New Member in the Oklahoma City Metro

New Member in the Oklahoma City Metro

JJ GrittsPro Member
Flipper/Rehabber · Oklahoma City, OK · Member since 2013 · 121 posts · 67 votes

My name is JJ, and I'm new to the site and business. I am wanting to dive into a flip pretty quickly. I'm not sure its the best plan, but as they say sink or swim. I've only done real estate transactions with my personal occupied properties so my depth of knowledge is somewhat limited. I work in the construction industry, so I've made some contacts and gained knowledge over the last couple of years. My mother recently bought in the flipping formula seminar, and I tagged along as her free guest. Not sure what I think of their program, they offer a lot of general information, but it seems they are always saying they'll hold your hand at the next level. I have searched on line and haven't been able to find much good or bad about it, so I am hopeful she didn't waste her money. I am planning on joining my local REI club, and networking there as well. Thanks in advance for any feedback or advise.

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  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    13y

    Welcome JJ! In our market the most important thing is going to be making sure you buy the property right. Good Luck!

    HCO Leasing4.198 Reviews
    Homestead & Co4.9172 Reviews
  • Investor · Oklahoma City, OK · Member since 2012 · 82 posts · 10 votes
    13y

    JJ Gritts - Welcome to BP! Ditto on Zach's advice. Definitely throw out some numbers on any potential "deals" you come across and we can all help you figure it out. How do you plan on financing your flips?

  • JJ GrittsPro Member
    OP
    Flipper/Rehabber · Oklahoma City, OK · Member since 2013 · 121 posts · 67 votes
    13y

    Zach Sikes Thanks for the welcome, I've heard the margins are tight in the metro right now...is that what you are seeing as well?

    Jeff S. Thank you for the welcome too. As for the first few deals, I will probably pay cash, as a built in safety to limit holding cost. It seems everything I've been told so far is not to use cash, but it just feels more comfortable to start that way and will limit the time to close.

  • Zach SikesBusiness Member
    Residential Real Estate Broker · Edmond, OK · Member since 2011 · 452 posts · 183 votes
    13y

    JJ - margins are a little tight. The market here overall is good. Easier to sell, harder to buy. Cash is a great way to go - easier to buy and you don't get burnt if you have to hold a property for a while.

    We see a lot more buy and holds here than flips, although there are a few big flippers here.

    HCO Leasing4.198 Reviews
    Homestead & Co4.9172 Reviews
  • Investor · Oklahoma City, OK · Member since 2012 · 82 posts · 10 votes
    13y

    JJ - Those are all good reasons to be a cash buyer. Good luck and I hope to see you around the forums!

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey JJ Gritts welcome to the site! I'd definitely recommend (if you don't have it yet) the flipping book from BiggerPockets, as it will help a lot with these questions. We just released the first ever major book from BiggerPockets, "The Book on Flipping Houses" along with "The Book on Estimating Rehab Costs." You may want to check those out here - they are both excellent.

    Also - be sure to read through this article - How NOT to Flip a House: An Embarrassing Story of Wasted Time, Money, and Opportunity

    Seeya around the site!

  • Investor · Edmond, OK · Member since 2011 · 166 posts · 31 votes
    13y

    Welcome to BP! You'll find everything you need to know right here! I would agree with Zach and Jeff, this is definitely more of a buy and hold market. Not that the flips can't be done, they just aren't as prevalent.

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