#30 rental was purchased today in Garden City, MI

[George P.]

Well, i never thought i'd get to this point, but today i closed on #30 rental. it's small 2 bed, 1.5 bath (@Kenitra Parks  helped me find a half bath in the basement) around 830 sq. ft for $36,xxx. 

it's located in garden city, which is around Dearborn Heights, westland, close to redford and livonia. Inkster is close by, but we'd never go into inkster.

anyway, the short story was.... the payoff amount was around 37k. the house is in terrible condition, so the agent had it listed for 25k. i was the highest offer at 30k, so i had it under contract for a few months. the banks didn't approve the SL and the agent said the homeowner might not make it much longer. so i just gave them what they owed on the house, $36k+ and we closed on it today.

i dont have inside pics cause i didn't bring my nice camera, but i will take some pics and post them. 

the expected rent in this area for a 2 bed will be around 900, hope to get $950 if we can push it. we'll see. it needs everything... top to bottom. it was not a horder's house, but pretty close to it. it might have over 400 plastic bags and maybe 200 cans of pringels. also, lots and lots of shot gun shells. lots!

[George P.]

Originally posted by @Dawn Anastasi:

Congrats!  I thought you were behind on rehabs, so when will this one get done?  LOL I think you're buying too many to take on at once!

 oh dawn, u are much too wise. yes, i am super behind and we have had vacancies here and there. i also do updates for other investors on BP, so it slows me down even further. but the rent roll from the other houses covers the rent loss from the empty ones, so i am fine with it...