Triplex Artist residency community space in Detroit

[Greater Alexander]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Detroit.

Purchase price: $5,000
Cash invested: $18,000

The Greater impact house is geared towards Artists that are focused on creating artwork without the use of drugs, alcohol, tobacco or any other mind altering substances.

More info: http://www.facebook.com/greaterimpacthouse

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

I’ve always had my heart set to help revive the distraught outside communities of Detroit. People tend to forget just how big the city is. My focus was searching for a place that was near the city but still within reach of its surrounding counties.

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

Found this property on Wayne county auction website.

How did you finance this deal?

Credit card.

How did you add value to the deal?

I am working on rehabilitation of the bathrooms, kitchen, wooden floors, and new roof in the spring.

What was the outcome?

The property is still a work in progress.

Lessons learned? Challenges?

Just how much cleaning is neeeded and how much restoration is needed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Leah Clisby who went around with me for about a year and a half on and off and showed me all the areas that were up and coming in Detroit.