Remodel + Hold (Oklahoma City)

[Alyssa Dyer]

Investment Info:

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

Purchase price: $44,000
Cash invested: $6,200

This property needed a moderate rehab prior to leasing it out. Once we had that complete the property leased quickly and has performed well since then.

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

This is my favorite part of town to invest in. That coupled with the numbers made it a no brainer.

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

This deal came to us by word of mouth. A Realtor friend came across the deal and wasn't sure what to do with it so he called us.

How did you finance this deal?

Commercial loan for the property and rehab.

How did you add value to the deal?

We did work to the foundation, siding, floor, paint, hardware, totally gutted the bathroom and kitchen, removed a deck, and patched the roof,

What was the outcome?

It's been great! We've only had to place tenants once, maintenance has been low, and I'm happy with it.

Lessons learned? Challenges?

We had a couple change orders in the rehab but they were small items and they were things we couldn't have seen ahead of time. No real lessons learned, but it was a good reminder to buy right so you're in a good spot when thins come up.