All Forum Posts by: Lara White

Hi @Dana Miller here's the link for OKC https://www.okc.gov/department....  We are a pretty large metro area, so outside of Oklahoma City, there will be different city codes for the surrounding cities (Edmond, Yukon, Midwest City, Moore, Norman, etc), so like @Luke Carl suggested, you can probably just google "specific city short term rental" or "home sharing license." 

If you are looking for only $100/month - I'd agree that with @John Underwood that a LTR will get you that. I have several rentals here in OKC and get from $300-500/month cash flow from them (some of them I bought at the right time to get that much though). A STR should get you a lot more than that. There are areas where they will only approve a 1 year license, so that's something to think about here in OKC. And anything over 30 days rental is not considered a STR anymore - so if you do a mid-term rental - you don't need the short term license here.

@Kevin Eddy I'll message you a few I know. I don't manage myself, so I have a few I recommend out to my out of state clients.

@Tobias Röding Welcome to the OKC/Tulsa area.   I know here in OKC, multi-fam is pretty limited - probably less than 1% of our market.  So, it can be pretty competitive to find a one...depending on the amount of work needed. What size of multi-fam are you looking for?  Duplexes are by far the most abundant out of the mix!

The MLS is definitely one way to find them, and there are several off-market groups on Facebook you can also join to find off-market deals.

When going with a lender, there are tons of local lenders that are amazing.  And I would encourage you to find one locally (maybe get a recommendation from your agent if you use one) - it can make a difference on if your offer is accepted or not. Not always of course, but if the deal has several offers - a local lender can make you stand out.

@Mautrice Walter What are you looking at in Ok?

@Adam Lacey I'm not there anymore, but I grew up in Tuscaloosa. It's a great town.  Are you looking for an agent there, or just someone familiar with the area?  I can tell you about it, but I could get you in touch with an agent (who used to live in Colorado actually!) if you wanted more info!

@Micheal Briscoe  Try @Adam Hurst at Armstong Bank - local bank.  I just did a commercial loan with him, I don't know all his options, but I'd think he could do a portfolio loan for you.

@Adam Hurst at Armstrong Bank should be able to help you. I just did one with him in my LLC - here in OKC, but I would think he could for Broken Bow too.

@Alicia Marks Estimating rehab has been a problem a lot of my clients have had recently. For example, we had a property under contract at $102,000 (single family residence). ARV was around $130,000. 3 different well known contractors had three wildly different estimates for the same scope of work. (#1- $12,000) (#2 - $24,000) and (#3 - $48,000!). Those aren't even remotely similar; so frustrating and confusing for my client. I would imagine the lowest bid was too low, and would have ran over budget (but it was the only one that would have gotten us enough to make the deal). And the third was probably a contractor that didn't want to do the job, or wanted to see if the buyer was a sucker and could be taken advantage of.

I would say Determining ARV is a close second though. It can be hard to get accurate numbers b/c so many people (EVEN investors!!) are just throwing whatever money they have at a property b/c they are so desperate to get something that they don't care, and it's making the comps wonky in some sub-markets.

@Bradley Pickens I agree whole heartily to join a top team to learn the business.  Even if you have bought a lot of properties before, being a licensed agent is a totally different situation than being a buyer or a seller. You have fiduciary responsibilities/legal requirements that until you are an agent, you just don't understand. And the fastest way to learn the business is to see tons of transactions!  If you go solo to begin with, you won't even know how to write a contract... RE school doesn't teach you how.  But a good team will have processes that will teach you. Interview a few before landing with one.   After learning the ropes... then go out on your own (I would recommend a flat rate brokerage that has a splits cap).  You'll earn twice as much on your own... but understanding how to be an agent first/and the knowledge you gain will be worth the split at first. 

My first was by accident too!  The second (which felt like the first!) was super scary for my husband.  But #3 and #4 came quickly after.... #4 was a Joint Venture which I would have been terrified to do a few years ago.

I work primarily with investors as an agent - and it's amazing how many people fail to take the first step and follow through to buy after doing all that time and research.  I have thought many times about what they or I am missing in helping them make that first purchase.