FIRST RENTAL PROPERTY
Investment Info:
Single-family residence buy & hold investment in Broken Arrow.
Purchase price: $117,500
Cash invested: $40,000
FIRST RENTAL PROPERTY, PUT 10K INTO REHAB. ARV 150 GOING TO REFI IN A FEW MONTHS TO A 30 YEAR, FIRST 10 INTEREST ONLY TO KEEP PAYMENTS LOW FOR HIGHER CASH FLOW
What made you interested in investing in this type of deal?
WANTED SINGLE FAMILY THAT SEEMED LIKE A SAFE INVESTMENT FOR FIRST PROPERTY
How did you find this deal and how did you negotiate it?
WHOLESALE DEAL
How did you finance this deal?
LENDING HOME, WAS SUPPOSE TO ONLY PUT 10% DOWN THINGS GOT SCREWED UP AND HAD TO PUT 30% DOWN DAY BEFORE CLOSING
How did you add value to the deal?
BASIC LIPSTICK REHAB, PAINT, NEW LVP FLOORING AND NEW LIGHT FIXTURES
What was the outcome?
HOUSE LOOKS GREAT RENTED FOR 1350
Lessons learned? Challenges?
I HAVE FOUND BETTER LENDER TO USE, STILL NOT THE BEST SO GOING TO CONTINUE TO LOOK FOR GOOD LENDING OPTIONS
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
KEY RENTER PROPERTY MANAGEMENT HAS BEEN GREAT