OKC Metro Flip Property

[Peter Levinson]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $60,000
Sale price: $365,000

Gutted center two bathrooms and closet areas, removed 12 feet of rock wall between kitchen and primary living room, and enclosed garage adding a laundry room, pantry, and HVAC duct. The exterior of the home had a California-style garage so we added a glass garage door. The property netted just over $110,000.

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

Large resale value with the right features added to the property

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

Networked through another investor who had the deal

How did you finance this deal?

Bank financing with the ability to roll in all repairs in financing to control out of pocket expenses

How did you add value to the deal?

Made master bathroom larger, adding tub and double vanity, secondary bathroom more functional, opened kitchen to living, and added a second living, laundry room and pantry without sacrificing a covered parking garage space.

What was the outcome?

Net at closing was $110,000, sold in less than a day.

Lessons learned? Challenges?

It takes more dirt than you would think to fill in an old pool due to settling.

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

I am a licensed Agent/Broker.