Just added my ninth property after about a year of looking. I promised myself I would wait for a better deal after the last few were good, but not great.
SFH purchased cash for 77k, appraised for 105k, 15yr loan at 4.25% for 73k.
Leased it yesterday for 3 years at 1235 with rent bumps every 12 mos.
Back to the hunt :)
Congrats @Taylor Massive ! Wish I could find rent to value ratios like that. I see it took a while to find. Well done! Many people would like to get where you are, with 9 properties. Are they all single-family homes? In my state, any agreement over 12 months needs to be notarized. Not so in MI? Thanks for sharing your success story.
Steve, I just checked as I was curious. I don't think we have the notarized rule in Michigan over 12 months. Most of my tenants are seeking security that they can settle down for a longer period so they are drawn to a multi-year term.
All of mine are SFH for now. I keep looking at multi-unit, but with a full time job SFH is a very easy manage for me and I don't want to rock the boat.
@Taylor Massive That's the way to do it! Congrats! I need be more disciplined and patient. Thanks for the reminder.
@Taylor Massive Patience is key, nice job. Dig you find this deal on the MLS or off market? What city?
http://detroitpropertybrothers.com | MI Agent # 6501395686
Congratulations! I totally understand where you are coming from regarding the full time job. We invest in single family homes for the same reason as buy and hold investors! Those are amazing numbers!
The home is in ypsilanti township, MI. There are some C areas nearby but this is a very solid B area. It was listed on Hudhomes. I tried to do offmarket/wholesaling myself but my job is just too crazy to support it.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!