Group of 8 SFR in Lawton, Oklahoma With IRA Money and Loan

[Ben Davies]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $344,000
Cash invested: $152,000

A group of 8 SFR around Lawton, Oklahoma. Average at 3BR, 1Bath and about 1000 Sq feet on a lot of about 7,800 Sq feet. Appraised at about $41,500 each, and with closing costs, all in at $43,000.

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

As my first 'real' investment deal was looking for a group of properties to mitigate the rent risk, and that were already rented, AND could be had at a reasonable price.

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

Found on BiggerPockets and negotiated over email and phone calls. Neither the buyer or seller are local to the properties

How did you finance this deal?

Used my SOLO 401k. Found a lender (bank) that would give 60% loan to value, non recursive, reasonable interest rate (~6.9%)