Single-family residence buy & hold investment in Kalamazoo.
Purchase price: $93,500
Cash invested: $11,000
My first investment property! A 4 BR, single family home.
What made you interested in investing in this type of deal?
Looking to build income/wealth and knew I needed to start somewhere. Invested with two partners and we are always searching for more. The property was turnkey and in our price range, which made it a perfect opportunity for the three of us.
How did you find this deal and how did you negotiate it?
This property was found by one of my partners, we negotiated that the seller cover all closing costs.
How did you finance this deal?
Standard 30 Year Mortgage.
Hi @Matthew Teitsma !
Congratulations on your first RE investment! Best wishes with this investment and all future investments!
Congratulations! If you don’t mind sharing, what are you getting for rent and what neighborhood is the property in?
Thanks Joseph! I’m thrilled to be soaking up all the knowledge I can get here on BP!!
Thanks Josh! We are currently collecting $2,000 rent plus an additional $50 for pet fees ($25/per for a cat and lizard). The property is located in the southwest part of Kalamazoo, still learning more about the area as I live in Grand Rapids.
Congrats on the first property!!
I am also in Grand Rapids.
@Matthew Teitsma - Hi Matt, congratulations. Are you using a property management company for your rental? I am looking for a property management co in Kalamazoo and I would appreciate any suggestions. I don't know much about Kalamazoo but I am interested in investing there. If you have a real estate agent to suggest, it will also be appreciated :)
Yes, I have been to Kalamazoo while we visited Lawrence, MI nice cities.
This looks like a good property to start with. Congratulations 🎊 🎈 🍾 🎉
@Matthew Teitsma Congratulations!!!!
Thanks Anthony! I hope our paths cross one day, maybe when life returns to a bit of normal?
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