My first two deals in the Motor City
I would like to get your feedback and ask a few questions about my first two deals..in metro Detroit.
Deal #1
2/2.5 townhouse with 1550'
1 car garage
Built in 2005
Sold new $140,000
Paid $50,000 cash
HOA $130
Painted, new appliances - $3000
Rented with 1 year lease at $1100/month
Deal #2
2/2 raised ranch townhouse with 1100'
1 car garage
Built in 2005
Sold new $118,000
Paid $20,000 cash
HOA $130
Painted, new appliances, floating floor - $3000
Rented with 1 year lease at $825/month
I do my own property management
Questions
- What are your thoughts?
- I would like to try to leverage these properties to purchase additional deals....but no luck with the banks...options?
- should I form a LLC? why?
Thanks for your help
Bill