Investment Info:

Single-family residence buy & hold investment in Oak Park.

Purchase price: $125,000
Cash invested: $32,000

Contributors:
Joe Hammel

Picked up a nice, solid, buy and hold in a strong appreciation market. Oak park has appreciated at 20% for 10 years straight. Didn't need much rehab. Some curb appeal (gotta love a red door) and a few minor repairs. Rented out for $1500 and self managing it cash flows $450 a month. #FIRErealtyteam

What made you interested in investing in this type of deal?

Have other similar properties

How did you find this deal and how did you negotiate it?

On the MLS

How did you finance this deal?

Conventional Financiing

How did you add value to the deal?

It didn't need much. Just a few minor repairs.

What was the outcome?

$450/month cash flow with $32k invested which is 15%+ ROI

Lessons learned? Challenges?

Metro Detroit has great turn key rentals with great ROI. Trust the numbers, closed the deal, and move on to the next one.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Realtor: FIRE Realty Team, Richi Brown
Lender: Kris Natschke (Best investor lender in michigan)
Home Inspector: Elevate Home Inspections (use them on all my deals)
Insurance: Beth with Goosehead (she's so cheap with great coverage. $45 a month)
Title: First Centennial Title (Reliable)