All Forum Posts by: Randall Cornelison

Investment Info:

Single-family residence fix & flip investment in Oklahoma City.

Purchase price: $117,000
Cash invested: $32,525
Sale price: $154,500

This project was a mix of hold and rent, and a flip. Renters paid the loan down $6,500, and the flip netted us $4,975, for a total gain of $11,475. Add to that lessons learned and joy of doing real estate, I call it a solid win!

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

While not a huge risk, there was some meat on the bone to allow us to wade into the world of flips.

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

Found through my realtor, Sonja Weaver. The house was already priced reasonably, so not too much negotiation was needed.

How did you finance this deal?

15 yr conventional note.

How did you add value to the deal?

New fence, new roof, new carpet and cosmetic repairs and cleaning.

What was the outcome?

The house sold close to the maximum of the price spectrum, and at close to full asking price.

Lessons learned? Challenges?

New roofs are a huge selling point. Go with a wooden privacy fence over chain-linked. Tile in the living area turned off a lot of buyers.

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

I recommend Sonya Weaver as a realtor and Scott Childers as a contractor. I can provide contact information for both if needed.

I wish to “sell”, by carrring the note myself, a single family rental to the current tenant but have never done so before, owner finance it’s called I believe. Are there companies or banks that will administer the “loan” for me, such as collecting payments, calculate interest and such. If so, any suggestions? The house is in Oklahoma. Thanks!!

@Daniel Federico $375k

Thank you everyone!!

Hello all, I am looking for insurance on my five SF houses in the OKC metro area.  Anyone help?

Thanks!

Yes Deborah, that's what I've been finding, but still up for looking.  It would sure increase my cash flow.

$250K

Hello Cassi, probably commercial but I'd lean on the lender for guidance.

Hey all, I am looking to refi five houses in the OKC area onto 30 year notes from 15 yr.  Anyone know of a source??  Thanks!!!  Randy

Thank you!