#27 rental purchased today

#27 rental purchased today

Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes

I closed on this one yesterday, located in Garden City, Michigan. Close to dearborn heights, livonia and westland.. It's a bungalow and i normally do not buy bungalows, but i really liked this one.

It came on the market for 60k. i offered 53 cash, it was a probate+bankruptcy (heir was going through bankrupcy at the time of the dad's death) sale, so they took it. 

1 weeks before closing the copper pipe was stolen, so i got a $1,500 credit, which i took. so, the house came out to $51.500. It has hardwood upstairs, which i have never, even seen in a bungalow before. It's ARV in the high 80k's, but i really dont care since it's a rental. It's in very good condition, but we will make it nice and rent it for $1,050 per month.

the roof will need to be replaced soon, but we can live with just fixing a few bad spots. might change it before the end of the year, will see.

i do not have inside pics, so here's just one exterior pic.

3Reply
75 views

Most Popular Reply

Windermere, FL · Member since 2015 · 43 posts · 24 votes
10y

Great job George! Congratulations!!

See this reply in the discussion

39 Replies

Jump to latestLatest
  • Investor · Commerce Township, MI · Member since 2008 · 98 posts · 10 votes
    10y

    Awesome.  Congrats on #27!  I'm sure it will turn out nice.

  • Investor · Arlington, VA · Member since 2012 · 84 posts · 27 votes
    10y

    Nice curb appeal.  Congrats on another purchase!

  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    10y

    Nice job, if this is any indication you have a nice stable of properties.

  • Canton, MI · Member since 2016 · 53 posts · 9 votes
    10y

    Well done George. Congrats!

  • Orlando, FL · Member since 2015 · 76 posts · 35 votes
    10y

    Congrats on #27! How exciting for you. :-)

  • Investor · Valrico, FL · Member since 2016 · 14 posts · 2 votes
    10y
    How long have you been in the game? how long did it take you to get# 27 in units?
  • Investor · Valrico, FL · Member since 2016 · 14 posts · 2 votes
    10y
    Bump
  • Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    10y
    That's great momentum in 6 years. Congrats!
  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Sam Solomon:

    Bump

     thank you.  I have been doing this for 6 yrs I think.  and I still have a full time job as well.  

  • Windermere, FL · Member since 2015 · 43 posts · 24 votes
    10y

    Great job George! Congratulations!!

  • Rental Property Investor · Ypsilanti, MI · Member since 2016 · 230 posts · 86 votes
    10y

    very excitingly!  Congrats!

  • Investor · Denver, CO · Member since 2015 · 17 posts · 4 votes
    10y

    Congrats!!!  Hitting the 2% "rule" too!

  • Investor · Roanoke, VA · Member since 2012 · 1k+ posts · 374 votes
    10y

    nice job ?@George P.

    On to 28

  • Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    10y

    @George P. congrats! Continued Success!

  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y

    took a few pics earlier today. that tree in the back drives me mental.

  • Rental Property Investor · NY · Member since 2013 · 844 posts · 350 votes
    10y

    @George P. How are you coming up with the funds to purchase your properties usually?

  • Investor · Baltimore, MD · Member since 2015 · 160 posts · 76 votes
    10y
    Congrats! Good deal!
  • Phoenix, AZ · Member since 2015 · 345 posts · 138 votes
    10y

    Oh yes this one looks fantastic.  Love those floors.  Great pick up @George P.! 

    I hope I can hit that number some day!

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    congratulations on the deal.way to go

  • Real Estate Investor · Fredericksburg, VA · Member since 2012 · 4 posts · 0 votes
    10y

    Congrats your Property looks great....On to the nest one....

  • Realtor · Lafayette, LA · Member since 2011 · 296 posts · 175 votes
    10y

    That's a solid rental! Congrats!

  • Novi, MI · Member since 2012 · 13 posts · 1 vote
    10y

    Good for you George!

  • Investor · Cincinnati, OH · Member since 2015 · 374 posts · 120 votes
    10y

    I don't know how serious the copper pipe theft was, but I would have asked for WAY more of a credit for that than $1,500.

  • Handyman · Belleville, MI · Member since 2016 · 13 posts · 6 votes
    10y
    Good looking house George! Even got your pex paid for lol.
  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Stone Teran:

    I don't know how serious the copper pipe theft was, but I would have asked for WAY more of a credit for that than $1,500.

     the pex repair will cost AT MOST $200. i can literally do this house in under 1 hr.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.