Category Archives: deals

Sometimes it doesn’t work out

It can be pretty disappointing when things don’t work out.  This 18 unit in OKC had been looking good with some decent numbers, and some room for improvement.  At about a $500k deal, it would have been easy to get into and a good starter deal for the experience, with a minor value-add component.

Well, as it turns out, there was a pretty critical maintenance issue that cropped up.  The roof had asphalt shingle overlaid on wood shake, so not exactly a good structure for roofing.  Not really up to building codes, best practices, and such.  The owner offered to repair where it was leaking, but not actually fix the issue.  When you’re buying properties that are in a functional state of repair, this is obviously a problem.

We reached an impasse, and that was that.  On to the next deal…