1st Deal Advice

[Donnie Martens]

Good Afternoon BP,

Well taking Brandon's advice for some time now to analyze deals until you find a Great Deal. Well I think I may have found one for my area and seeking a second opinion.

Location: Bartlesville, OK (1 hr north of Tulsa)

http://www.zillow.com/homedetails/1820-Southview-Ave-Bartlesville-OK-74003/78501568_zpid/

Details of the deal, I would like to buy and hold.

Asking $49K, Est. Repairs $2-5K, ARV $65+K

MLS #: 1541820

3/2/1600+ Sq. Ft

Conventional loan (80/20) @ 5%. (thinking conservative)

Rentometer average rent for our area - $729

Vac/Repair/Cap Ex = 15%

Prop. Management = 10% (factoring in early, I'll manage myself)

BP Rental Calc shows ~$250 cashflow (22% ROI)

Limiting Beliefs:

First Deal, lacking confidence, jumping off a cliff!

Married w/ 5 kids. ~$20K in personal debt

I think I have a deal, now I need financing... (who to ask and how)

Thanks for the support and guidance

-Donnie

[Donnie Martens]

@Cole Swartz

Thank you for the objective thought. It has been very hard to decide which road to travel when dealing with personal debt versus investing. Through talk with my wife and just our comfort level we have chosen to play it safe and continue to attack our debt. That has been our goal for a long time. While doing that, I will continue to study my market and build relationships. In building these relationships I'm learning how I can add value to those around me. Maybe one of these days prior to our debt being paid off, I'll be able to do a partnership deal. Less risk, less reward still equals a deal!!

-Donnie