Done deal $700 monthly ROI

[Tonee Johnson]

Investment Info:

Small multi-family (2-4 units) commercial investment investment in Hamtramck.

Purchase price: $143,000
Cash invested: $8,500

Duplex tenant property.

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

ROI

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

Online.
As Broker / lender
Buy and hold

How did you finance this deal?

As broker

How did you add value to the deal?

Completed all legwork.
Found the deal
Made an offer
Got it signed under contract
As broker:
submitted Application
Docs. Checklist
Inspections
Appraisal
Financing
Closing

What was the outcome?

Leased both units within 1 month.

Lessons learned? Challenges?

Outsource more :)

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

Yes.
Gajjventures.com

[Paul S.]

Originally posted by @John Minock:

@Tonee Johnson great job getting tenants in 1 month!

What is happening in the East Detroit market?

I put an offer in on 85 unit property back in 2005. The declined the offer and I moved on. I have always wondered "what if" that dealbhad gone through.

 I'm sure you dodged a very big bullet lol.  It is hard enough to rent to this tenant base an 85 unit would kill even the most hardened investor.  I had a 42unit for awhile - you cannot control the people running everywhere.  The day I got rid of that building was a great day.