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Blogs1st Thought Investments Property2976 Cadillac, Detroit, MI 48214

Posted almost 18 years ago

2976 Cadillac, Detroit, MI 48214

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lBrick Colonial – 2 Stories l4 bedrooms 2 baths lBeautiful Condition lRecent High-End Rehab lNew everything lGets higher rents lLiving area SF:  1,613 lBasement area SF:  749 lLot size: 12,632 lYear built  1911 lFireplace / Forced air / Gas heat lDetached 2 car garage lRented for $950/month – Positive Cashflow! lTenant Occupied/Mgmt Company in place

 

•         4 bedrooms, 2 bathrooms

•         Purchase Price                                     =  $69,000

•         Down Payment (20%)                            - $13,800

•         Loan Amount                                       =  $55,200

•         Appraised ARV                                     =  $80,000

•         EQUITY                                                              = $24,800

•         Rented for $950 per month

•         Cash flow after expenses                              = $305/month

•         CASH ON CASH RETURN                                  = 27%

Comments (2)

  1. Hi Douglas! I'm sorry! I didn't realize that you had tried to be one of my colleagues! I just sent you a colleague request. I can't figure out how to respond to yours and I didn't even see the request! Again, my apologies, not personal! I'm still getting used to this blogging and social networking thing! Geez! I would love to talk to you! My email is [email protected], and I would love to talk to you more about what you are doing in Detroit and Charlotte. I am of the same mentality about Detroit, that for the most part I am buying and holding if I'm buying it and wholesaling most properties right now. The reason that I have this house up, which is owned by my best friend is that we used a private lender and we have to cash her out quickly and we are having a hard time because of all of the bank restrictions that have now happened. I don't know if you know anyone who might be willing to hold a private mortgage or any other suggestions on how to cash out. The property is beautiful and rented and cashflowing. I am open to suggestions! I look forward to talking to you soon! Thank you for connecting! Sincerely, Patricia Shabel [email protected] 323-337-4062

    Patricia Shabel, almost 18 years ago


  2. Hello Patricia I tried contacting you to put you as one of my colleagues, but I never got a response. Don't know if that means you are not interested in becoming a colleague or you were just to busy. Well I will leave you with my info and I would like to speak with you about your endeavors in the Detroit surrounding areas. I live in Charlotte, NC, but I am from Detroit and do much investing in the area. I could possibly help you find other opportunities if you are interested. Also have you considered the Charlotte, NC area. Ranked #4 city at investmentriches.com. Great place to invest because of stable economy, location and quality of life. I invest in Detroit because I have a buy and hold mentality. I do not FLIP properties. I will wholesale a property, but if I purchase it I will not sell it. This is what I have done for over 6yrs. email me at [email protected] I will wait to hear from you.

    Douglas Christian, almost 18 years ago