Updated almost 3 years ago on . Most recent reply
Fix and Flip in Lawton, OK
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $87,450
Cash invested: $50,000
Broker's Open scheduled
Open House Scheduled
Will list over 200k in Oct 2022
What made you interested in investing in this type of deal?
I live in the neighborhood and had been looking for properties in it for 6 months. I had been studying the home sales in that area to make sure my numbers were solid when I found one.
How did you find this deal and how did you negotiate it?
I was actually driving to the bank and saw the For Sale sign. I don't usually stop to check those out, but I had a good feeling. I pulled over and pulled up the listing right away. I was inside for a showing within two hours.
How did you finance this deal?
I financed with the lender my partner introduced me to. He is very good at what he does.
How did you add value to the deal?
I handled the entire deal, running around doing all the paperwork, funding the rehab, and handling the rehab.
What was the outcome?
We are 1 week from completion with a broker's open scheduled and and open house scheduled. We are looking at a quick sale over 200k
Lessons learned? Challenges?
I was in such a hurry, I did not realize that the previous owner was an electrical engineer. The electrical was an absolute mess inside, and downright dangerous. We went 6k over budget fixing it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I highly recommend Tracy Reed at Red Dirt Capital and my realtor Jennifer Carrol-Medrano. Both have been absolutely outstanding.