All Forum Posts by: Account Closed

@Carlos Florez The market is crazy right now. Currently around the metro you can see the price per square foot raise anywhere from $15-30 over the past year in many popular areas. Supply & Demand is definitely at play, where there is a lot of competition with first time home buyer homes(under~200k), people moving in from out of state & investors buying. New Construction is a little behind in production technically & material costs are higher due to supply & demand too, but can still be considered. 

There's a lot of revitalization across the metro, businesses are coming in & bringing JOBS, which is huge. It's definitely becoming a more "cool" place to move to now, especially considering affordability compared to many other areas throughout the states. With that said, can see home values continue to rise as more people are coming here because of that. 

There's a lot of good areas across the metro & agree that most would come down to what you are really looking for, what you're wanting to invest in, goals are, etc. 

Great Post! Have definitely been contacting local property managers, so this definitely helps. Most are really solid so far & have options. It's also nice to know & listen to what extra info the PM's provide too. 

@Sarah Castor, Latter at the moment but have a lot of friends within Okc that do, or wholetail, STR, LTR, flip, etc. Ultimately a decent amount of work & have to have a decent amount of systems set up.

I haven't but have definitely considered it & found it very interesting which I'd love to learn more about! Have you just invested in that one or any more?

@Ray Isham, @Dan Travieso's post is definitely a solid one to consider & is what I typically recommend as well to most first timers. Connecting with people within your local area will be an awesome start by going to those networking events, talking & building relationships with them in order to lean on when you officially buy & start operating. You got some solid techniques/strategies your considering, since wholesaling & flipping is more better suited for short term cash, while buy & hold's are more for long term wealth building. 

Some key people to try & connect with would be at least 5 of each (that are hopefully investors themselves): Realtor's, wholesalers, property managers, contractors, vendors, & lenders. I'd make it a goal to connect with these people sooner than later, which can be easy to do at most REI networking events, meetups or your local REIA.

Creating some more goals will be detrimental too in order to get your first deal! There's a lot you can consider, so the more you learn will help!

@Sarah CastorDefinitely something to consider. In Oklahoma, they just changed the law about wholesaling where we can't "publicly market" without a license & still gets kinda iffy, if the licensee is doing any transactions with wholesalers . There are companies that do just wholesaling, kinda like New Western. But the licensee definitely has to look into the laws & speak with their broker too in order they're in compliance. The laws vary by state, so considering, reaching out to others in your area & looking more into NY's laws would be great, as well as figuring which route would be best for you.

Depends, you can go either way with 20-30% or trying to leverage a little more if possible, whether you can do another conventional or 2 breaking up the big down payment for some smaller ones. Can also go commercial lending route. Overall considering how much you want to put down & how much you'd prefer leveraging can differ, especially on what deals you are considering, what your numbers would be and what your comfortable with.

@Blake Billings Congrats! It is actually great to hear your story & info about it since I am about to manage one here soon. From my experience, I agree with you & @Alyssa Dyer that by the room expectations from guests were definitely different compared to an entire home being available. Assuming you like the entire home concept as you can earn more & is more easily booked vs by the room when possible while you're not trying to house hack? 

@Tri Nguyen I love the other posts from @Micheal Briscoe, @Dahlia Khalaf & @Lara White. I'd definitely connect with more people within this area that may help you! 

The long term growth for most of OKC, Tulsa & Norman are consistently growing. There is a lot of people moving into these areas from out of state, whether because of the better cost of living compared to some more expensive states/areas, job related, etc. In OKC there is a lot of gentrification, new things coming up, businesses bringing in jobs, & making it a more exciting place to live. Your considerations for Norman/Moore is something to consider. Norman is also a very popular college town. 

I agree with @Lara White that a lot of the things you are considering can be dived into deeper with a conversation about all the details she mentioned about time, metrics, & your overall goals. Just like everywhere else, there are a lot of both good/bad areas within each of these places. Some areas within the OKC metro are better than others depending on mainly what you are looking for & wanting.

@Chris Cooper I could see you getting a lot of interest right now. I ended up looking it up & it is unique. Also very close to Tinker AFB. 

I think that the layout is good, but then you are mainly looking at getting tenants that are looking for 1 bedroom's. Usually people who are younger that don't have families yet or are thinking about starting will consider more space & bedrooms as they grow. Investors will look at this and a lot of other things which can influence their own desirability for the property & if they want to pursue it. 

You mentioned they have strong tenants but the potential buyer will definitely have to still consider them, how well the current owners have been managing the property, estoppel certificates, & more. The new buyer will be also buying the current tenants & lease agreement that is set in place versus starting fresh, which can be looked at good/bad depending on who's considering buying & what they are willing to take on based off of their experience/skill.