#21 Rental property closed yesterday!

[Keith Jourdan]

Closed yesterday, 3 bed 1 bath Bungalow with a basement/garage in Redford Michigan.

Redford is a suburb of Detroit, close to Westland / Livonia / Dearborn / Garden City / Canton / Plymouth area. 

Paid $58k. Went under contract back in August, was tied up in Bankruptcy court and took a long time to close. 

I paid cash and am going to refi cash out with a local credit union once it is fixed up and leased out, then buy another house with the $$$. Classic BRRRR method. Should appraise for about $90k

Needs a roof and a few other things. About $10-15k in rehab, already started going full blast on the rehab day of closing!

Here are some pics

[Ryan Ellis]

Hi Keith, Congrats and thanks for sharing. I️ just started out investing in the Northeast Ohio area back in August. Currently have 2 single family homes and working on a 3rd by the end of the year.

I’m learning a lot from these forums. Please keep on sharing the good, bad and ugly of your investing experiences.

Wishing you much success!

Ryan