13 unit complex in Northwest Oklahoma

[Eli Berry]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $390,000
Cash invested: $78,000

Local Oil & Gas bubble burst right when I made this investment. Recently despite the low prices of oil, I've noticed an increase in better quality tenants. I have a 15 year fixed mortgage on this deal, I like watching that debt balance drop each week. I think my next deal will be all cash.

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

I had managed this property for the previous owner. So I knew the tenants at the time and was familiar with the property.

How did you finance this deal?

Local Bank, 15 year fixed

How did you add value to the deal?

I've taken a beating on this deal so far. The local oil boom/bubble busted just a few months after I closed. But we're on the upswing now.

What was the outcome?

I still hold this property.

Lessons learned? Challenges?

Establish Your Culture and Never waiver from it.