Mildly Experienced Newbie Beginning to Get Serious, Tulsa OK

[Connor Cass]

Hey everyone, figured I may as well jump in to the BP community. I live in Tulsa, Oklahoma where I own 1 SFH rental (3 bed/ 2 bath) in a trendy part of town. I bought that property as my primary residence out of College and had 2 friends who paid me rent, allowing me to live rent free for about 2-3 years. I then purchased a new home with the plan to sell the old house. The area the rental is in had appreciated rapidly. I Bought @ $156K, and its currently worth about $210k 4 years later. The house is old (1946) and if I spend about $20k on updates, comparable properties suggest it would sell for about $230k, so I didn't see huge Return on capital if I were to update it. Thats what held me back from an easy sale last year, the only interest I had was from investors who wanted to remodel and flip it. ( I had offers in the low $190's). I felt it made more sense to rent it out, as my family has several SFH rentals and I felt comfortable with the process. I decided to rent it, and was able to quickly rent it for $1425 and cash flow $485 before misc expenses pop up.

Given the relative success I've had with this property, I want to get more involved in REI. I work in corporate development at a large public company, specializing in financial modeling and analyzing deals. I feel that my W2 job gives me solid experience to begin to analyze real estate deals to put money in my own pocket, rather than the Company's.

I want to quickly get into multifamily at the largest scale I can figure out how to weasel into. Most likely Triplex, but I have my eye on some apartment buildings around 10 units if I can get up the learning curve quick enough.

I’d love to get in touch with Tulsa investors and build a network!