$128,000 profit without flipping....
Hi All
Just wanted to share another little sweet deal, this is a buy and hold, access equity, rinse and repeat.
Advantages are that I get to continue growing my capital as this neighbourhood is hot. Problem is trying to find another at this price.... just keep searching I guess.
This property was purchased in July 2017 for $72,000 in July 2018 I had a bank valuation of $200,000.
Today, I expect it to be worth over $200,000. As we know bank valuations can be a tad conservative.
So why flip this one when I can enjoy ongoing growth, I access equity, continue holding a solid property, with a solid tenant and solid rent.
I know many will poo poo Detroit market, but as you can see there are deals to be had if you know how to find them.
Here are the numbers
Rent- $1250 (100% Section 8 voucher)
Bank Valued - 200K (2018 July)
Rehab - $10,500
Purchase - $72,000 (mid 2017)
Address: 17385 Warrington - University District