All Forum Posts by: Simon Schermerhorn

@Account Closed, that is correct! Personally, I have never actually been to Oklahoma City. My partner and I did a lot of research and interviewed many local real estate professionals to be sure we worked with the right people. It was a process to talk with so many realtors, contractors, and property management companies but it was worth the effort in the end as you can see!

@Account Closed, I think for me the best advice I could give is don't skimp on the inspections. If paying for an additional roof inspection breaks the deal then it's not a good deal. It's pennies in comparision to the greater project and getting a full picture of what you need to do really helped my comfortability.

@Jimmy Ogle, I agree!

@Lee Judd, this was the only property we had an issue with a tenant who had to break lease to scale down. Fortunately they were a very nice family so they let us know ahead of time and we were able to market the place and get it rented out again in a short time. 

I think you will find most people are pretty reasonable, especially with everything that is going on in the world! And it goes both ways! As a landlord, don't forget to be sympathetic to their situation. Communication goes a long way and it worked out for both parties.

Thanks @Will Fraser, I hope you and your family are doing well! I look forward to doing some more deals out near you soon!

@Ben Scott, this was closer to Midwest City but my partner and I have done deals in other areas of OKC. We have even done one out as far as Harrah.

Where do you like to sell properties? Feel free to send me a direct message, I'd be interested to chat further!

Investment Info:

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

Purchase price: $65,000
Cash invested: $115,000

Contributors:
Zac Celli

This was my first BRRRR investement under Flagpole Properties. It was purchased at the beginning of 2020 and the renovation took 2 months. As we began to start advertising the home, it got broken into... twice! After repairing the damage, we were fortunate to find a great tenant that moved in within a month of the completed rehab. All and all it was an educational experience and it created the foundation for our business. Not to mention the property ended up appraising over our projected value!

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

This was a Veteran Affairs (VA) owned deal. It was listed on the MLS and we had our contractor and realtor walk thre property. We offered $10,000 over asking because we knew it would be a good deal.

How did you finance this deal?

We used private investment money to finance the project.

What was the outcome?

We refinanced the property after 6 months and pulled out all cash invested and walked away with $12,000 in cash. We are also holding the property and generating monthly income. It was a perfect BRRRR.

Investment Info:

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

Purchase price: $65,000
Cash invested: $115,000

Contributors:
Zac Celli

This was my first BRRRR investement under Flagpole Properties. It was purchased at the beginning of 2020 and the renovation took 2 months. As we began to start advertising the home, it got broken into... twice! After repairing the damage, we were fortunate to find a great tenant that moved in within a month of the completed rehab. However, soon after that, the outbreak of COVID-19 began to spread. The family staying at the property had to break the lease and move due to their job being affected. The property was vacant for another month before it was filled again. On top of that, the sewer lines started backing up, the tree fell and broke the fence, the wall started leaking, the hot water pressure malfunctioned after the water heater was replaced, and last but not least, we had a scorpion intrusion... All and all it was an educational experience and it created the foundation for our business. Not to mention the property ended up appraising over our projected value and we were able to pull out all of our cash invested and then some!

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

This was a Veteran Affairs (VA) owned deal. It was listed on the MLS and we had our contractor and realtor walk thre property. We offered $10,000 over asking because we knew it would be a good deal.

How did you finance this deal?

We used private investment money to finance the project.

What was the outcome?

We refinanced the property after 6 months and pulled out all cash invested and walked away with $12,000 in cash. We are also holding the property and generating monthly income. It was a perfect BRRRR.

@Kathrine Pomeroy, sounds great! I'll have to take a drive up there and check it out.

What has worked best for you as far as sourcing deals? Are most of your deals found off-market?

Good luck on the sale! Hoping it hits the mark.

- Simon S.

I'm a Mechanical Engineer (4 years) in Silicon Valley doing out-of-state investing! I've found a lot of success with it and I've actually just started looking for deals locally. I love working as an engineer but I'm learning there are so many benifits through real estate that I'm actually getting my real estate license and potentially changing careers...

I'm happy to see there are like-minded engineers on here as well!