13,890

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

Needed an additional bedroom for growing family, and it was closer to work.

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

MLS. Paid Full Price.

How did you finance this deal?

30year conventional mortgage. Used funds from cash out refinance of a prior property for the down payment.

How did you add value to the deal?

Paint, new furnace and A/C.

What was the outcome?

We moved to a new primary residence and kept this property as a rental. Tenants have occupied this property since that time.

Lessons learned? Challenges?

We do have a variable rate HELOC on this property that has increased quite a bit in recent years. Working to pay this down, and learning that increased HELOC payments can eat into cash flow and make a great deal more of an average deal.