Michigan Property 4

[Matt Jamieson]

Investment Info:

Townhouse buy & hold investment in Saint Joseph.

Purchase price: $110,700
Cash invested: $61,070

3BR 2BATH Townhouse (2560 Square Feet)

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

More space for growing family. In a desirable area. Affordable price range.

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

MLS. List price was $116,000 or so, offered $95,000, counter offer of $110,000 and we agreed to that price.

How did you finance this deal?

30year conventional mortgage.

How did you add value to the deal?

New Kitchen Cabinets, New Kitchen Appliances, New Laundry Room, Updated bathrooms, Paint, New Flooring, New Doors, New Hardware.

What was the outcome?

We moved out of this property into a new home with additional bedroom. Kept this property as a rental and tenants have occupied it since that time.

Lessons learned? Challenges?

Completed the cosmetic improvements myself. Learned a lot while doing it, but it took a long time and likely will hire out a higher % of the work in the future, when possible.