I mentioned in my Million Dollar Day post that I had an offer accepted in the afternoon.
This is the property that I was referring to.
The details:
Harper Woods with Grosse Pointe Schools
3 bedroom, 1 bath
1100 square ft bungalow
All brick, 2 car garage, central air
New carpet, paint, and kitchen floor.
New replacement windows, new roof.
All appliances
It needs no work and will is rentable on Day 1.
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I have a thing for windows, and they are just spectacular in this home. The seller really did a nice job selecting windows that complemented the look of the home.
This is another example of a property that’s too nice to be a rental!
It’ll rent fast at $1000 per month. I already have 2 families interested – and I don’t even have a closing date yet!
Price: $70,000
One on my new private investors is funding this purchase – he’ll earn a fixed 8.1% annual interest for five years. And the kicker? He’s a money manager for other people’s money – and he’s getting his own money away from stocks and other financial assets as fast as he can.
Are you doing the same?
I expect to have another property available in late November or early December that will need funding by an investor. If an 8.1% fixed rate of return looks good to you, contact me and let’s talk.
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Your private investor signs up for a 5-yr. note. What do you do at the end of the five years? Are you betting that commercial loans will be more readily available at that time or do you give the investor an opportunity to renew the agreement?