Updated almost 8 years ago on . Most recent reply
introduction to bigger pockets and my history
Hi I am new to bigger pockets. I have purchased 1 sfr rental in warren MI using cash (29000) i made a ton of mistakes during the process but it was definitely a learning experience. after about 35000 in rehab costs thanks to a bad contractor house is now worth about 55000. not the best deal but i did learn alot
i have my second deal under contract now. It is a duplex in Westland mi $87500 sale price leveraged through a bank loan that will rent for 850 per side and cash flow very nicely ($250 per unit after all expenses)
Im also starting my first flip. its a sfr in Wayne mi. i got this deal through seller financing with no money down (Im kinda proud of that lol). I pay her mortgage throughout the duration of the flip($750) and pay the house off at the end ($64000). then profits mine. the ARV should be around $110000 to $120000 after a $25000 rehab. So i should profit $20000. Im going to fund this flip with money i got through refinancing the first rental
im excited for this opportunity to share my experience with you all and i know i will learn alot from talking with the people in this community
thank you