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Updated over 4 years ago on . Most recent reply

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1
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Melvin Haynes
1
Votes |
1
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Second investment property

Melvin Haynes
Posted

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.

Most Popular Reply

User Stats

471
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462
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Forrest Faulconer
  • Real Estate Agent
  • Oklahoma City, OK
462
Votes |
471
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Forrest Faulconer
  • Real Estate Agent
  • Oklahoma City, OK
Replied

Nice man! That's crazy you found out about the empty lot after the fact, did you find out about that after the surveying process? Glad it worked out.

Forrest

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