Profile picture for DebbieWhite2

where's the best place to look for houses to flip or remodel & rent?

  • June 12 2011 - Edmond
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Answers (8)

Best Answer

Wouldn't she talk to a local agent for that?
It just really depends on her budget. I have investors buying and selling 3 to 5 foreclosed "distressed" properties a month at 15-25K each and making 20K a month! Small gain but only investing 15-25K in each is less stress as a newbie investor than going out for a big bang and having a second mortgage while the property is being rehabbed and on the market and praying that her buyer will get a loan easily! Always consider holding costs.
  • June 12 2011
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Short sales are currently a HOT commodity! You can also find HUD homes, Fannie Mae homes, HomePath homes, Bank-owned property and pre-foreclosures in our local market. If you can find one in a great area, they are a great way to go. As Mya and Jim suggested, utilizing the services of a local agent to find you these properties is the best way to go. Around OKC, there are plenty of worthy candidates for the type of situation you seem to want. Make an appointment with a local agent, but I suggest you hire an agent with first hand knowledge of these type of transactions. Not every agent is created equal and not every agent has the "know how" to work a distressed property. Good Luck!

Jennifer Henning, Realtor
Keller Williams Northwest OKC

  • June 16 2011
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Profile picture for Connie Klemme
You don't want to limit your search to "foreclosed houses"  sometimes there are some great deals out there that are simply for sale.  

Decide on your spending limit and ask for a custom search to be set up that only returns homes that meet your criteria.  in the OKC area MLS we can set up search based on a lot of detailed criteria -even with just points on a map and send you properties within that area that are in the price range or square foot range or whatever other criteria you might want to specifiy.  there are some good deals in Edmond right now.  No one can promise you they are great for flipping because we don't know what tomorrow holds, but there are some homes that are very reasonablly priced for the area.
  • June 14 2011
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I prefer the generic 'real estate agent'

Now hand me a facial tissue, will you?
  • June 12 2011
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@Jim
Not all states require for licensees to be a member of a realtor association. So not every agent or broker is a Realtor.

  • June 12 2011
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Whoops ... I should have said realtor ... not lender! But I stick by the rest of my reply :-)
  • June 12 2011
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Hi Debbie,

I suggest to talk with a local lender to find a "popular" area where houses are selling for a good price. You don't want an area where there are a lot of foreclosures and the prices are depressed. Once you finish your rehab, you really don't want to compete with the foreclosure prices. You might have to wait a little longer to find a house, and you might have to pay a bit more, but you will have a better chance for a profit in a stronger area.

Good luck and I hope you make nice returns on your investments.
  • June 12 2011
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Depending on your budget, I suggest finding an active market close to where you live (or be comfortable traveling to).

  • June 12 2011
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