Norman Rental Property

[Todd Fullerlove]

Investment Info:

Single-family residence buy & hold investment in Norman.

Purchase price: $137,000
Cash invested: $26,000

- Standard 20% down rental
This was a pocket listing brought to us by one of the realtors in our network. We had the chance to make an offer before the property was listed on the MLS. We offer full price with a 5K appraisal gap and told seller they had 24 hours to accept. We were able to avoid a bidding war, which makes the property well worth it. The property is located within 10 minutes from Oklahoma University and is producing over 500 in cash flow. I would call this a two base hit!

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

Our goal is to acquire assets we can leverage later in our career.

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

Pocket listing from realtor
Competitive offer with a short dead line.

How did you finance this deal?

Small community bank and brought in a private lender for down payment

How did you add value to the deal?

Raised the rent and offer a more professional property management service.

What was the outcome?

Cash flow baby!

Lessons learned? Challenges?

Good banking is key

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

Allison Wanjon, Flourish Real Estate Group