Michigan Buy and Hold LTR

[Mo Maktari]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $7,500

3/1 bungalow with a 1.5 car garage. Market rents around $1200-$1300/month.

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

Born and raised in the metro Detroit area, my goal is do more buy and holds in the area.

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

Working with the Fire Reality Team in the Detroit area.

How did you finance this deal?

10% down conventional

How did you add value to the deal?

None; most the renovation has been already completed. Just need to add central air and very little TLC.

What was the outcome?

TBD

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

Fire Reality

[John Arasim]

The predicted rent seems a bit high. I'd guess more like $900 to a $1,100 (if you're lucky). If you get a $1000 for rent and your P.I.T.I. payments are around $675.00 a month that only leaves you with $325.00 cash flow. I hope you don't have a lot of trees in the backyard. Inkster is notorious for main line problems, because of tree roots. Also, be careful who you rent to. Good luck.