All Forum Posts by: Carmen Noriega

I am looking for recommendations for a property management company in Wayne County. NW Detroit is one particular focus area. 

With all my construction experience, I am learning new things every day, on the BP site and others as well. Working to be better at this new phase of my career.

Julie,

Thanks for sharing this part of your journey. Stay focused, remember to breathe.

I had the City install a free meter for my 2 flat and have seen the water bill come down from approximately $1,600 per year to under $700. 

The matrix for establishing to calculate/estimate the amount of water used in multi-unit properties does not reflect what it actually happening. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

REO rehabbed

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

Moved back to my hometown and wanted an investment as well as a place to live.

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

My sister found it through a friend. Worked with a local Realtor to get through the slow, difficult process.

How did you finance this deal?

From sale of rental home in another state.

How did you add value to the deal?

Rehabbed both apartments from trashed state.

What was the outcome?

A fabulous 2 flat, back in the fabric of the city's housing stock. First floor is rented and I live on the 2nd floor.

Lessons learned? Challenges?

There are more effective ways I could have used my cash reserves.