Fix & Flip in Yukon, OK (Oklahoma City suburb)

11 Replies

Investment Info:

Single-family residence fix & flip investment in Yukon.

Purchase price: $77,500
Cash invested: $12,086
Sale price: $136,000

Contributors:
@Curtis Kupfersmith

Quick and easy fix and flip in an OKC suburb. The mechanicals​ and layout were in great condition, it just needed a facelift.

What made you interested in investing in this type of deal?

It wasn't a "home run" as far as the number go, but it was a straightforward deal. The budget and timeline was easy to predict and manage.

How did you find this deal and how did you negotiate it?

This was a call back from a direct mail lead. We showed up with 25+ other investors and managed to build a lot of rapport with the seller. Our offer wasn't the highest but we got the deal because the seller liked us.

How did you finance this deal?

Commercial loan, interest only for 6 months.

How did you add value to the deal?

paint, removed one wall, granite counters, refinished cabinets, removed built-ins, new flooring, new fixtures, wrapped beams and mantle in cedar, serviced HVAC, new vanities.

What was the outcome?

It was a great little find. Multiple offers the first day on the market. We profited $19,700 on the deal after construction and holding costs.

Lessons learned? Challenges?

We ran into a couple issues with quality of work on the paint job, but it was remedied fairly easily.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lender: First Liberty, Heather Howerton
Title: Chicago Title, Haley Gann
Listing Team: Table Investments (my team)

@Alyssa Dyer You were lucky to get the property. Your story of competition from multiple investors is very common with the Absentee Owner lists. Moving forward, you might consider working with a list broker to get one of the newer motivated owner occupied lists. 

These come with the advantage of no tenants to evict and less competition from other investors in the mailbox.

These lists include: Owners with Low Financial Stability Scores and Seniors with Long-time Ownership.

Originally posted by @May Emery :

@Alyssa Dyer You were lucky to get the property. Your story of competition from multiple investors is very common with the Absentee Owner lists. Moving forward, you might consider working with a list broker to get one of the newer motivated owner occupied lists. 

These come with the advantage of no tenants to evict and less competition from other investors in the mailbox.

These lists include: Owners with Low Financial Stability Scores and Seniors with Long-time Ownership.

 I've never heard of that but it's a great idea! 

Originally posted by @Ehsan Rishat :

@Alyssa Dyer I see you have already overcome that small hiccup. Congratulations! 

 For sure!! We typically do pretty well. That one on 45th was just a nightmare of a deal! 

Originally posted by @Kurt Michaelson :

How long did that rehab take @Alyssa Dyer?

 If I remember the rehab took about 12 weeks... maybe 16? Then it went under contract in 24 hours, and closed around 40 days later. Hope this helps! 

Originally posted by @Kurt Michaelson :

Yes, that helps. I know not every rehab can be completed in the same time frame, but are rehabs in the OKC area averaging 12 weeks to finish?

 For something on this scale, sure. If you're doing mechanicals, heavy exterior work, moving walls, etc. probably not realistic! I do a lot with historic houses though, so they're really messy when I get them.

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