OKC Buy and Hold Property #1
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $135,000
Cash invested: $15,000
Found a great starter home for sale that needed light cosmetic work. Put in about 15,000 in finishings and put it out to rent. It has the occasional maintenance needs that any property does but hey thats the game right? Rent first year was 1275 and I recently raised it to 1500.
What made you interested in investing in this type of deal?
My college roommate was local to OKC and helped me figure out all the GCs on the deal. Now I've gotten more interested in the OKC market.
How did you find this deal and how did you negotiate it?
I worked with a great realtor who just saw deals with potential and brought it to me. I offered higher than asking price for this then negotiated down once I saw the inspections.
How did you finance this deal?
Conventional financing with 25% down
How did you add value to the deal?
Cosmetic work mostly
What was the outcome?
Stable LTR property