Flipping Market in OKC and Surrounding Areas

11 Replies

Hello! I just moved to Edmond, OK from Nashville, TN. I currently do not have any experience flipping homes other than renovating the two I have owned and lived in. I am currently in the process of trying to understand the market out here as well as learn about investing/flipping. I am primarily looking for single family homes to flip and sell. I am having trouble understanding the market based on what I have seen from the MLS listings I see daily. It seems that the majority of homes in upcoming neighborhoods that would make a potentially good flips are competitively priced to what homes post flip are. I know I could try to low ball the offers but it seems pretty consistent in many areas. Just wondering if anyone has any advice or suggestions! I am thinking I might have to start being more proactive and seek out homes that aren’t listed yet, but thought it couldn’t hurt to ask! Thanks for any insight! :)

I think nationwide we are seeing a crowded market in this space, particularly in up and coming urban areas like Okc. There are some niche sub-markerts in Oklahoma and what we lack for in huge spreads we make up for in steady appreciation that is virtually “certain” given the state is far behind national averages. Aka any investment here, within reason, can be a safe bet. 

Despite what my profile says I live in Tulsa ... but bought my first two in Okc. 

I still know a lot of people down there I like and can refer etc. 

Also if you’re open to driving a ways outside the metro, or buy and hold in urban pockets that are still up and coming with a 5 year play of waiting to cash out if ever, I think there’s a lot of opportunity still to be had. 

And besides that, welcome to our state!  Glad to see another person out there seeing value and the potential we are all proud of. Good luck in your endeavors! 

@Leah Pitts Nate is dead on. The OKC market is becoming flooded by out of state investors. I feel like we are trending toward an REI boom like Ohio did a few years back. Personally I invest outside of OKC in strong blue collar communities. I don’t see much, if any appreciation. However, that’s not my game plan anyway. I would love to sit down sometime and discuss your goals and share what I have going.

There are still deals to be had with flips, but it's definitely a highly competitive space. 

Like @Nate Sanow and @Rocky Griffin said, the market is super crowded right now. If you want to get into something with enough profit to flip, you will probably need to connect with some wholesalers and watch their inventory. If something with good margins gets sent out it's usually under contract in no time. 

All these folks are spot on, flipping is getting pretty risky in OKC. Too many people getting in and paying more than they should. It leaves very little room for profit and no room for mistakes. It's definately a Professionals game right now. Even the wholesalers are having a hard time finding properties. People know they can throw just about anything on the MLS and get an offer.

There are deals, but they are few and very competitive when they do come available.

I don't think we're all that different than others, we get some from Wholesalers, and some from our own leads. We don't really buy off the MLS any more, haven't found much on there for about a year now. We do get some direct from the Bank Foreclosures, but that's due to our relationship with them.

I did go to the Sheriff sale this year, seems like it's fine for rental properties but not so good for flips. Most of them get bid up to about 80% of ARV, not much meat left for a flipper.