Invest in DETROIT

[Terrence Guthridge]

Investment Info:

Single-family residence buy & hold investment in Warrington.

Purchase price: $6,100
Cash invested: $48,000

3 bedroom, 1.5 bathrooms. I’m a local investor from Detroit. One thing I’m learning is that if I show my tenant I care about my property, they will care about my property. My rents are higher than most but people are paying.

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

Adding value not only into my property but hopefully the surrounding properties.

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

Google.

How did you finance this deal?

Personal savings.

How did you add value to the deal?

I turned the attic into a bedroom, and added a half bathroom.

What was the outcome?

I was able to increase my rent 200 dollars more a month.

Lessons learned? Challenges?

Waiting on appraisals to see if I invested to much.

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

Currently trying to find lenders for a DSCR loan