Hello- I am considering purchasing a property that is a main home (3 bed 3 bath) with an attached apartment over the garage (1 bed, 1 bath) with separate entrance.

I am looking to purchase an extended stay hotel.

Purchase price: $850,000 Cash invested: $335,000 Historic downtown Fargo property.

Purchase price: $341,000 Cash invested: $136,000 Sale price: $519,000 A house that I bought, renovated, and sold.

Purchase price: $275,000 Cash invested: $129,000 20-unit hotel, was abandoned and had sat on the market for 3 years.

I purchased a PreREO deal from them about 4-5 months ago. 

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3500

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.

If you are in the Tampa area and plan on purchasing there, I highly suggest you connect with @Josh Green.