First flip, with a bit of hold & rent.

[Randall Cornelison]

Investment Info:

Single-family residence fix & flip investment in Oklahoma City.

Purchase price: $117,000
Cash invested: $32,525
Sale price: $154,500

This project was a mix of hold and rent, and a flip. Renters paid the loan down $6,500, and the flip netted us $4,975, for a total gain of $11,475. Add to that lessons learned and joy of doing real estate, I call it a solid win!

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

While not a huge risk, there was some meat on the bone to allow us to wade into the world of flips.

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

Found through my realtor, Sonja Weaver. The house was already priced reasonably, so not too much negotiation was needed.

How did you finance this deal?

15 yr conventional note.

How did you add value to the deal?

New fence, new roof, new carpet and cosmetic repairs and cleaning.

What was the outcome?

The house sold close to the maximum of the price spectrum, and at close to full asking price.

Lessons learned? Challenges?

New roofs are a huge selling point. Go with a wooden privacy fence over chain-linked. Tile in the living area turned off a lot of buyers.

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

I recommend Sonya Weaver as a realtor and Scott Childers as a contractor. I can provide contact information for both if needed.

[Iven Stevenson]

@Randall Cornelison why 15yr conventional?