Owner occupy turned rental in NW Oklahoma City

[Ben Scott]

Investment Info:

Single-family residence buy & hold investment in Oklahoma City.

Purchase price: $117,000
Cash invested: $6,000
Sale price: $148,500

We purchased this home because it was in a great area. But it didn't show very well. Single guy living there with multiple dogs. We did a light remodel on kitchen and bath, scraped popcorn ceilings and retextured and replaced the flooring throughout. We rented the property for two years and eventually sold to the tenants. We utilized a 1031 Exchange and put those proceeds into another investment.

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

I purchased below my buying power and identified area versus square feet.

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

MLS

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Remodeled kitchen and bath

What was the outcome?

After moving out, rented the home for two years and sold to the tenants