Multi Family Oklahoma City?

[Levi T.]

I am looking at diving into the Oklahoma City market, and hopefully owning a few thousand units within the next year or two. I would love to talk to some people who know that region well. Real well. Looking around, it looks like 8% cap is the norm, so what do you consider good, or amazing deal in the value add space? And where and what should one stay away from in the region? I would love to jump on a call if anyone is interested.

[Levi T.]

Originally posted by @Colleen Sivets:

@Levi T. I am looking forward to reading how you tours went and what your next steps will be. Good luck!

Well, I did an inspection. The properties have been slummed for a very long time it seems. I found a number of cracks within some of the buildings that had lateral movement, as well as ground water, which means there is likely a broken sewer line somewhere nearby, plus a number of buildings had asbestos siding, and all the roofs have been patched to death, tho they claim they replaced them. Never mind whoever was living in the laundry facilities, and the endless list of small repairs that would be required just to keep it renting, or the fact that it's missing one swimming pool advertised, and one of the other pools is collapsing.. On paper it looked good, but the agents are in California, and so is the owner, and I really don't think they have taken a hard look at it in person. So they think this is a big discount compared to Class-A MF properties trading at ~3% direct caps, when in reality the property has reached the end of it's life, and they need to slice that asking price in half. I tossed them an offer, and they scoffed at it. I'll circle back around in a few months and see if the owner wants to change their mind.