All Forum Posts by: Todd Fullerlove

Investment Info:

Single-family residence fix & flip investment in Stillwater.

Purchase price: $16,256
Cash invested: $4,709
Sale price: $45,000

This property was an off market short sale, I purchased in Stillwater Oklahoma. This was a small property (600 sq with a 900 sq detached garage in the back.) The property is located 10 minutes from Oklahoma State University.

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

I was interested in the deal because I want to make flipping homes my new day job. This property was affordable, fit our criteria, and we had a competitive advantage.

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

One day, My father in law called me and said he knew someone getting foreclosed on and that she's trying to sell her house before that happens. She told me her situation and her main objective was to not have a foreclosure on her credit. She signed a letter and sent it to her mortgage company giving me full permission to discuss her loan. The mortgage company agreed to sell me the house for whatever it currently appraise for. The seller agreed to sell it for 3k and stop the foreclosed.

How did you finance this deal?

I brought in an equity partner who put up the purchase price in cash. We agreed on an 60/40 split his way.

How did you add value to the deal?

We completely remodel the house. See pictures.

What was the outcome?

The outcome was that we helped a woman not destroy her credit. We sold the house for $45,000. After everything was said and done we took home about 11K. I know that's not a lot but now my wife and I don't live check by check anymore.

Lessons learned? Challenges?

There's too many to name but some of the most memorable lessons and challenges are:
Short sales takes a long time to buy
Add value fast
Have back up money
Good work is worth paying for
Don't fall in love with the deal.

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

Jared Benson is a real estate agent that was there for me through this process. He was not involved in the deal but he was there for me with advice and encouragement. Such a great guy!

Helll BP world,

I'm under contract in Texas for a duplex to house hack. My lender told me that the appraisal needs to come back as highest and best use is a single family residential home. If he comes back the highest and best use if an investment property, I cannot use an FHA loan. Does anyone have any experience with this? I know it's possible to use FHA for a duplex. I feel like the best use is a single family because it's a single family home technically.

Hello BP Friends,

I’m residing this rental property I purchased. It’s only 600 sf  2bed 1bath. So I figured it would be a great time to learn how to side a house since I’m quarantined. I’m only familiar with brick siding and this property is far from needing that. I’v heard vinyl siding is inexpensive and easier to put on. I’ve also heard wood lap siding is a good choice. I’m curious to hear from others on which siding has worked best? Where was the siding purchased? How to find good inexpensive vinyl siding? I’ve attached pictures to show y’all what I’m working with. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $15,000
Cash invested: $2,000

Off market short sale. I purchased in Oklahoma.

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

While searching for my first deal, I was interested in any type of real estate flips, rentals, etc. I told the world I wanted to buy a property. My father in law called me one day and said hey i know someone who is about to get foreclosed on and she could use your help. I became interested at what I was given

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

My father in law introduced me to a motivated seller. We agreed that she would sell it to me for whatever the bank would sell it to me for (short sale). She just didn’t want to get foreclosed on.

How did you finance this deal?

I found a private money lender to partner with me. I knew I needed cash so I went to where people with cash were buying houses...auctions. I attended my local county auction and every time someone would buy a house I offered to buy them lunch.

How did you add value to the deal?

Landscaping and cleaning.

What was the outcome?

the house is still on the market. we had a few offers and a deal fell through. 

Lessons learned? Challenges?

Where do I began?

-short sales are lengthy
-know if the seller is legally able to sell the house
- know who is buying in your area
- we originally planned to sell it to wholesale companies but found out none buy in Stillwater Oklahoma
-know the local laws
- during escrow the city passed a law not allowing duplexes in that neighborhood. My buyer was going to build a duplex so the deal fell through
-have multiple exit strategies
-Over communicate with your partner

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

There’s a guy in Stillwater, Oklahoma that really helped me understand the Oklahoma market. Very kind and very patient. His name is Oscar Fortune

Patrick, that attitude is how you make life happen and not let life happen to you.

I too had a deal fall through earlier this month. However, it allowed me to discover the shady agent I was working with and how I was going to buy problems I didn’t want to pay for.

My full time job rescinded my promotion and pay raise. 

Since business has been slow at my W2, I’ve been marketing my property more and added on a seller financing option. This week I’ve had multiple people contact me about my property.

Also friends have called me because I’m the “real estate guy” in my friend group. Asking me how can they use their money they took out of stocks to invest in real estate.

I’m not sure where these next few months will take me but you’re absolutely right. millionaires are built in a time of crisis. 

I’m moving to the Tulsa area of Oklahoma. I want to introduce myself to all the other Oklahoma investors. Reach out and let’s talk real estate.  

@Colby Hager

Yes, It will be a full tear down. The seller pretty much took everything from the house before she got foreclosed on. The house is a little over 500sq and it’s a 2bed 1bath with a 600sq detach garage. After running the numbers it will be more cost effective to just demo the house and rebuild a new one. Which is still possible for a nice profit.

@Colby Hager

Wow Thanks, Colby! I will keep you updated.

@Theresa Harris

You’re right I should. I haven’t yet because I figured he got it.

@Colby Hage

Yes I will make money. Profit isn’t my top priority right now. This is my first deal and I just want a competed deal underneath my belt. I bought this well below market value. I have a bit of wiggle room to lower the price.