Single Family & Mobile home in the farm country of Michigan

[Mike Groseth]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,000
Cash invested: $35,000

A single family home with a mobile home on the property giving me 2 incomes on the 1plot of land

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

This was originally our home and having the mobile home on the property was the way to help supplement our cost of Mortgage. This was my 1st step into being a Landlord

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

My father-in-law owned this property and sold it to us (for a nice price BTW).

How did you finance this deal?

Private loan with my Father-in-Law.

How did you add value to the deal?

The property had been a bunch of broken down greenhouses and junk all over...Sweat equity by cleaning up that junk and getting rid of the trash. Added insulation to both the house and trailer, redid the interior of the trailer including wiring/plumbing/paneling, etc...

What was the outcome?

After we moved to Ohio for my day job, I have been able to rent out both the properties for the last 10 years and have had long term tenants in both units giving me a positive cash flow while paying off the properties.

Lessons learned? Challenges?

Living 300 miles away from my rentals is hard...really hard. But I've learned a bunch by having these and now am purchasing my 1st duplex here in Southwest Ohio. The biggest challenge is having the right people to manage the property without draining all the profitability out of the property.

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

No

[Drew Brown]

@Mike Groseth way to go mike, awesome and very inspiring investment!