I’m evaluating a former car wash property in Metro Detroit:Just under 1 acre lot~4,000 sq ft building with multiple bays (9 ft clearance overhead doors)Zoned C4 “Multi Use Commercial”My concept is to convert it into multi-tenant flex space for auto-related businesses (detailing, tinting, wraps, light mods, etc.).I’d love to hear from anyone who has repurposed a car wash (or other single-use building) into something else.

That combination of affordability, positive cash flow, and appreciation potential is why Columbus has become a hotspot for both local and out-of-state investors.

If that is the case, cash flow is a necessity.If you have the means to absorb negative cash flow then you should concentrate on total return.  

Quote from @Jose Ramirez: I recently rehab a house in north Chicago and I’m looking for quotes for cash out refi for 30 year loan for investment property  Happy to connect 

Hey everyone, I’ve been digging into the BiggerPockets podcasts lately, and from what I’ve heard for buy and hold investing Dave often targets 8-12 % cash-on-cash returns on small multifamily deals, especially in more affordable markets. 

Even with all that, prices are still low enough where you can find solid deals in the $120K–180K range that hit the 1% rule and cash flow from day one.

If you have the cash for 1-2 properties now, you can keep the cash out refi in your back pocket for when you want to add more. 

Quote from @Kevin Mertus: Hi, Can anyone write out what the formula used for Total Cash Invested? 

Given where we live this is enough to reach out to larger name hard money lenders or a local lender we have family ties to, to get us started.Given our very low DTI we can comfortable cash flow the HELOC and any overages on rehab for the first few, aiming for minimal rehab, smaller profits, roll the profit back into the mortgage wash rinse repeat for a few until we have substantial cash reserves. 

Purchase price: $80,000 Cash invested: $10,000 Old Single Family Home on a 2-acre lot zoned commercial and is adjacent to a strong development, making the dirt itself the real value driver.