Bought our first investment property.

[Chris Furry]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $195,000
Cash invested: $35,000

Single Family home near Lake Texoma. Currently using as a STR.

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

Wanted to get into investing and also wanted to do it as a STR. Some emotional purchasing as well. It is within 2 hours of our residence so we can use it when its not rented.

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

Found it on the MLS. Worked with the listing agent to make the deal.

How did you finance this deal?

This deal was financed with a 10% down second home loan.

How did you add value to the deal?

Worked a deal for $5000 less than asking. Added some sweat equity to it as well with new paint, landscaping and other projects.

What was the outcome?

House was booked for the majority of June and July is looking to be the same.

Lessons learned? Challenges?

Make sure you have a good home inspector. Preferably one not from the same area as the listing agent. Especially when they work commonly with each other.

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

I am an agent my self. If anyone needs help in Oklahoma I would love to help them find their first investment property.