Single-family residence buy & hold investment in Bartlesville.
Purchase price: $76,000
Cash invested: $23,000
Great B+ class single family buy and hold with minimum repairs had placed tenant within 1 week of closing. Cash Flowing before the a month and a half before the first mortgage payment was due.
What made you interested in investing in this type of deal?
I normally wanted to stick to multi family, But in this area it's scarce. My real estate agent showed me this home the day came on the market a bit under valued but ready to go. I just said I needed to bite the bullet and buy it. As I had been stuck in analysis paralysis for too long.
How did you find this deal and how did you negotiate it?
My real estate agent brought it to me.
How did you finance this deal?
Conventional financing 25% down. Great mortgage rates for investment.
How did you add value to the deal?
I've gone in and done some cosmetic improvements removed some unsightly doors and added paint cleaned up landscaping. I've also changed the flooring out in 1 room.
What was the outcome?
Cash Flowing with a fantastic tenant.
Lessons learned? Challenges?
It took me a long time to break the first deal bubble. I knew numbers worked on other houses and let those slip by this time I was just over waiting for the perfect deal. Now is the time to move.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with a pretty Great team on this one.
First off Lee Ann Pierce who is a fantastic agent and gets investors.
Secondly Charlie Hillman at Stifel Bank who knows inside and out investment lending.
@Taylor Holden What is it rented for? Are you managing the property yourself?
@Eric Martel it’s currently on a 1 year lease at 875$ a month. I’m currently managing it myself.
Looking at the pictures this house turned out very nice and is a great neighbor hood! Did you do the work yourself?
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