All Forum Posts by: Meredith Burt

@Mark Armstrong The owner wasn't interested in selling, so I never did get far enough into it to figure out the zoning situation. I hope you have better luck!

Thanks Forrest and Adam! (I can never get the tag feature to work from my phone, apologies).

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Norman.

Purchase price: $60,400
Cash invested: $60,000

Former drug house turned cute duplex in the heart of Norman, OK.

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

This was our first multifamily. We jumped right in!

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

Found on the MLS.

What was the outcome?

We renovated and rented out one side, then did the other.

Lessons learned? Challenges?

We drastically underestimated the repair budget, but were lucky enough to have it appraise for $20k more than expected, whew.

Investment Info:

Single-family residence buy & hold investment in Moore.

Purchase price: $83,100
Cash invested: $85,000

We bought this trashed foreclosed home and fully renovated it. It's now rented to great residents and appraised for $210,000.

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

We're BRRRR investors trying to expand our rental portfolio in the Moore and Norman areas.

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

We found it on the MLS, and made a fast, careful, above list price offer to beat out several other investors.

What was the outcome?

It appraised for higher than we expected! We refinanced soon after renting it.

Lessons learned? Challenges?

This was our first time hiring out most of the work out, so we learned A LOT about working with contractors.

Excellent insights, thanks @Cassi Justiz!

We renovating a SFR here in Oklahoma that we plan to BRRRR. My husband and I are debating the worth of a few items. What value will these improvements add, if any? Thanks in advance for your insights!

1. adding bathtub to master bath(currently there is only a shower, so there will be a separate shower and bathtub)

2. converting wood burning fireplace to gas insert fireplace

3. fencing the property

@Sean Bailey we recently did a cash out refinance on a duplex here in Oklahoma, beginning the process just after the covid lockdown began. I recommend calling, calling, calling lenders, you will find someone able to do it for terms that work for you. We ended up having success with a local credit union. Good luck!

@Laura Johnson nicely done! Great example of creative thinking. What did it take to make it a "registered" ADU?

Also interested to hear other's experiences! I suggest calling several lenders both in your area and where you want to invest and asking them how that would work. Most lenders I spoke with were very eager to help me understand everything.

Hi @Abel Gudaye, we recently got landlord insurance for a duplex and a SFR here in Oklahoma. I called several insurance companies before I found the right coverage and the best rate. I believe it will be really different for every property and in every market. Phone calls are free and the agents I spoke to were very eager to help me understand everything. Good luck! We've ended up with insurance through Farmer's and Foremost, as well as Neptune for flood insurance.