Investment Info:
Single-family residence buy & hold investment in Garden City.
Purchase price: $138,000
Cash invested: $21,000
4 bed / 1 bath with detached two car garage. Priced to sell! Home is being sold "as is". Great for the buyer who wants to make everything their own. Hardwood flooring under carpet on 1st floor. Property is 7/8 fenced. Nice big enclosed rear yard. Roof, windows and siding replaced 10 to 12 years ago. HVAC (2007).
I have learned that the roof is only 1 year old.
Purchase Price: $138,000
Repair/Remodel Costs: $10,000
Expected Cashflow: $1700
What made you interested in investing in this type of deal?
It was a beautiful property in a very nice neighborhood.
How did you find this deal and how did you negotiate it?
My friends at Fire Realty
How did you finance this deal?
Mortgage
How did you add value to the deal?
Strip carpeting to reveal beautiful hardwood on first floor;
Refinish hardwood flooring;
Remodel bathroom;
New LVP floor and granite countertop in kitchen;
New LVP flooring in laundry room;
What was the outcome?
A beautiful home that would please any renter.
Lessons learned? Challenges?
I can't seem to acquire properties like this fast enough. :)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Real Estate agents: Nick Harris and Matt Bahoura from Fire Realty in Troy Michigan are nothing but spectacular! This is my second property with Fire Realty and definitely not the last. Thank you Nick and Matt!
Lender: Keanu Tabali from Cornerstone Lending. Keanu and team worked very hard to make sure my closing met timing and went without a glitch. Thank you Keanu!
