Housing in Oklahoma is more affordable than most states in the US. However, this isn’t stopping property flippers from finding high ROI flips. Despite the low cost of homes, investors are selecting properties in good areas, transforming the after-repair value, and selling them for a healthy profit.
Now let’s take a closer look at how to flip houses in Oklahoma.
Oklahoma House Flipping Stats
Median Purchase Price
$107,060
Median Resale Price
$145,890
Average Revenue
$38,830
Price Per Square Foot
$108
Oklahoma Population Size
3,956,791
Median Household Income
$51,424
High School Graduation
87,8%
Travel Time To Work
21.7 Mins
Best Cities for Flipping Houses In Oklahoma
- Oklahoma City
- Tulsa
- Norman
- Broken Arrow
- Edmond
Safest Areas in Oklahoma
- Owasso – Safety Score: 88.30
- Mustang – Safety Score: 85.98
- Bixby – Safety Score: 84.52
- Edmond – Safety Score: 84.00
- Broken Arrow – Safety Score: 82.60
Please note – All the statistics in this article are based on 2020 data. You can view the data sources at the bottom of the article.
The Basics Of Flipping Houses In Oklahoma
- Find a property in Oklahoma that is undervalued
- Source funding from a reputable lender
- Buy the property for a price that makes it possible to generate profit when it is resold
- Complete renovations that will increase the after repair value
- Find buyers for the property and sell it for a healthy profit margin
How To Find Houses To Flip In Oklahoma
1. Use FlipScout By New Silver
FlipScout is a free tool that helps you find most profitable real estate investments using data and intelligence. Find a property to flip or rent out anywhere in the country.
- Free to use
- Works for flips and rentals
- Get alerts to your inbox
- Calculates rehab costs automatically
- See ROI and rental income instantly
- Aggregate results from various sources
2. Leverage The Power of Wholesalers
Finding a good wholesaler can be very rewarding for a property flipper. Wholesalers tend to have access to all the most relevant property databases, and they often have unique personal networks. By using a wholesaler, you effectively gain inside access to their knowledge of properties in Oklahoma.
3. Attend Bank Auctions
Bank auctions often present opportunities to purchase properties below their market value. This is mainly because banks hold these auctions in order to sell the properties as fast as possible. If you attend bank auctions with a clearly defined strategy, you can potentially walk away with a new property that fits in perfectly with your investment portfolio.
4. Use Direct Mail To Find Off-Market Properties
Although it is considered an old school technique, direct mail can still yield positive results for house flippers. Direct mail has been shown to have a higher response rate than email, and numerous studies have shown that people actually enjoy checking their mailboxes. More importantly, you might be surprised by how many people have considered selling their homes. Your letter could be the trigger that they have been waiting for.
5. Sign Up To The Multiple Listing Service (MLS)
Even though MLS listings can be competitive, it is still a good avenue for finding properties to flip. The MLS is literally a database created by real estate agents, and it is filled with property details and statistics that can help aid your research process. There is a fee involved, but one deal is all you need to comfortably cover the costs.
6. Find Foreclosures
When properties fall into foreclosure, the primary goal of the loan originator is to recoup any potential losses. This is good news for house flippers, because properties in foreclosure often sell for less than their market value. If you are able to locate foreclosure opportunities in Oklahoma, there’s a good chance you will be able to purchase a property for less than its market value. This is why foreclosure can serve as a great platform for a potential flip.
Oklahoma Housing Market Analysis
House Flippers Are Selecting Mid Market Houses: The median home value in Oklahoma ($141,005) is very similar to the median home flipping resale value ($145,890). This suggests that investors are focusing on poorly maintained homes in good areas that have the potential to be upgraded and resold for a healthy profit. When figuring out how much to pay for a fix and flip property, always factor in the 70 percent rule.
The Revenue Per Flip Is Low: The average revenue per flip in the US is just over $60,000. In Oklahoma, the revenue per flip drops down to $38,830. With that being said, it’s important to recognize that with the lower cost of homes, it makes sense that the average revenue per flip will also be lower than national average.
In other words, the reduced risk associated with purchasing a less expensive home also reduces the potential reward. This is something to be mindful of before you attempt to flip a house in Oklahoma.
Home Values Have Appreciated By 7.1%: According to Zillow, home values in Oklahoma appreciated by 7.1% over the last year. In addition, house prices have been steadily increasing since 2012, and the trend is likely to continue for the next 1-2 years.
Based on the numbers, it appears that Oklahoma home prices have increased in value despite the economic turmoil brought about by the arrival of covid-19 in the US. This can be partially explained by the rules of supply and demand. Historically low interest rates have increased the demand for houses in the Sooner State, while the supply of houses hasn’t increased proportionally. This lack of supply has increased average home prices throughout Oklahoma.
Homes In Oklahoma Are More Affordable Than The National Average: The median home value in Oklahoma is $141,005. This is considerably less than the average home value in the United States, which is approximately $266,222.
The low cost of homes in Oklahoma makes the market more accessible. You need less capital to get started, a condition which lends itself to first time flippers hoping to break into the property investing business.
Apply For An Investment Property Loan
If you’re ready to start your house flipping journey, New Silver Lending can provide the capital you need to fund your first flip. We offer ultra fast hard money loans with competitive interest rates and quick closing times. The entire application can be completed in less than 10 minutes.
Next Steps
If you’re committed to flipping houses in Oklahoma, the next step is to invest time and energy into finding the best possible property. We have outlined a number of methods in this post, and all of them can potentially bear fruit.
Once you have identified a property, using a reputable Hard Money lender like New Silver can help accelerate the house flipping process. Our company is built on speed, efficiency and user-friendly technology. The online application can be completed in less than 10 minutes, and we offer instant proof of funds letters to all of our clients.
Property Flipping Resources
Hard Money Loan Calculator: Analyze the costs of your next flip in detail with our hard money calculator.
ARV Calculator: Workout the After Repair Value of the property that you are hoping to flip.