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Reviews & Feedback

Updated almost 19 years ago on . Most recent reply

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20
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Feedback on First RE Investment

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Posted

Requesting feedback or constructive criticism on my first RE investment. I bought two properties in OKC last year. I have a property manager that charges 8%.

The first was $110,000 3/2/2. Rents for $995 with $787 mortg. I put $5,000 tile, carpet and paint & paid the first 3 mortg payments. It’s been rented out since Sept 05.

The second was $94,000 3/2/2. Rents for $850 with $663 mortg. I put $11,000 tile, carpet, paint & appliances and paid the fist 4 mortg payments. It’s been rented out since Oct 05.

I learned a lot and feel I could have negotiated lower prices but they are renting for a positive. The $94,000 could probably rent for $950 but I lowered it because it took a while to rent. Also, I didn’t have to spend so much on tile and carpet, but I wanted to tile most of the houses to avoid further problems.

I’m trying to talk my business partner/wife into repeating the process. Any constructive criticism is welcome and appreciated.

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