First investment property

[Michael Ciesielski]

Investment Info:

Single-family residence buy & hold investment in Flint.

Purchase price: $67,900
Cash invested: $5,000

Initially purchased August 2018 as primary residence, in January we converted it to a full rental property after moving-out.
It was on the market for less than a week before we had tenants placed!

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

This started as a first time home purchase / primary residence so I was looking for a place that I would want to live and was close to work.

How did you finance this deal?

The company I was working for in 2018 gave employees a loan of $15,000 for the down payment and closing costs to purchase a home in one of the surrounding neighborhoods. I used that money as well as a conventional loan (mortgage broker).

Lessons learned? Challenges?

I accepted a new job offer out of state and had to move within a 4 week period so we quickly had to find a property management company to list the property and get tenants. I personally would suggest giving yourself more time to vet companies... we went with the one company that would actually respond to messages out of the five we contacted.

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

Property Management Inc (https://www.flintpropertymanagementinc.com/) Mike & Jessica are amazing!
Jonathan Schlinker (https://jonathanschlinker.remax-michigan.com/) Realtor