First Joint Venture!

[Lara White]

Investment Info:

Other buy & hold investment.

Purchase price: $340,000
Cash invested: $60,000

Joint Venture with another Bigger Pockets member. The house is near the state capital and OU Medical Center. There is a garage apartment in the back that is separate from the main house. We paid $340K, and the appraised amount came in at $420K! We do have to make some repairs, but otherwise it's pretty much ready to rent.

How did you finance this deal?

Local commercial lender.

How did you add value to the deal?

We will be doing some renovations.

[Lara White]

@Hamp Lee III Hi Hamp! Things are going pretty good!  We have a great partner that we work well with, so that helps a lot.  We are putting the finishing touches on the renovations -- a little slower than anticipated, but we had two other personal acquisitions with one being a complete remodel during the same time, and my husband is still active duty/I'm a super busy agent/our partner is a minor league baseball coach for the OKC Dodgers, so some days we were all just surviving! LOL! But we have the apartment unit rented out to an incoming military member, and the house will be ready to list for rent next week hopefully - which is a good time to come on the market.