Stillwater Oklahoma Property

[Todd Fullerlove]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $15,000
Cash invested: $2,000

Off market short sale. I purchased in Oklahoma.

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

While searching for my first deal, I was interested in any type of real estate flips, rentals, etc. I told the world I wanted to buy a property. My father in law called me one day and said hey i know someone who is about to get foreclosed on and she could use your help. I became interested at what I was given

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

My father in law introduced me to a motivated seller. We agreed that she would sell it to me for whatever the bank would sell it to me for (short sale). She just didn’t want to get foreclosed on.

How did you finance this deal?

I found a private money lender to partner with me. I knew I needed cash so I went to where people with cash were buying houses...auctions. I attended my local county auction and every time someone would buy a house I offered to buy them lunch.

How did you add value to the deal?

Landscaping and cleaning.

What was the outcome?

the house is still on the market. we had a few offers and a deal fell through. 

Lessons learned? Challenges?

Where do I began?

-short sales are lengthy
-know if the seller is legally able to sell the house
- know who is buying in your area
- we originally planned to sell it to wholesale companies but found out none buy in Stillwater Oklahoma
-know the local laws
- during escrow the city passed a law not allowing duplexes in that neighborhood. My buyer was going to build a duplex so the deal fell through
-have multiple exit strategies
-Over communicate with your partner

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

There’s a guy in Stillwater, Oklahoma that really helped me understand the Oklahoma market. Very kind and very patient. His name is Oscar Fortune