Second investment property

[Melvin Haynes]

Investment Info:

Single-family residence buy & hold investment in Oklahoma City.

Purchase price: $30,000
Cash invested: $500

2bd 1bath small and cozy

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

The property came with a tenant on a lease

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

Found the deal on Zillow. Took about 4 months to negotiate the deal because it was tied up in a multi-property package deal. The deal actually fell through and the seller reached out to my agent. I was able to negotiate 5,000 off of the original asking price.

How did you finance this deal?

I came with a cash offer

How did you add value to the deal?

I can't really say i added value to the deal. I was however glad i was able to close it though.

What was the outcome?

Closed the deal for 30,000 found out at closing that it came with an empty lot next to the property. I was so excited!!

Lessons learned? Challenges?

I learned to be patient and stay ready while searching the market. Switching the section 8 payment was a lil tricky at first but i got it done and passed inspection.