All Forum Posts by: Ben Scott

Hey Aaron, thanks for considering our fair city. Long most urban areas, OKC has its good and less good parts. Most of the northwest quadrants of the metro are pretty nice. NE side is slowly gentrifying. Cash flow opportunities on the south side. Happy to connect and discuss the market.

Your local housing authority will use HUD guidelines on the condition of the property. You WILL fail your first inspection. At least that's the case in my market. Something like 90% of properties fail their first inspection before and during placement of a tenant. Bring a handyman to that housing authority inspection so he/she can address the inspection concerns where the inspector is there.

The housing authority's big concerns in my market: bedroom windows will open and stay open for egress, smoke alarms in every bedroom, weatherstripping on door, TPR valve on the water tank, to name a few. My list of required repairs was 70+ after that first inspection. 

Long story short, pain in the butt to set up. But rent is guaranteed and you are fulfilling a housing need.

I'd look at buying a primary residence below your buying power, something in a good area with value add opportunity. Live there for a year or so, purchase another primary and then rent the first property 

I'd look at doing a HELOC on your primary or one of the properties where you have a lot of equity. The primary will be easier to get with better terms, most likely.

Thanks! @Will Fraser. Same for you and your group.

Hey @Cesar Contreras, residential or commercial building?

I've thought about joining NAPRM. What type of resources/value add does the organization provide beyond the affiliation?

The less components that distribute or drain water, the better. Water can be a property killer if not monitored. There could be a leak behind the fridge from ice maker for months before a tenant will notice.

I'd start with agents in the market and ask who their preferred property management company is. Many times clients will ask them and the agent has no one in the pipeline to refer.

I believe the HOA bylaws would override a municipal law regarding home sharing. I'd specifiy what commercial use is. Likely means you can't run a business from the unit. Many HOAs in the OKC market allow home sharing for 30+ days or more.