Buy and Hold - Broken Arrow, OK

[Katie Phillips]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $128,500
Cash invested: $47,150

I started my long distance real estate investing journey in OK! I purchased a single family home in Broken Arrow in Feb 2023. I put about $15000 into the rehab which included floors, paint, exterior paint, HVAC, countertops, etc. I am using an All in One Loan with 25% down to help keep monthly costs low, and now I am hoping to refinance with an AVR of at least #165,000 later this year.

How did you finance this deal?

All in One Loan - 25% down, 7.7% interest rate

How did you add value to the deal?

New floors, paint, exterior paint, HVAC, countertops, fixtures, etc

What was the outcome?

Currently renting on a year lease at $1250 a month. Tenant pays all utilities.

Lessons learned? Challenges?

It is better to have a rental rented out, than getting top dollar with vacancies.