Buy and Hold, Under $50k in Oklahoma City

[Alyssa Dyer]

Investment Info:

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

Purchase price: $49,000
Cash invested: $1,400

This is one of the deals I am most proud of. This was my first property to purchase sight unseen. The price was right and in an up-and-coming part of Oklahoma City. I was able to get commercial financing that allowed me to have a really low down payment and negotiated $11,750 in repairs to be completed by the seller. The tenant has been in place for 11 years and has been great to work with.

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

The price was right and in an up-and-coming part of Oklahoma City. I also really liked the price point for the condition.

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

This deal came in from our direct mail marketing. The owners were downsizing their portfolio to prepare for retirement.

How did you finance this deal?

I got a commercial loan with First Liberty Bank. My down payment was only $1,400 because we negotiated the price down so aggressively.

How did you add value to the deal?

There were some pretty big mechanical items that needed addressed, we negotiated for the seller to pay for the repairs at closing and coordinated the work after the sale. We upgraded the electric, HVAC and replaced the roof.

What was the outcome?

I still own it today! The tenant has been there for 11 years and plans to stay indefinitely.

Lessons learned? Challenges?

This was honestly one of the easiest deals I've done. Lending, negotiating, repairs, and the management have all gone exactly as planned.