Updated about 6 years ago on . Most recent reply
Edmond, OK Mystery Project
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $125,000
Cash invested: $20,000
Buy and Hold in Edmond Oklahoma! Remodel almost complete. Needed more work than I initially thought and so my options are sell and break even or Rent. At this point, I am marketing the property as For Sale, Lease Option or Rent.
Just built shutters today, working on fence this weekend and flooring and touch ups next week.
What made you interested in investing in this type of deal?
It was the first deal I found when I started this past year. I became emotionally attached when it initially fell through. Then I was so excited when it came back around that I lost my mind and didn't do the proper due diligence. Don't all investors have that one deal they knew wasn't the one?
How did you find this deal and how did you negotiate it?
Wholesaler in my office. Should have been a good deal, but needed significantly more work then was initially thought.
How did you finance this deal?
Commercial Line of credit, 10% down, 80% ARV
How did you add value to the deal?
Exterior Paint, Windows, Complete interior remodel
What was the outcome?
House will be listed in 2-3 Weeks
Lessons learned? Challenges?
Never Never Never by emotionally. Stick to your numbers. Period end of story, exclamation point, etc.
