Hey guys/gals. My name is Dylan. I’m 25 years old and have been doing residential construction and remodeling since i was about 14. I do pretty well for myself but for years now my dream has been to fix and flip for a living. Everyone and there dog has told me it’s a tough business or i’ll naver make it happen living in Oklahoma but i cant help but call bs i just dont have it in me to give up on something im passionate about. I want to get out of the labor side of things and also become slightly more financially stable so i can give my son the life i didnt get to have. So right now im saving as much as i can and trying to educate myself with everything i can. Im going to make this happen one way or another but i sure would appretiate any info you have on how to get started. Thank you for your time.
Dylan, like most places Oklahoma is a tough market right now. If your searching MLS listings, most likely you will be running into multiple offer situations on the best deals. Finding off market deals is a better way to go, but that can be expensive finding them yourself. Plenty of wholesalers out there, unfortunately, VERY few are worth working with. You need to be very careful and run your own numbers. Even the Auctions are competitive, that's just the market we are in right now.
It is a competitive market in Oklahoma, same as everywhere else. My advice on how to get started is to keep your job and get your feet wet with one property. See how it goes. Run your numbers and trust your numbers, don't fall in love with any house you look at. Remember, it's a business. Make sure you have multiple outs, there will be things that come up you don't have in the budget. Make sure you have a contingency for that.
Don't rush, it make take some time the first time around to find that right deal for you. But, that's better than jumping in and losing a bunch of money because you rushed or tried to make a property fit into your numbers.
Listen to the warnings, it is a tough business, don't dismiss those warnings. But, that also doesn't mean you can't make it happen with hard work and good Business sense.
Welcome! As Ron has mentioned Oklahoma can be a tough market. Several factors come into play including the oil and natural gas markets. However, word is out about Oklahoma and most of the MLS deals are no longer worth the effort. Large hedge funds are moving in and paying retail. You have to find the off market deals. Understand off market doesn’t not always equal a deal. I understand your ready to move away from the labor side however this could be your “value add” while you are getting started. Keep on tract and you will find the right deal to jumpstart your flipping career.
Dylan, you should check out Michael Ford of rescue team properties, he will teach you how to invest the right way, check out rescueteamproperties.com
Thank you guys for the response. Like I said I appreciate very much any info I can get. Would it be better to get into the rental side of things?
Hi Dylan, where are you in the process? Are you going to do flipping or buy and hold? Sounds like you can really add value via sweat equity in rehabbing them yourself and managing the process. That can be a huge plus @Dylan Strickland