All Forum Posts by: Ben Scott

I used to own rental property in North Tulsa. Right by Booker T. Washington HS off Peoria. People have tried to revitalize North Tulsa and nothing really ever takes hold. The area has higher crime than the rest of the city but there are also many more good, hard working people that pay their rent on time and take care of the property. I think choosing good tenants in that area would be paramount to the success or failure of your investment in North Tulsa.

Hey @Tom O'Stasik, was your 9-5 in the oil and gas industry? Just curious. 

OKC is relatively hot right now. I say relatively because it's mostly a linear market and prices don't fluctuate that much. But we're seeing some of the highest contract prices in a decade and much of that activity is from out-of-state investors. I'm working with investors are starved for deals but are having a tough time getting anything under contract at prices they did a few years ago.

Great question. I think it's more an issue of consumer confidence. When oil and gas prices are low, people are less apt to make investments. More liable to stay in their existing home than upgrade to a larger home because they're concerned about job security. WPX closing its offices was a big blow to Tulsa, I know. So that makes people in the industry who still have jobs a bit more hesitant to purchase their next home. I don't have any data to back this up, but I'd say WPX closing could dampen real estate prices for the next 6-12 months. 

Oklahoma City, meanwhile, is on fire. Lots of out-of-state investors and home owners taking advantage of appreciation. Low inventory and low interest rates have made my market very competitive. I know some investors who are waiting on the sidelines for prices to drop in Oklahoma City.

Hey@Melvin Haynes, congrats on the deal. What part of OKC is this house in?

You might get the best price if you list with an agent in the MLS. You could ask for a discounted fee from the agent since the potential buyer will most likely accept the home 'as is' and won't be subject to an appraisal. Less work for the agent. There can be a headache with showings, fielding offers, etc but it will most likely land you the best price ... getting the home in front of the most potential buyers.

Hey @Jerry Peng, I'm a licensed agent in Oklahoma City but lived in Tulsa for many years. They are very similar markets. I know Devon Energy in OKC merged with WPX Energy recently and that eliminated many jobs in the Tulsa market. In fact, WPX was building a skyscraper in downtown Tulsa and scrapped plans. That move may have trickle down effects in the Tulsa economy.

Insurance costs can often be higher in the midwest due to hail storms. In my experience, Tulsa isn't a very transient city. Most people who live in Tulsa were born in Tulsa (or the surrounding communities). 

At the end of the day, it's a city that lives and dies with oil and gas. 

I'm a real estate agent in Oklahoma City. I have a client from Southern California that just put a home under contract in OKC and is moving this fall. The same reasons; taxes, regulation, HCOL. The home inspector who did our inspections this week said this was the 4th family from California this week to put a home under contract in Oklahoma City. This is anecdotal, of course, but not something I've run across in years prior.

I'd look at buying a home warranty as insurance in case one of the major items (hot water heater, dishwasher, HVAC (hopefully, but you'll have to beg) goes out. That'll provide a bit of insurance and peace of mind. 

Bi-weekly virtual meet up for folks interested in investing in the Oklahoma City real estate landscape. We talk about trends in the market and all aspects of real estate and real estate investing. All are welcome.