Muskegon MI, lakeside property

[Trisha Witte]

Investment Info:

Single-family residence buy & hold investment in Muskegon.

Purchase price: $87,000
Cash invested: $15,000

Single family home in lakeside. Purchased for $87k with 15k downpayment. Planning on putting 10-15K into the property. ARV135k. Hoping to rent at $1200/month.

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

I love the Lakeside neighborhood and I think it will continue to appreciate due to the proximity to the lake and major developments in the area

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

Direct mail. The lady owns multiple units and is selling off her portfolio

How did you finance this deal?

Seller financing

How did you add value to the deal?

Purchased under market values and rehabing

What was the outcome?

In progress

Lessons learned? Challenges?

This will be my first time contracting out some of the work. So far I'm happy with the contractor I'm working with. It is forcing me to create systems and processes as well as communicate expecations.