Amusingly enough, after the previous OKC 18 unit ended up not working out due to maintenance concerns, we’ve found another OKC 18 unit that’s on the market, recently having a good deal of maintenance work and renovation done on it. From appearances, it’s definitely in better shape and should be a good deal to cut some teeth on.
Additionally, I’ll be doing some more direct work on this one as co-syndicator. To be sure, it’s a smallish role, but it will give me that much more direct experience in inspecting a property, getting investors involved, learning about the acquisition process and management, etc. I’m really looking forward to it.
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…