19th Rental closed! Package of 5 condos

[Keith Jourdan]

Bought a package of 5 condos off an off market seller (called one of my letters). 

Condos are in Westland Mi. Which is in the Livonia/Garden City/Redford/Canton area. About 20 min east of downtown Detroit.

I would rate the neighborhood as a C

Details of the deal. Did a land contract (seller financing)

Purchase price $142,500

Down payment $35,000

Balance $107,500

Terms: 15 year fixed at 5% balloon payment due in 3 years

Monthly payment $850

Each unit is rented currently at $650 (Market rent is $700 in this complex)

Association fee is $30 per unit per month.

[Keith Jourdan]

They are all about 800 sqft. 2 bed 1 bath with a private basement.

Here is one I have updated. Painted, and tore out the carpets to refinish the original hardwood floors underneath. All my rentals that have original hardwood under the carpet I tear out carpet and refinish the wood floors. Tenants always just destroy the carpet.

 basement