All Forum Posts by: Kiera Underwood

Understood! I wouldn't overlook that many teams already have all the pieces in place and you don't have to build the team from scratch. I know a lot of investors that do mostly out of state investing. Let me know if you ever want to chat with anyone with experience when you get to that part of your plan. Good luck!

@Tone Fortune of course! I'm actually house-hacking a duplex in OKC right now. Feel free to shoot over questions as they come up. I'm only specialized/experienced in this market, but happy to help for as long as that stretches.

@Anthony Lopez OKC is very landlord friendly. You can do an eviction in about 30 days for under $300. 

@Tone Fortune I'm not sure how it works in Philadelphia but in Oklahoma a property isn't section 8, the tenant is! 

So for the first year you have to live in one side in order to fulfill the loan requirements. You would not have that approved by section 8. On the other side you would say "section 8 tenants may apply." When a section 8 tenant applies, if you wan to approve them you reach out to the office. At that time the section 8 officials would come and tell you what you need to do in order for that tenant to be approved for this location. 

After you live in your unit for a year you will do the same thing to the 2nd unit. 

In OK you have that same inspection every year to two years and every time you want someone new to move in. 

Again I can only speak to the Oklahoma City market, but I welcome anyone to share how Philadelphia differs. 

Good luck getting started! 

@Jonathon Nila most of the investors that I talk to that live in CA are investing out of state. 

@Minyan He I can connect you with people that live in CA and that invest in OKC! I'm also happy to answer any questions on the market and what the process looks like. It's more of a safe cash flow market. I wouldn't invest here for appreciation, although there are some areas where you may see more of it! Taxes are low here and it's pretty easy to snag a good deal if you work with the right team. 

Good luck getting started!! 

@Kai Zhou Many people invest out of state pretty passively. I've seen around 200 investors make passive moves in OKC alone in the past year. Just spend a some weekends reviewing providers. You can also talk to some people that vet providers to know where to start. 

@Jeremiah Fennell in the OKC market multifamily is scarce. Investors want it and they often take lower returns than single family homes and a bit rougher condition. Of course two doors and one set of closing costs is worth something, but I think it's sad when I see investors pass on great 8% cap rate single family homes all year, just to take a 7% cap on a duplex in worse condition OR to hesitate when the duplex finally does become available and then they've delayed investing goals for a year. 

In summary, I get it but I don't think it's always worth the wait and doc in returns. 

I think first year is the most expensive if you're buying a property that hasn't been fully flipped. You're having to essentially clean up what the last owner did not. 

I think the fee conversation is great to point out to newbies. The PM I'm affiliated with is 10% per month but there are absolutely no fees. There are people in our city that charge 8% or even 6% but they upcharge for maintenance and have fees on top of the monthly rates. So, big picture, when vetting PMs make sure to ask for a list of things they charge additional fees for. 

Agreed that you can't do 5% for every property. I do 3-10% based on how rehabbed the property is and put aside a separate cash reserved for Capex.

@Roddy Walker happy to talk about OKC anytime!