Buy and hold in Stillwater Oklahoma

[Monica Gibbs]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $30,000

Purchased property was renter-occupied at $600/month at the time of purchase
Did not renew lease with tenant.
Completed full Renovation at $30,000
6 days on the rental market before the property management team got a signed lease at $1200/month Renter moved in July.
ARV $179,980

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

I'm from Stillwater Oklahoma and multiple people I grew up with have started reaching out to me on how I can help them or someone they know with different properties and lots. The conversation sparked because I'm a licensed Realtor in Dallas Texas.

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

Talking to friends and family about how much I love real estate and I was looking for homes that needed love

How did you finance this deal?

Paid out-of-pocket in payments and completed a Quit Claim Deed, plan to build another small rental on the same property.

How did you add value to the deal?

Complete remodel including new flooring and paint throughout
updated the bathroom
remodeled the kitchen- added a dishwasher and gave more dining room space (did not remove a wall just remodel the kitchen so that the refrigerator could fit in it) added more cabinet space
new light fixtures throughout
added curb appeal

What was the outcome?

ARV $179,900

Lessons learned? Challenges?

Ran through two contractors that took $2500 cash and wasted a lot of my time. Hindsight I definitely could have finished this project in weeks not months if I didn't hold on to the idea both contractors were going to come through. If they are acting shady, they are.

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

Bridgewater Construction- Elvis Adams 405-638-6105 if you need general contracting work done in Stillwater and surrounding areas.