Most Recent Investment

[Dylan B.]

Investment Info:

Single-family residence buy & hold investment in Oklahoma.

Purchase price: $40,000
Cash invested: $13,000

Contributors:
Andrew Terrell

This is one of the properties my partner and I bought in a package deal last year. The tenant moved out in January and the property needed a major face-lift.

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

Wanted to add to our portfolio.

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

This was an off market deal that I made a relationship with a local landlord during networking at a monthly meet up that I host that was wanting out of the business.

How did you finance this deal?

Traditional lending through a small regional bank, we will probably end up BRRRRing this deal.

How did you add value to the deal?

The house was in pretty rough condition when we bought it and after the tenant moved out. We were able to hire a local contractor that was able to get all the work done in 4 weeks for a pretty fair price. We had our contractor sign a scope of work and the main repairs and improvements we had completed included:
Siding repair, new interior and exterior doors, all new lighting, flooring, paint, and minor renovations in the kitchen and bathroom.

What was the outcome?

11+% Cash on Cash returns and $200+ monthly Cashflow.

Lessons learned? Challenges?

We finally found a great contractor that is great at his job, showed up everyday, and reasonably price. Everything seemed very smooth with this reno.