Grandma's House Flip
Here’s a snippet of the investment house we bought in October 2016.
We bought a single family home in Owasso that could be classified as “grandma’s house”. It looked and smelled like grandma’s a little like dust and moth balls! Also, had some prime early 90’s aesthetics!
With each investment property purchase there are always some things we did “wrong”, but those are the best learning experiences.
The main learning experience was the mortgage process. We got a 30 year conventional loan that required us to put 25% down. Then we had to pay cash for the $13,000 renovation. This depleted our emergency fund. Looking back, we should have used one of the great rehab loans from one of the local banks that would let us purchase the property, renovate it and reappraise the property in one swoop. If you have any question or want information on the loan type just ask!!
Another lessons learned was over renovating! Who doesn’t love granite I know I do! But “grandma’s house” didn’t need granite in the kitchen much less granite in the bathrooms! I do love the look but that look cost us an extra $2,500 we didn’t need to spend.
Below are the before the flip and after pictures from rent house #1 aka Grandma’s House.
We bought a single family home in Owasso that could be classified as “grandma’s house”. It looked and smelled like grandma’s a little like dust and moth balls! Also, had some prime early 90’s aesthetics!
With each investment property purchase there are always some things we did “wrong”, but those are the best learning experiences.
The main learning experience was the mortgage process. We got a 30 year conventional loan that required us to put 25% down. Then we had to pay cash for the $13,000 renovation. This depleted our emergency fund. Looking back, we should have used one of the great rehab loans from one of the local banks that would let us purchase the property, renovate it and reappraise the property in one swoop. If you have any question or want information on the loan type just ask!!
Another lessons learned was over renovating! Who doesn’t love granite I know I do! But “grandma’s house” didn’t need granite in the kitchen much less granite in the bathrooms! I do love the look but that look cost us an extra $2,500 we didn’t need to spend.
Below are the before the flip and after pictures from rent house #1 aka Grandma’s House.
To the after...
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