first total investment purchase (not owner-occupied)

[Yelena Utin]

Investment Info:

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

Purchase price: $30,000

2family residential on the west side of detroit

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

my parents and I discussed purchasing an income producing property as I had done for myself with my partner, but for them as well. once they retire, we are to split the cash flow in exchange for me managing it.

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

though the same agent I last used as a buyer

How did you finance this deal?

parents invested 100%

What was the outcome?

fairly steady income. one eviction.

Lessons learned? Challenges?

don't jump on a tenant occupied investment property, even if it cuts down the vacancy loss. your screening process is likely to be different from the last owner, which will guarantee a difference in style of management and will ultimately cause friction and then eviction.

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

Deblon Jackson. see previous investment for her contact info or DM for her email.