Second Rental but First Reno! BP Success Story

[Ian Verzoni]

Investment Info:

Single-family residence buy & hold investment in Moore.

Purchase price: $170,000
Cash invested: $49,000

Contributors:
Lara White

Second rental property but my first reno! Single family rental purchased in OKC from Las Vegas while on Active Duty. Used lessons learned from David Greene's Long-Distance Real Estate Investing, and used Bigger Pocket's Networking to get matched with the best realtor I've ever use, Lara White.

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

I've owned a Single Family Rental for about 5 years. Been saving up and sold my primary residence to purchase more rentals. Wanted to diversify the locations of my rentals, I have one in GA and one in OK now.

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

Found on Zillow, worked with insight from Lara White to make a great offer without needing to bring any extra money to the table. In 2021 that was miraculous.

How did you finance this deal?

20% Conventional loan.

How did you add value to the deal?

Put about $9K into the renovation, full cosmetic job, new flooring, new kitchen, new bathrooms.

What was the outcome?

about 8.5% CoCR in the first year (not including appreciate, and mortgage pay down. Not what I was exactly going for but its better than sitting and never buying anything!

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

Lara White, best realtor I've ever worked with!