Rental Property Investor · Modesto, CA · Member since 2019 · 11 posts · 7 votes
Looking to invest out state. The prices look pretty good in OKC from afar. I was looking at single family and multi family homes online (haven't contacted any agents yet..)
Is anyone already buying and holding in OKC?? Just wanted to know if there's enough action out there (population growth/job growth/renters) or if it's pretty slow paced.. Thanks guys!
Regarding jobs, Tinker AFB is home to maintenance depot for a number of planes including the new AF tanker and bomber platforms. With that comes defense contractors and vacancies to fill
I am a buy and hold investor, and I also work with quite a few out of state investors.
I would say that overall it's pretty easy to get and keep properties rented out as long as your home is priced well, advertised appropriately and in the condition that is expected. There are a ton of factors that play into this, but as long as you are competitive within your niche you shouldn't have an issue.
Let me know if there are any questions that I can answer!
@Josh Madruga We have investments of both types in Midwest city, NW OKC, and Edmond. We've also helped clients buy all over the metro and surrounding areas.
Regarding jobs, Tinker AFB is home to maintenance depot for a number of planes including the new AF tanker and bomber platforms. With that comes defense contractors and vacancies to fill
What types of properties are you guys having the most success with? Single family? Multi family? And what types of neighborhood (A, B, C, D, etc) for both types of property, at what price ranges? I'm just trying to gauge if listings that i find are in good areas or not.
@Josh Madruga I've seen about 400 deals locked down by investors in the last two years. So, people are investing here! This is a single-family dominated market no question. There isn't much multi built and when it is sold you're typically taking a hit to returns due to demand.
The population is rising steadily. It grew 12 percent from the 2010 census when the population was 579,999.
Greateroklahomacity.com has an economic forecast that might be helpful in your review of the city!
@Josh Madruga I just realized I didn't answer all of your questions. You can find deals in each class but I see most OOS investors target C class areas for cash flow. That looks like 60-80k SFHs that hit the 1% rent to value ratio. I'd shoot for 8% caps in those areas with varying updates. If something was closer to being fully updated or having mostly newer major mechanicals then dropping below 8% is totally reasonable.