BRRR price point and finding deals in OKC?

Question

I'm looking into possibly doing BRRR in OKC area but I'm not sure I could find deals on the MLS, my budget for the property purchase would be under 100k, ideally under 80k so wasn't sure if that's enough? I do have experience with significant home renovation but for a personal residence, based on my experience with this I would prefer to buy a property built after 1970 if possible but not sure if that's realistic, the only deals I could seem to find from the MLS are very old houses which I know often brings more challenges with the renovation.

Would appreciate any references or suggestions anyone has, so far I've only invested in rental properties that were already in good condition bought with a loan. Thanks

Natalie Johnson · Answer

Hi Tom,

Have you connected with any local wholesalers?

Brendan Harrison · Answer

It’s definitely possible to do a BRRRR in OKC on a budget under $100K, but as you’ve found, the MLS options in that price range can be limited and often include older homes. However, there are ways around this:

1. Off-Market Deals: Connecting with wholesalers or investors who focus on off-market properties in OKC can help you find deals that aren’t listed on the MLS. Since you're already familiar with renovations, an off-market deal might let you use that experience to your advantage with properties that need a manageable level of work.

2. Networking with Local REI Groups: OKC has some active real estate investor groups where people often share leads and offer partnerships. Sometimes, other investors pass on properties that don't fit their strategy but could work well for a BRRRR approach.

3. Lower-Priced Neighborhoods: For properties built post-1970, consider focusing on the C+ or B- neighborhoods in OKC. Some of these areas still have homes in the price range you’re looking for, and they may have good rental potential after some upgrades.

4. Auction Sites or Distressed Property Listings: Sites like Auction.com or Hubzu sometimes list properties that need work but are in decent locations and within budget.

Given your experience with renovations and your budget, exploring these options might get you closer to what you're looking for without having to compromise on property age or potential renovation challenges. Good luck, and feel free to reach out if you need local contacts or resources!

Caleb Free · Answer

Hi Tom,

I'm an investor-friendly agent here in OKC. While deals under 80k can be difficult to find, they are out there. I have connections with great vendors throughout the city and actively search for deals and present them to investors.

Alex Church · Answer

I've seen some good deals that my clients have brought me for fix and flips in OKC. Have you connected with a local realtor? That would be a good start.

As far as the loan goes, you'll find that most lenders are okay with $75k+ purchase, but not as many will go below that. That being said, I have closed many loans less than $75k for BRRRR strategy without any problem. I would just recommend choosing a property that doesn't need heavy rehab. If the rehab budget is 50% or less than the purchase price with a decent ARV, you'll be in good shape.

Jake Baker · Answer

@Tom Dean

If you're set on the BRRRR strategy in the OKC area, properties under $100k are tough to find on the MLS, especially 1970 builds. Some strategies to consider:

Networking with wholesalers: Many off-market properties don’t make it to the MLS, so connecting with wholesalers who operate in OKC can be a great way to access these deals. Local meetups. https://www.biggerpockets.com/forums/521

Explore Auctions and Foreclosures: Properties in your price range may be available through local auctions or bank foreclosures.

Partner with an Investor-Friendly Agent: An agent familiar with BRRRR deals can help you find off-market listings or properties about to hit the MLS. They’ll often have leads on deals before they go public. https://www.biggerpockets.com/business/finder/agents

With your experience in renovations, you may be able to find value even in these challenging properties. The key will be maximizing your reach into off-market channels.

BRRR price point and finding deals in OKC?

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