Buy and hold, long term single family rental

[Wade Gentry]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $77,000
Cash invested: $26,000

Except for the roof replacement, an employee and I textured, painted walls, and refinished wood floors. A few other items needed fixed or replaced.
The house is a 3/1-1/2 double car garage home in a good neighborhood and gets $1200 per month.

What made you interested in investing in this type of deal?

I like small rent houses and I got an inside track on this one.

How did you find this deal and how did you negotiate it?

I made the owners an offer to buy cash and as-is. I knew the sellers.

How did you finance this deal?

Investment loan through a local bank.

How did you add value to the deal?

Replaced roof and did a lot of interior improvements.

Lessons learned? Challenges?

I should be doing this every 6-8 weeks! No challenges on this one.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The closing office was great and my banker was too.
Guarantee Abstract and NBC bank in Enid, OK.