All Forum Posts by: Ben Scott

What part of town?

My two cents but the ship has sailed for short term rentals in this market. The city of Oklahoma City has issued a moratorium on home share licenses and many landlords are converting STRs into MTR or regular rentals. 

Is this in northeast OKC? As a first timer, I'd avoid anything built before the 1960s that could have cement sewer lines, knob and tube wiring, etc. Depending on the area, it might not be worth adding the rehab.

I'm biased but I think OKC has more long term upside. Major league franchise and we're building a new arena. Larger population and the state capitol is in OKC.

Tornadoes haven't really been a thing the last 10 years. But insurance continues to be high due to frequent hail storms. And the insurance industry is largely unregulated relative to other states. 

Foundation issues can be present, especially in OKC, because much of the city is built on red clay. Those issues can usually come up during an inspection.

You won't need floor insurance unless you're in a FEMA flood plain. Earthquakes stopped occuring after the state regulated fracking. And if you have your home checked for termites annually, any treatment treatment woud be covered by the vendor.

Oklahoma is a very landlord friendly state and has stable job opportunities. We're also a linear market and not subject to the wild swings in value. The city is also breaking ground on a new arena for the NBA leading OKC Thunder basketball team

There are many new build Rausch Coleman homes in the OKC metro that are under $250k. But no bells and whistles. No garage door opener, no window treatments, no ceiling fans. But RC builds in areas with good schools and those homes rent well.

You will need to make sure that are no gaps in windows, doors, etc and that the HVAC system is well maintained as a tenant could argue that lack of remediation is the culprit for a high utility bill.

Depending on what state you're in, you may need a real estate broker's license to start and operate a management company. If you don't already.

I'd never advocate for someone selling an asset unless they absolutely have to or unless selling aligns with their goals. Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

About $1425-1500/month, depending on amenities, school district, etc.