Oklahoma Market Anyone?

Question

I couldn't find any recent posts but was wondering if anyone is looking in Oklahoma. I am looking at the OKC, Tulsa and Norman markets. Looks like there are some deals there but not sure what the long term growth here are. Definitely a small cash flow market and not appreciation for sure. The high crime rate in Tulsa and the tornado valley of Norma scares me. I've spoken to a few people there and they couldn't care less about tornadoes. I guess that's the same as California and earthquakes. LOL. Just curious as to what people's take on these markets. TIA!

Micheal Briscoe · Answer

Scared money don’t make money!

OKC was one of only 14 cities that grew by 100,000 residents from 2010-2020. The market is tight. It’s both a cashflow and appreciation market right now.

Account Closed · Answer

@Tri Nguyen I love the other posts from @Micheal Briscoe, @Dahlia Khalaf & @Lara White. I'd definitely connect with more people within this area that may help you!

The long term growth for most of OKC, Tulsa & Norman are consistently growing. There is a lot of people moving into these areas from out of state, whether because of the better cost of living compared to some more expensive states/areas, job related, etc. In OKC there is a lot of gentrification, new things coming up, businesses bringing in jobs, & making it a more exciting place to live. Your considerations for Norman/Moore is something to consider. Norman is also a very popular college town.

I agree with @Lara White that a lot of the things you are considering can be dived into deeper with a conversation about all the details she mentioned about time, metrics, & your overall goals. Just like everywhere else, there are a lot of both good/bad areas within each of these places. Some areas within the OKC metro are better than others depending on mainly what you are looking for & wanting.

Ben Scott · Answer

Oklahoma City hasn't had a devastating tornado since 2013. Seems the southeast (Kentucky, Alabama, etc) is the new tornado alley.

Alyssa Dyer · Answer

Hey Tri, fair questions! Tornados freak me out way less than earthquakes. But that's probably just proximity, lol.  Insurance covers tornados.

What are your goals with investing? If you're looking for appreciation, OKC is a no-go. But we're a good "slow and steady" market.

It sounds like you're doing the right thing. Get to know the market and the people working there. Get a feel for insurance rates, appreciation, taxes, pros, cons, etc.

Tri Nguyen · Answer

Thank you everyone for your responses. I really appreciate it.

Doug Spence · Answer

@Tri Nguyen There is money to be made in nearly every real estate market in the country. Every market has its pro's and con's - Oklahoma has some of the highest insurance premiums in the country because of the weather, but it can be mitigated by having a solid roof, siding, etc. Other markets don't have weather issues, but they may have high property taxes, or a tenant friendly government.

My point is there is no universally perfect real estate market - you just need to find which market is perfect *for you*.

Start with where you want to be in 10-20 years, and find a market and strategy that will get you there. If you don't know where you want to go, how will you find the right path to get there? For the record, I own investment property in Oklahoma City, Tulsa, Milwaukee and Pensacola.

Best of luck and keep us updated on your progress!

Dahlia Khalaf · Answer

@Tri Nguyen I am an investor/real estate broker here in Tulsa and the market is on fire. We are seeing amazing returns here and strong appreciation currently. I'm happy to discuss further if you would like to learn more.

Dahlia Khalaf · Answer

Account Closed well said! I work with a ton of out of state investors looking to purchase here in Tulsa due to the affordability compared to the coasts. We also have a lot of people relocating here due to the cost of living and the work climate allowing so many more people to work remotely. Speaking of remote, Tulsa remote program is an amazing opportunity for working professionals to move to tulsa and get paid to do so! Tulsa has a lot of great things to over. If you do your research you will see that.

Nate Sanow · Answer

Brandon, comparing Tulsa to Boise just got me excited. Thank you for that. That’s awesome!!!

Brandon Vukelich · Answer

Interesting thread, great feedback! I've been trying to get into Tulsa since last summer. I had a 16-unit under contract in July that turned out to be dud when I visited. Made an offer on a 8-unit while I was there but seller got cold feet. Prices and returns were more attractive to WA/ID.  I've owned in Boise since 2017 and Tulsa has that same growing vibe I got in Boise 5+ years ago. Research Tulsa's population, job, wage growth in the area. I also like that OK is a landlord-friendly state.

I'm not concerned about tornados or crime much, it is what it is and there will always be pockets of rougher areas in cities that size.  Again, do your due diligence in research.  But one thing I learned is that bats can be a problem in the city and remediation can be expensive.  That's not even on our radar in the PNW. I learned that by touring properties and talking to PMs.  Best wishes in your REI journey!

Oklahoma Market Anyone?

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