What Do You Need to Know About House Flipping in Tulsa?
Darryl Baskin of “The Future of Real Estate” talks with Andrew Finnefrock about real estate investing, Steve of Murray Electric, and Lori Smalling of Guaranty Abstract Company to offer professional advice on flipping houses around Tulsa.
House flipping is when an investor purchases a distressed house for a low price, repairs and updates the home, and then re-sells it for a profit. There are a lot of television shows featuring people investing in houses by flipping them. They make it look so easy and appealing! But is it? Andrew Finnefrock is a Real Estate Investor, educator, and flipper, and offers valuable advice on getting started in the home investment business. You can join in at 10 minutes to hear Andrew’s advice on investing and flipping homes.
- Be Ready to make Mistakes.
The first suggestion Andrew has is to be prepared to make mistakes your first time. When purchasing your first house to flip, don’t rush into it. Take the time to make the right purchase and be willing to take a loss. The biggest mistake people often make is paying contractors before work is finished. Find the right contractor by interviewing several and getting references. In Tulsa, there isn’t a lot of paperwork needed to become a contractor, so be careful and use a professional who will get the job done.
- Is it hard to find investors?
Andrew advises us that it isn’t hard to find financial backing. “You would be surprised to see who is willing to loan money.” The stock market does not provide material backing, and many investors are turning to real estate. The risk is less than other investments, especially in Tulsa, as the Tulsa real estate market is doing great right now.
- Don’t Get Attached!
Remember, this isn’t your home. When making decisions on the updates you are going to do, keep in mind that you will not be living there. Do not get too attached, or emotional, or you may risk over spending in both time and cost. Know your market. Know what home amenities are selling and find out which are the best updates that provide a good return on investment. Take the time to meet with a good real estate professional to ensure your investments are on track with the market.
Before meeting with an agent, be sure to download a free copy of “20 Questions You Must Ask Your Next Realtor Before You Sign on the Dotted Line”, available for free at darrylbaskin.com
Andrew has two businesses; flipper/investor and Quick Cash for Homes. If you found you started a project and took on more than you can handle, reach out to Andrew.
How many electrical amps do you need when flipping an older home in Tulsa?
Tulsa, OK is filled with some beautiful older homes. Jennifer Samuelson, an agent with eXp Realty is flipping a home in Owen Park, one of Tulsa’s first subdivisions! The wiring was updated; however when she opened the electric panel, she discovered it was corroded and wants to know the best way to replace it and how many amps the house should have. Join in the radio show at 33 minutes to hear more!
A standard house in Tulsa can’t be built with less than 100 amps; many newer homes have 200 amps. The average home has been using an average of 200 amps; however with more homes becoming green, many are down to 150 amps. As a result, Steve at Murray Electric recommends 200 amps as plenty.
If the electric panel does not appear to be in great shape, Steve recommends that you hire a licensed, reputable electrician to come in and look at it. It is possible for you to change your own circuit breaker; however if you do not feel comfortable doing so, it is better to hire an electrician. When choosing an electrician, always choose a licensed professional. If you attempt to take “shortcuts”, you may end up paying for it in the end. When you choose a licensed professional, you have protection.
For all your Tulsa electrical needs, contact Murray Electric at 918-835-9605 or www.murrayelectric.com.
Do you need Title Insurance when flipping a home in Tulsa?
Lori Smalling from Guaranty Abstract Company helps us to understand why title insurance is so important! Join in the radio show at 48 minutes to hear more on title insurance!
Title Insurance needs to be in place to protect the future buyer. When you get a loan, the lender is going to require you to get title insurance for them. You have an option to purchase owner’s title insurance as well. If you only purchase lender’s title insurance, then it is only going to protect the lender. It will not cover you, as the owner. An owner’s title insurance policy will provide the protection you need.
This is very important because when you go to sell the home, you need to have a marketable title. A marketable title means your title is clear of issues. As an investor, or home buyer, you want to make sure that when you sell your home, you are not going to have any issues arise – such as someone claiming stake in the property, or a tax lien. If there is an issue with the title, you will not be able to sell the home. This is why title insurance is so important! The insurance company will research the title and ensure the title is clear.
For more information on the Featured Properties, visit homeguidetulsa.com:
3510 E 104th Place, Tulsa, OK – 3 bedroom Ranch in country setting in the heart of South Tulsa
8954 W 51st Street, Tulsa, OK – 6 bedroom Colonial on 4.8 acres with luxurious amenities
For more real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com