House hack By Downtown Tulsa

[Corbin Marcotte]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $18,000

This is my current residence and is a house hack. bought for 18k and will have 65k in it when done. Started with a walk out basement and I divided the house into a duplex installing a kitchen, bath, w&d hookups in the basement. I could have got $1000 a month on air bnb but prefered to have a friend rent the space below me instead of having strangers stay there. Sits on 2 acres at the bottom of the osage hills. They just aproved the zoning for the master plan community to go in on the 128 acres abutting my property so I should be in for some good value increase over the next couple years.

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

location close to downtown, in an area that I belive will dramatically increase in value in the next 5-10 years

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

Property manager friend of mine referred it to me.

How did you finance this deal?

Commercial loan through Bank of Commerce

How did you add value to the deal?

Took out walls, added a kitchen and bath in basement to make it its own seperate unit. new bath upstairs, redid hardwoods. all new electric and plumbing

What was the outcome?

living for nearly free on 2 acres close to downtown tulsa.

Lessons learned? Challenges?

holding contrtactors accountgable was a big lesson on this one. From now on I will have timelines of jobs, set penaltys for not finishing on time, scope of work, and all other details on paper before they begin. NEVER PAY UP FRONT

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

Dylan Arnold With Bank of Commerce for my loan.
Mat Zalk with Key Renter refered it to me.
I was my own agent
Tina Teague with Allegiance Title was my escrow officer.