FIRST RENTAL PROPERTY

[Kevin Hubbs]

Investment Info:

Single-family residence buy & hold investment in Broken Arrow.

Purchase price: $117,500
Cash invested: $40,000

FIRST RENTAL PROPERTY, PUT 10K INTO REHAB. ARV 150 GOING TO REFI IN A FEW MONTHS TO A 30 YEAR, FIRST 10 INTEREST ONLY TO KEEP PAYMENTS LOW FOR HIGHER CASH FLOW

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

WANTED SINGLE FAMILY THAT SEEMED LIKE A SAFE INVESTMENT FOR FIRST PROPERTY

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

WHOLESALE DEAL

How did you finance this deal?

LENDING HOME, WAS SUPPOSE TO ONLY PUT 10% DOWN THINGS GOT SCREWED UP AND HAD TO PUT 30% DOWN DAY BEFORE CLOSING

How did you add value to the deal?

BASIC LIPSTICK REHAB, PAINT, NEW LVP FLOORING AND NEW LIGHT FIXTURES

What was the outcome?

HOUSE LOOKS GREAT RENTED FOR 1350

Lessons learned? Challenges?

I HAVE FOUND BETTER LENDER TO USE, STILL NOT THE BEST SO GOING TO CONTINUE TO LOOK FOR GOOD LENDING OPTIONS

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

KEY RENTER PROPERTY MANAGEMENT HAS BEEN GREAT

[Doug Spence]

@Kevin Hubbs Congrats on your first deal! You have taken an enormous first step that many people only talk about. Thanks for sharing the numbers and what didn't go so well. Its important to share the pro's, as well as the con's so other investors, can learn from your experience. I've heard good things about Key Renter in the Tulsa area as well, so that's for sharing that. 

Are you starting to look for your next deal yet or will you wait until you refinance?