All Forum Posts by: Nancy Nakamura

Thanks, good info here.  Yes flood damage twice in 5 years is not good.  So if I do invest in Yukon area or Oklahoma, I need to factor in flood insurance as well as regular home insurance!  Thanks everyone!

Hello,  

Any Oklahoma City (Yukon) investors that have had to deal with flood damage?  I'm looking into investing in Oklahoma City and surrounding areas like Yukon.  I understand there are inherent risks when owning property, but the more I research flooding in OK city, the more I see of a lot of flooding in the area.   I just Google Oklahoma City and floods and tons pops up.  I'm not from the area so I don't know.  

From what I understand, flood insurance is always a separate policy. Well, I want to make sure I factor that into my ROI if I purchase flood insurance. Because that alone can wipe out any profits and potentially put an investor in a loss position quickly.

Thanks everyone!

There were 6 other offers on this property, but they chose ours because we didn't have an option period.  It's a hot market right now and I think that's what you have to do get a house these days.  

Investment Info:

Single-family residence fix & flip investment in Burleson.

We invested in our first flip in June 2020 and it took us 3 months to complete. My awesome husband owns a custom cabinet business and did 80% of all the work ourselves (sweat equity). We learned a lot through this process.

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

Always been a dream of ours to flip a home.

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

Found it on the MLS. Cash offer and no option period and zero contingencies.

How did you finance this deal?

HELOC

How did you add value to the deal?

Completely updated the house and added custom cabinets to kitchen, custom vanities in bathroom. Changed footprint of the house and turned a 32"x32" shower in master bath to dual shower with 2 shower heads. Moved AC to attic to enlarge shower space.

Some mistakes we made: We learned after the purchase that the house had plumbing and electrical issues. The city got involved and we needed to bring everything to code.

What was the outcome?

We entered into contract with a buyer while the house was down to the studs as the market is so hot.  Once we were done with the house, we closed the next day! 

Lessons learned? Challenges?

Make sure you know what you are buying. Key things like foundation, electrical and plumbing can potentially ruin a transaction.

Investment Info:

Single-family residence fix & flip investment in Burleson.

We invested in our first flip in June 2020 and it took us 3 months to complete. My awesome husband owns a custom cabinet business and did 80% of all the work ourselves (sweat equity). We learned a lot through this process. Some mistakes we made:

-All cash offer with NO option period. We learned after the purchase that the house had plumbing and electrical issues. The city got involved and we needed to bring everything to code. Because of this we gained a wealth of knowledge in what is required. We ended up with foundation issues, disintegrated cast iron, aluminum wiring that needed to be replaced with copper wiring, blowing insulation into the attic, sheetrock repair. We basically took the house down to the studs. In the end we did okay. Because this was such a hot market we entered into contract with a buyer while the house was down to the studs! It turned out okay but due to the major issues, we didn't make as much as we hoped.

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

Always been a dream of ours to flip a home.

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

Found it on the MLS. Cash offer

How did you finance this deal?

HELOC

How did you add value to the deal?

Completely updated the house and added custom cabinets to kitchen, custom vanities in bathroom. Changed footprint of the house and turned a 32"x32" shower in master bath to dual shower with 2 shower heads. Moved AC to attic to enlarge shower space.

What was the outcome?

We e texted into contract with a buyer while the house was down to the studs.

Lessons learned? Challenges?

Make sure you know what you are buying. Key things like foundation, electrical and plumbing can potentially ruin a transaction.

Investment Info:

Single-family residence fix & flip investment in Burleson.

We invested in our first flip in June 2020 and it took us 3 months to complete. My awesome husband owns a custom cabinet business and did 80% of all the work ourselves (sweat equity). We learned a lot through this process. Some mistakes we made:

-All cash offer with NO option period. We learned after the purchase that the house had plumbing and electrical issues. The city got involved and we needed to bring everything to code. Because of this we gained a wealth of knowledge in what is required. We ended up with foundation issues, disintegrated cast iron, aluminum wiring that needed to be replaced with copper wiring, blowing insulation into the attic, sheetrock repair. We basically took the house down to the studs. In the end we did okay. Because this was such a hot market we entered into contract with a buyer while the house was down to the studs! It turned out okay but due to the major issues, we didn't make as much as we hoped.

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

Always been a dream of ours to flip a home.

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

Found it on the MLS. Cash offer

How did you finance this deal?

HELOC

How did you add value to the deal?

Completely updated the house and added custom cabinets to kitchen, custom vanities in bathroom. Changed footprint of the house and turned a 32"x32" shower in master bath to dual shower with 2 shower heads. Moved AC to attic to enlarge shower space.

What was the outcome?

We e texted into contract with a buyer while the house was down to the studs.

Lessons learned? Challenges?

Make sure you know what you are buying. Key things like foundation, electrical and plumbing can potentially ruin a transaction.

So the duplexes are next to summit ridge apartments and just south of Broadway Park (77 and Hefner).  Just looked up the school district and they are lacking.  

For all the Ok city folks, been seeing that Ok City is growing and expanding. Is now a good time to buy a new construction duplex between Ok city and Edmund? What do you think? Would love to connect with other investors looking into Oklahoma or past investors based on performance? Key things I am looking at are cash on cash returns and ROI. I'm currently becoming paralyzed by all the analysis and wondering if now is a good time to pull the trigger or wait to see what happens in 2021. Thanks in advance!