From Flippng to Holding - 18961 Cherrylawn

Discussion in 'What to buy' started by MTR, 13th Dec, 2018.

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  1. MTR

    MTR Well-Known Member

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    Just thought I would share my last deal
    Architecture certainly different to what we are used to seeing in Australia

    This one is in the desirable location of Bagley, Detroit market.

    This was a foreclosure

    $64,000
    $9000 renovation
    Rent estimate - $1100-1200 per month

    I have researched the comps and end values for similar property, sq ft (size), renovated are now selling at between $140,000-150,000

    I have now decided to hold this property as Bagley is a hot/rising market, I expect with property will be worth much more in 12 months time.

    [​IMG]


    Now what's really interesting is the neighbouring property of University District starting prices at $240,000+. The idea is to why is areas where the median house prices are much higher.
    I guess a strategy I have also used in Australia. Buying in a market that has potential to continue rising, the ripple effect

    Here is a map of University District, you can see prices significantly higher than Bagley and also the proximity to Bagley.

    https://www.zillow.com/homes/for_sa...9,-83.105435,42.413033,-83.161225_rect/13_zm/
     
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  2. Lone_Wolf

    Lone_Wolf Well-Known Member

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    You are always on the front foot of investing.
     
  3. ashish1137

    ashish1137 Well-Known Member

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    Hi MTR,

    Was this purchase through buyers agent as well?.
    Regards
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    It's like a Christmas gingerbread house - I love it!
     
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  5. MTR

    MTR Well-Known Member

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    @GentleChief
     
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  6. GentleChief

    GentleChief Well-Known Member

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    Thanks for your acknowledgement Marisa, you have done really well on this property (just as other purchases). I had met with Connae at this property day before yesterday (14th Dec). Couple of things to consider before you ever decide to flip in future. There is enough space on the level one to have your extra Master bed with a private ensuite. You will achieve fantastic results and higher than the comps you mentioned above.
     
    Last edited: 16th Dec, 2018
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  7. wylie

    wylie Moderator Staff Member

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    Gorgeous house, but is the roof wonky? Or is it my old eyes?
     
  8. MTR

    MTR Well-Known Member

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    Had the roof checked its OK.
    Been told generally speaking perhaps 1000 sq ft home looking at $3,000 to replace