Long Distance Property #1

[Josiah J Hein]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $75,000
Cash invested: $20,000

Turn key 2bd/2ba townhouse in Tulsa Oklahoma. Bought this as a long distance investment after reading David Greene's book on out of state investing, just to see if I could and would like it! So far soo good! Cashflows about $350/mo. Only minor repairs needed and property management company has been great to work with.

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

I love the fact I have never been to this state even and this property gives me a solid return. I also love how passive out of state investing is and having the ability to invest in a landlord friendly state, even though I don'tlive in one! I will definitely continue in the future!

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

Zillow

How did you finance this deal?

Conventional 25% down

How did you add value to the deal?

Had HOA do paint and repairs on the outside they were responsible for and neglecting.

What was the outcome?

Happy tenant, happy owner 😊

Lessons learned? Challenges?

Working with the property management to get HOA to do their job was a pain and took weeks of consistent calls and emails, but we persevered!

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

Yes, Loni @ Key Renters Tulsa. He's also the manager for the property management company and was my agent and listing agent! One stop shop FTW!

[Drew Sygit]

Why did you hire HOA to do repairs and not have PMC handle?

[Nate Sanow]

Welcome to the Tulsa market.