Buy and Hold Property Oklahoma

[Ginger Walker]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,500
Cash invested: $3,000

3 bed, 1 bath, 1 car garage home.

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

Doing the slow and steady approach to real estate buying 1 - 2 properties a year and overtime replacing salary income with rental income. Look for homes around the $70k price point because they typically tend to be working class neighborhoods that are safe and solid homes and aim to get $800 or more a month in rent.

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

Worked with an agent and found it on the MLS. Original offer was rejected but the property had been on the market for awhile. Let the owner know if they changed their mind our offer would stand. They returned a month later and we were able to negotiate and come to a price we were happy with.

How did you finance this deal?

Bank financed with a Commercial loan: 20 year Am. We own land with about $90k in equity and were able to add that as collateral in lieu of a down payment, decided to put some down to cover the closing costs but was not required by financing.

How did you add value to the deal?

Cleaned up property to remove the cat pee smell and did some minor repairs but mostly move in ready.

What was the outcome?

Rented out after 1 month on the market in the off season.

Outcome: $800 rent. Expenses:mortgage $505, insurance $72.50, taxes $50 / mo = +$172.50 / mo less repairs and maintenance.

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

Dylan Brady - Agent: OKC area, investor friendly and patient with us. Highly recommend working with him.