Wednesday, June 2, 2010
"It started with one house and a lot of fear." says Real Estate Investor Fassett
To hear Dennis Fassett explain how he started as a real estate investor, "It started with one house and a lot of fear."
Back in 2004, Fassett was a director with a local automotive supplier and on his way to being a V.P. "I thought I had it made," he explains, "In 2003 we put a large addition on our home and took in my terminally ill mother. Then in 2004, the automotive industry tanked and threatened to take me down the drain."
"I decided to take action and start building a safety net for my family. I looked at everything. After much searching, the only thing that I found that would allow me to leverage my time and make the money that I needed to was residential real estate, and in particular rental houses."
His problem was that Fassett knew less than nothing about real estate. "There was a lot of blah blah blah about learning the business," the Franklin resident recalls, "and of course all the people that told me I was nuts to be buying real estate as it was crashing."
Today, Dennis tells a very different story. "My real estate portfolio has done nicely," he says, "including 11 single family houses and a 20 unit apartment building." But Fassett isn't content to stay put, "I just closed on a 23 unit apartment building in the City of Detroit last Friday that I put together a partnership to buy, and just had an offer accepted on a 57 unit that I'm also putting together a partnership to buy."
Dennis Fassett’s little safety net business has grown to the point that when he closes on the 57 unit property, "We'll be taking in nearly three quarters of a million dollars in revenue annually." The best news is that from the month that he rented the first house back in May of 2006, Fassett has never had a single month that wasn't cash flow positive, " ...and I still have the first dollar that I made from the first rent payment my first tenant paid."
For more about Dennis Fasset, http://www.greatlakesinvestmentfund.com or call 248-971-0764.