Single-family residence buy & hold investment in Oklahoma City.
Purchase price: $70,000
Cash invested: $30,000
This one was an inspired by the BRRRR strategy with lots of potential (a VA forclosure)... but life got on the way and I had to outsource a lot of the labor that I had planned on doing myself. I'm breaking even on it after Refinancing, but have learned so much in the process.
@Angel V. Well as the saying goes any experience is good experience. What did your comps look like?
@Colby Merrill very true, I'm not mad about it, it has been a great experience oveall. Comps are between $105-$120K. I haven't done the refinance yet so we'll see how it appraises. I'm waiting to get it leased before i get the ball rolling on the refinance. I want to be able to count that income, and am currently shopping around for the best lending option I can find.
@Angel V. Nice! Well congrats on the deal none the less, hopefully you can get it leased sooner rather then later. I see that your also looking to get into multifamily housing hows that going so far? Im also seeking to get a few myself I havent started hunting them down in the OKC area yet.
@Colby Merrill Thanks! Small multi-family will be my next adventure, but work took me out of town for a bit so for now I'm just coordinating to get this house finished and rented. I've been keeping an eye on the market but not ready to make any moves until the fall. If there's anything I can help you with, shoot me a message.
@Angel V. well done getting on the RE road! Even at a break-even it's not a break-even because, as I'm sure you already realize, the lessons learned will pay dividends in the next deals. One of the biggest lessons I am reminded of and hear my clients recount is this: tasks ALWAYS take longer than you think they will. It's seems impossible to overestimate how long a simple task will take, from a large thing like installing a new door or shower pan to a tiny task like installing door stops, time adds up. So, be prepared for life to happen and get in the way and factor that into the budget/plans and then you'll be off to the races (to learn more lessons that you can grow on).
Small multi-family is a great path here in OKC! I love the process, and I love getting to do it alongside stellar folks.
Feel free to reach out with any question you might have!
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