Edmond 3/2 near University Campus

[Cary Verner]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000
Cash invested: $10,000

This was a personal residence for two years, but wanted to use it as a rental so we moved out. It has no problems with turn-over as its location is desired.

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

It was originally our first home.

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

It was a one owner home who took care of it, but never updated it. Therefore it was discounted to reflect its condition.

How did you finance this deal?

Native American 184 loan. (2.25% down)

How did you add value to the deal?

We slowly remodeled the entire home over the course of 2 years.

What was the outcome?

We moved out to rent it to some college kids who were interested.

Lessons learned? Challenges?

Having a nicer home in an area allows you to create demand for interested renters. This allows you to be very selective while also not dealing with vacancy to get a premium.