19th Rental closed! Package of 5 condos
Bought a package of 5 condos off an off market seller (called one of my letters).
Condos are in Westland Mi. Which is in the Livonia/Garden City/Redford/Canton area. About 20 min east of downtown Detroit.
I would rate the neighborhood as a C
Details of the deal. Did a land contract (seller financing)
Purchase price $142,500
Down payment $35,000
Balance $107,500
Terms: 15 year fixed at 5% balloon payment due in 3 years
Monthly payment $850
Each unit is rented currently at $650 (Market rent is $700 in this complex)
Association fee is $30 per unit per month.
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Real Estate Agent
- KJ Manage