All Forum Posts by: Ron Daugherty

We went to the Oklahoma County Sheriff sale a few weeks ago.  I wouldn't waste too much time driving around, it was mostly a waste of time.  First of all, about a third of the properties listed on the web site were continued and not bid on.  Out of the 2/3 that were left, the Banks bought back probably 75% of them.   We sat there for a couple of hours and investors bought less than 20 properties.  A lot of those were overbid in my opinion.  I saw less than 5 that were sold at prices that seemed like reasonable buys.  We haven't been back to one since.  

But, with all that said, don't take my word for it.  You should go at least once to see if you feel the same.  I had high hopes as a cash buyer and was very disappointed, but you may feel differently.

Anyone have a recommendation for an Insurance agent than can do Flip/Rental properties in the OKC area at reasonable prices.  PM is fine if you don't want to divulge publicly.

Called my agent, but they quit letting them write those type policies.    This project is a Flip that I'm debating on whether to turn it into a Brrrr Rental, still undecided.  Need insurance either way.

I've been using the Leonard Sullivan-Oklahoma County Assessor Public Access System to check for IRS or Mechanic liens on Auction Properties I'm interested in.

Is that the correct place for Oklahoma County?  Should I be checking somewhere else as well?   

I don't want to find out I've been searching the wrong place and get burned.

Would depend on your finishes.  $91.82 is possible with base grade finishes.  For example, he has flooring costs at $4.62 per sf.  You can buy flooring at that price, but if you're thinking Exotics or anything above base it's probably not enough.  Same thing on cabinets and countertops,  $12,785 isn't going to get much.   

You don't say if this is a home for you or for resell, so maybe your not looking for anything more than base finishes.   The $91.82 isn't unreasonable.    

Depends on the area also.   You say Midwest, but costs in Chicago vs Oklahoma City can vary greatly, so you do have some unknowns.

 I completely agree,  I followed 7 homes today just to get an idea of what they would go for and watched them until the end.   Of the 7, only 2 made reserve and those 2 went for way more than the comps would support.   Some were bid over what they were worth and still didn't meet reserve.

Seems like a waste of time to me.  Auction.com manipulated those to the very end with bids trying to get reserves met.  Be careful if bidding, you could very well be bidding against yourself.  It seemed like a lot of that was going on.

The other thing I didn't like and just another way they manipulate.  The end of the Auction isn't really the end.  If a bid is placed at the last second, the clock resets to 2 or 3 minutes for more bids to be placed.  I watched one auction go for another 15 minutes after the supposed end of the auction with that nonsense.

My opinion, and I'm by no means an expert, but put you max bid in and walk away.  Don't get caught in their game, you're probably bidding against yourself.

Leo, I'll be in touch with you once we get relocated.  I am interested in the Del City and Midwest City markets.

Looking for Building supply stores in the OKC area.  Anyone have suggestions for where to go?  Wood flooring, cabinets, tile, the usual stuff.

Been a member for a few months and have been reading as much as possible.  We will be relocating back to Oklahoma in this Summer and plan to start Flipping houses.  Will mostly be looking in the Del City, Midwest City areas to start.  The Goal is to eventually build a rental portfolio.

Anyone having any luck with Flip projects buying through the Sheriff Sale's?   May look at the Wholesale market, my experience hasn't always been positive going that route for flip properties.