Updated over 6 years ago on . Most recent reply
NE Grand Rapids Single Family
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $57,000
Cash invested: $5,000
Sale price: $100,000
Single Family rental in the NE side of GR. 4 bed 1 bath that rents to students for $400 a bedroom. Sold for $100,000 and taking the funds to invest in two multi family properties or a small commercial property.
What made you interested in investing in this type of deal?
The location. Low purchase price coupled with high rent. I had a $400 mortgage payment while collecting $1200 a month while I lived there and $1600 a month once I moved out after a year.
How did you find this deal and how did you negotiate it?
This deal was listed on the MLS a couple years ago.
How did you finance this deal?
FHA financing and did owner occupied investment property for my first rental.
How did you add value to the deal?
Added a new roof. Other than that we didn't do much but buy at the right price.
What was the outcome?
Got solid cash flow for several years then sold for almost double what we bought it for in about three years.
Most Popular Reply
Fantastic!
I have my first house hack in NE Grand Rapids; encouraging to hear how well your deal turned out!