All Forum Posts by: Eric Robinson

Not much available right now - at least on the MLS. Hoping to find a 4plex.

Hi BPers,

I'm searching mainly for 4plex properties in and around the OKC area. I had great luck on BP last time I was in search of a property - shout out to @Scott England!  So I thought I'd try it again.  Anyone out there know of any available in the OKC area?  Seems like decent ones that will cashflow are very hard to find, so any tip on a multifamily property would be greatly appreciated!

Hi Michael,

I'm a new investor too - just bought a pair of duplexes.  I also ran across the Cozy site and decided to give it a try.  Does seem slow at first when they have to verify each tenant's account.  But as others have said, it's free for the landlord and is very easy to use.  So far so good!

Hi Scott - Welcome to BP - and OKC! I'm a bit older than you but also starting out in REI. I've decided that house hacking with multifamily properties is the best way for me to start out. Have you considered this as an option? If you're looking at possibly spending $255-$325K on a rental property, then a duplex, triplex, or 4plex would be very doable. The amount of rent you can charge would be quite a bit higher (more income per investment $) and renting them out would probably be easier. And you can use FHA, VA, or conventional loans to do them. Just a suggestion.

Hi Krista,

Welcome to BP! You'll love the support and help available on this site. I'm retired Air Force and ended up in Oklahoma from being stationed overseas myself. I take it you are from here? I have similar plans for REI and am taking the first step. I'm under contract now for my first multifamily property. Good luck on your journey!

@Minh Lai

I forgot where I read it - probably somewhere on BP - that estimating about 1.1% of the purchase price (0.011*price) is a good rule of thumb for annual taxes and insurance Oklahoma.  I've been using it in my analysis, and it seems pretty accurate most of the time.  Note: This doesn't account for earthquake or flood insurance.

I am interested in buying a pair of duplexes that are side-by-side on the same property. I think they sit on two lots technically, but they're being sold as a package by the same owner for one price. If I plan to live in one of the units, can I use an FHA loan to buy a property like that?

@Scott England - thanks for the quick reply!  I sent you a message.

Hi BPers,

I'm searching for 2 to 4 unit properties in and around the OKC area.  Seems like decent ones that will cashflow are very hard to find, so any tip on a small multifamily property would be greatly appreciated!

Thanks @Zach Sikes for the advice. That's been my problem lately - its difficult to find ones that will cashflow with the .85% PMI added in. Is it common for sellers to pay up front mortgage insurance? Would I have to pay full price to negotiate such a thing?