House Flipping in OKC

[OU Adonis]

Is it viable?

I currently have a full time job, but would like to get in the real estate game. Maybe I have too much time on my hands and/or I have watched too much "Property Ladder" but I think it would be a fun way to make some money part time.

Has anyone tried it in OKC? Or know someone who does? I am just at the research stage at this point.

[bandnerd]

I would be wary...while the housing market here hasn't been affected too much by the nation-wide slump, we are usually the last, it seems, to be affected...I would wait a little longer and see what happens. You might get yourself into a house that you can't sell, even after renovations and improvements!

[Karried]

I tend to agree with bandnerd. (I used to be a licensed realtor but now am in business with my husband and no longer sell real estate.)

Read here .. Housing Crash Continues, Bubble Pops it pertains to CA but focuses on the nation's real estate woes in length.

One thing to remember, you can get some great deals on foreclosures or distressed properties, but selling them might be an issue because the lending standards have tightened and will continue to do so. It will be harder for people to get a home loan.

But, if you want to learn more about it .. try reading here:

News - - Oklahoma City Real Estate Investors Association

[wsucougz]

It's doable. Start small and make sure you can afford to hold the property as a rental if it doesn't sell.

You can definitely find cash-flowing rentals if you're interested in that angle. 10% down is the minimum these days, however.

[BailJumper]

It is certainly viable. But, as always, you've gotta buy low, have excellent labor or do it yourself. The people I know who do it concentrate on homes they can buy for $60K and sell for around $100K after usually putting $10K-$20K into them. People will always be looking for homes in the $100K-$120K range. You are not going to get rich on doing just a couple of homes, but stay away from the much higher priced homes as you will have far fewer qualified buyers.

I know two flippers near TAFB and they do an excellent business selling homes to 1st time buyers in the military.