7 unit property closed Lansing, MI

[Alex Corrion]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Lansing.

Soon to be 7 unit apartment building blocks from the Michigan Ave corridor.

What made you interested in investing in this type of deal?

Cashflow

How did you find this deal and how did you negotiate it?

Off Market, made a lowball offer that was accepted

How did you finance this deal?

Seller financing 20% down at 6% with a five year balloon.

How did you add value to the deal?

2 Units were never renovated and need to be gutted to the studs. The house was renting as a 5 unit building and the numbers still made sense as a 5 unit building. We are now in the process of getting these units up and running to maximize the value of the property.

What was the outcome?

This is in process.

[Alex Corrion]

@Aaron Stuiber I personally think it may be one of the best places to invest in the Mid-West. There are good landlord tenant laws and the prices are still fine. That being said, I've lived in Michigan my whole life and have tons of friends in the Detroit area and I wouldn't invest there without solid knowledge of the area and boots on the ground. Grand Rapids has some great numbers and seems to be the next big city that will take off. But I am excited about jobs that will not be gone during the next recession (Government (State Capitol), Hospitals, and the largest university in the state (MSU)).