Oklahoma Investor Success Story

[Chase Gibson]

Background: 25 years old with a full time W2 accounting job. I grew up with a dad that owned rental properties, but I did not get very interested in the business until the spring of 2016 when I started devouring books/podcasts/blogs.  I purchased my first investment property in December 2017.

Current portfolio: 33% owner of 3 single family rental properties in the OKC, OK area (dad and brother are my partners). 50% owner of 2 single family rental properties in the OKC, OK area (dad is my partner).

December 2017: Closed on my first investment property with my dad.

The numbers: Purchase price: $125,000. Rent: $1,350/month. Repairs needed: None. This property was rented when we purchased it and we still have the same tenants today.

March 2018: Closed on a two property package with my dad and brother: The numbers:

Property 1: Purchase Price: $65,000. Rent: $775/month. Repairs needed: $2000.

Property 2: Purchase Price: $76,000. Rent: $1,000/month. Repairs needed: None.

June 2018: Closed on a single family rental with my dad and brother:

The numbers: Purchase price: $115,000. Rent: $1,250/month. Repairs needed: None.

November 2018: Closed on a single family rental with my dad. We just closed on this property and we are not sure if we will flip it or rent it out, but there was too much equity to pass up the deal.

The numbers: Purchase price: $129,000. Repairs needed to get rent ready: $5,000-$10,000. Repairs needed to get close to top dollar as a flip: $20,000. We believe we can rent it for ~$1,500/month. The after-repair value if we put the $20,000 into it would be $180,000-$190,000.

Biggest mistake: Not putting all the necessary clauses in my lease agreements. Specifically related to the consequences around not maintaining the lawn care of my properties.

2019 Goals: Acquire 8 more “doors”, with one of the properties being 100% mine, without partners.

Thanks for reading about my 2018 story! I am just getting started!