First investment real estate.

[Kyle Owens]

Investment Info:

Single-family residence buy & hold investment in Tulsa.

Purchase price: $55,000
Cash invested: $56,000

Purchased 5 years ago. Already have doubled the money in equity.

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

HUD home through Zillow 5 years ago. Had mother live in the residence for at least the first year so we got pushed up the list over investors interested in the home.

How did you finance this deal?

Private money.

How did you add value to the deal?

Rehabed. New flooring throughout, and paint initially. Then over the years completely updated bathrooms and updated kitchen. Installed pavers in back and 7ft privacy fence as well.

What was the outcome?

Within a year of purchase the home increased in value by 68%. Now the home is worth more than double what we paid for it.

Lessons learned? Challenges?

With relatively simple renovations, your home value can increase very much, especially when you buy at the right price. When renovating....know everything you want the plumber to do and have it lined up so that in one visit of the plumber all work can be done. You can save hundreds this way. Make sure that walls are level before installing new tile yourself...it will be frustrating otherwise.

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

N/A