Updated about 7 years ago on . Most recent reply
Detroit duplex brought back from the dead.
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Detroit.
Purchase price: $12,000
Cash invested: $16,338
Rehabbed a vacant duplex in Detroit. Partnered with a property management company to do rehab and management.
What made you interested in investing in this type of deal?
I want to start a rental portfolio and found a house that I could afford.
How did you find this deal and how did you negotiate it?
I found it through a wholesaler I met at a local real estate meetup, the Renegade Detroit Meetup.
How did you finance this deal?
HELOC on primary residence :/
How did you add value to the deal?
This neighborhood has several vacant houses and I was able to take this one and make it a nice place for people to live. I would like to do more in this area. The house needed plumbing updates, and some kitchen rehab.
What was the outcome?
I was able to get in the game! It was a good first property experience for me, and I got help and encouragement from people I met through the meetups.
Lessons learned? Challenges?
I learned that things move more slowly and expensively than you think they will :) Also that I need to look for ways to raise capitol while building a portfolio, which means I'm looking for a few flips in the new year.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, with Best Invest wholesalers and Investors Property Management Detroit.
Most Popular Reply
@Marc Nischan Just think, you purchase and rehabbed a rental property for less money than some have paid for a guru. You learned a lot and now have a cash flowing asset. Good luck and keep up the good work.