#31 rental was purchased today in Westland

[George P.]

#31 rental was purchased a few hrs ago. It was a short sale, took about 4 months to happen, but finally did. It's a 3 bed, 1 full bath and 2 half baths, around 1k sq. ft. Westland is west of Dearborn Heights, borders Garden City, Livonia, Canton, Northville, Farmington Hills, etc, etc.

when i first saw it in march, it had a lot of junk, but the owners moved out yesterday and they had removed EVERYTHING from it. just super pleased. 

it was purchased for 60k and i am thrilled. the inventory is so low right now that i can patch some holes, put a coat of paint and literally have a bidding war at 85k. but.... that's not what i want. that's not what i am after. i want the "passive" cash flow. i want the monthly checks. 

Since i have my own crew that also do work for other investors, we will put around 20k to make it super nice. we have to knock down some walls, remove a failing half brick exterior wall, and of course gut the baths and the kitchen.

The house will be in a holding period since we are working on #28, i believe. we are behind, but the holding cost is peanuts compared to the inability to purchase any more at the low prices i used to buy them. i think we have 5 houses (including the one that we are working on) empty and waiting to be updated.