Cutting my teeth in Muskegon, MI

[Travis Barkel]

Investment Info:

Single-family residence buy & hold investment in Muskegon.

Purchase price: $60,000
Cash invested: $14,000

2 bed, 1.5 bath single family downtown Muskegon. $850/mo rent

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

I had heard a lot about real estate investing from family and friends and wanted a cheap, low risk way to learn if it was something I could get into.

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

Found it on MLS used a good friend who is a realtor to lock up the deal. There wasn't much negotiation, they listed it for $64k, I bought it at $60k my initial offer.

How did you finance this deal?

Traditional 30 yr fixed at 3.6%. I put 25% down which was the required amount for my credit union.

How did you add value to the deal?

I painted the outside, but thats about it.

What was the outcome?

I reappraisal it 16 months in and the appreciation from the 2020 market gave me my capital back in a refi with only $2k of paint value add.

Lessons learned? Challenges?

So many things learned, ultimately I'm hooked, just bought my second property.

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

Brian Klingel (Klingel Homes) is fantastic, highly recommend.