All Forum Posts by: Meg Mussman

After

I bought my friends house old house. They bought it as a foreclosure a decade ago, and had always intended to turn it into a rental when they had out grown that house. But the finances didn't work out for them at the time - So I offered to buy it from them. 

I did do a full reno before renting it. New floors throughout, new kitchen cabinets, bathroom vanities, .. 

@Kenneth McKeown I agree, I don't think you can compare the Tulsa and DFW area markets directly. I live in Tulsa (one of those historic neighborhoods minutes from downtown). While the rents are lower here, the purchase prices are too. I have one rental I bought late last year, in neighboring Broken Arrow, that rents for nearly double the mortgage/taxes. 

For comparison, my rental is a renovated 3 / 2 / no garage 1300 sqft house in downtown BA (still 20 minutes to downtown Tulsa) that rents for 1100. 

Investment Info:

Single-family residence note investment investment in Broken Arrow.

Purchase price: $82,500
Cash invested: $15,000

3 bed, 2 full bath rental in broken arrow's growing downtown district.

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

we knew the previous owners.

How did you finance this deal?

traditional 20% down mortgage

How did you add value to the deal?

replaced the flooring in entire house, new kitchen and updated bathrooms (new toilets, vanities, ..)

What was the outcome?

we did most of the work ourselves. did hire out someone to install the flooring throughout the house and paint everything. posted the house to facebook prior to zillow, and got immediate interest. had signed lease days after orignally posting the house as available.

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

i did not on this house. i personally knew the previous owners and bought the house from them.

Investment Info:

Single-family residence note investment investment in Broken Arrow.

Purchase price: $82,500
Cash invested: $15,000

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

we knew the previous owners.