Rental Property Single Family

[Dana Kapron]

Investment Info:

Single-family residence buy & hold investment in Ferndale.

Purchase price: $120,000

2256 Mapledale St, Ferndale, MI is a single family home that contains 989 sq ft and was built in 1950. It contains 3 bedrooms and 1 bathroom.

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

I lived here as my residence but was transferred across the country for work and decided to rent it. Now I've had a rental property for 3 years and want to understand how I can make a profit off of it. I have recently started reading books and trying to get a better understanding on how I can do better with my current property. How I can increase the monthly profit and possibly purchase more in the near future.

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

It was purchased originally as a home for myself to live in. I knew the area was considered up and coming for young families.

How did you finance this deal?

A conventional loan

How did you add value to the deal?

I haven't done much except for painting. The house has increase in value due to the area becoming a more desirable neighborhood over the past 4 years.

What was the outcome?

I'm making some money monthly but feel I could do better with more education.

Lessons learned? Challenges?

I had no idea about renting a property and just fell into it. I have decided this is something I want to be more educated on.