Updated 26 days ago on . Most recent reply
Catalyst-Driven Buy-and-Hold Rental
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Detroit.
Purchase price: $160,000
Cash invested: $70,000
Duplex in a high-growth Detroit neighborhood. One unit is LTR, the other is Airbnb.
What made you interested in investing in this type of deal?
Purchased following news of $3B to be invested in surrounding neighborhood.
How did you find this deal and how did you negotiate it?
Researched
How did you finance this deal?
Detroit banks were offering special 20-year mortgages at the time for buyers in the city that required minimal money down with very favorable terms.
How did you add value to the deal?
Put $65k cash into renovations.
(included in $70k above)
What was the outcome?
Stabilized and providing cashflow, very substantial appreciation thus far.
Lessons learned? Challenges?
I learned that renovating a 100-year-old home was way beyond my DIY abilities in 2019, but after drinking from a fire hose for a couple years I got the hang of it. It was worth the sweat and tears!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Did this one alone. Wish I knew then what I know now!
- Casey Ahlbrandt-Rains
- [email protected]
