All Forum Posts by: Ben Scott

Hey Jesse, OKC broker and property manager here. Cash flow isn't what it used to be in Oklahoma City but there are still good deals here and there. To Dustin's point, Oklahoma is a very landlord friendly state and we're a linear market and not subject to the wild swings in appreciation of other markets.

Thanks for the reply. Were these tenants still in their lease or previous tenants? And how did you track the payments?

There is one available on the OREC website. Or DM me your email address and I can send you one.

Hello all! I had a previous tenant reach out to discuss a payment plan to reimburse the company for the amount she owes (she broke a lease and owed $$ on top of that). I could hire my real estate attorney but he'll charge me hourly to set it up and I'm not confident this previous will pay anything. Then I'm out more $$. Any best practices on collecting past due amounts? We have a judgement against the tenant in county court.

The state of Oklahoma recently enacted Senate Bill 212. Below are the only people or entities allowed to take title on property as of November 2023. There may be an obstacle if you have no intention of becoming a US Citizen.

U.S. Citizens;
Native Americans born in the United States;
Aliens or persons who are NOT citizens of the U.S. who are or may become
bona fide residents of Oklahoma
Business Entities or Trusts who are similarly attesting that they are either U.S.
citizens or NOT U.S. citizens but may become bona fide residents of
Oklahoma.

That is not true. You can purchase real estate as an investment in Oklahoma. There was recently a new law enacted where a buyer has to sign an affadavit to verify that he or she is in compliance with state laws on foreign ownership of property. That began 11/1/2023. That might be the confusion. 

Welcome @Regan CdeBaca. Local agent and PM here. Happy to connect.

Definitely want someone who is keen on depreciation schedules and S-Corp entities.

Oklahoma City agent and property manager here. We haven't bit hit by a big tornado since 2013. It seems tornado alley has moved a bit east in the last 10-15 years. Oklahoma does have very high insurance premiums relative to other markets due to frequent hail storms. We recommend our out of state investors look at SFHs in suburban areas around the city with good schools. Less turnover and deferred maintenance. Most of the homes built in the urban core of OKC are 1950s or older.

Do you have property insurance and is there damage to the roof? For a contractor, I'd make sure to get references and see if you can tour any of his/her current job sites to get a good idea of how they work. I'd suggest purchasing your own materials and then paying the contractor in stages and avoid putting up a large chunk of the funds up front.