1st flip in Inola Ok from 2015

[Ricky Powell]

Investment Info:

Single-family residence fix & flip investment in Inola.

Purchase price: $68,000
Cash invested: $36,610
Sale price: $128,000

This was our first flip purchased at a sheriff sale and we were the general contractors. We hired most of the work out to tradesman.

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

It was on a 1 acre lot

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

Sheriff sale and purchased for minimum bid

How did you finance this deal?

I used 100% cash on this deal.

How did you add value to the deal?

By renovating and making the home eligible for RD, FHA or VA financing.

What was the outcome?

a $10k profit.

Lessons learned? Challenges?

Margins are smaller than seen on T.V. The need for someone to handle small tasks if attempting to general contract the project.

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

I was the listing agent and co-brokered with a buyer's agent.