- Profit Strategy: Hang onto property and take in monthly cash flow. Apply for FHA – lower interest loan – in 16 months and pay off private investor loan
- Number of Units: 89
- Amount Earned: $1M equity
- Personal Money Invested: $0 except closing and realtor costs out of pocket
- Prior Experience: No formal training in real estate. Only prior experience in single family and home rental properties.
On his first apartment deal, Bo purchased this 89 unit property in Oklahoma City with $1.65M financed by the seller, $1.17M assumed as a loan plus a loan of $600K from the bank for rehab costs, and $50K from his cousin to use as working capital. All in all, Bo only paid for the closing costs and realtor fee and was able to turnaround the property to create $1M equity. His single lesson overall: “educate yourself & build a team!”