First Detroit Investment Property

[Jamal Adams]

Investment Info:

Single-family residence buy & hold investment in Detroit.

ARV in the area is $45,000. So I decided to cut back on a kitchen gut and installing the half and re-focused on making this home a rental. Cut renovations to $17,000. Rents in the area $800-$850. Expected cash flow is $512. Please provide feedback. Thanks!

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

Looked like a good deal.

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

Wholesaler sent it to me.

How did you finance this deal?

Self Directed IRA

How did you add value to the deal?

Painted, replace vanity, replaced kitchen cabinets.

What was the outcome?

In progress

Lessons learned? Challenges?

Don't estimate future value. Take numbers as is.

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

Yes.