All Forum Posts by: Lisa Williams

Hi Kevin, I would absolutely say you need a good investor-friendly realtor. Networking on her will help too, driving around your preferred area is a time-tested way to scout out possibilities, and then you can use tax records, foreclosure filings, sheriff sale lists to dig up info on some of them. A good agent can set you up with a search of expired listings, and many investors will contact those disappointed home owners, just as realtors do. Good luck and happy hunting!

Abel, getting your RE license is a good idea, but keep in mind there are costs associated with holding a license. IF you can find a brokerage with no office fees, there are still plenty of costs. OAR, GTAR, NAR all require dues, at least yearly and some quarterly. There are also fees for the keybox access, to view properties. I am an investor too, and got my license to by my own deals, but now I work with other investors also. I don't want to talk you out of getting your RE license, but just know that Oklahoma requires agents to work under a broker. Good luck!

I watch the sheriff sales here in Tulsa very closely. If they are clean, meaning no additional liens have been placed on them, they can be great deals. I would recommend you find an investor friendly realtor, who can help with information from older MLS listings. Many of these properties are now listed on auction sites, like Auction.com, and investors can get some info there. Sometimes the auction site will disclose if the property is occupied, which is really important. If it is occupied, the new owner might be required to deal with an unwanted tenant/former owner, which won't be fun or cheap. Even if you decide not to purchase at the Sheriff Sale, you can have the research done and be ready of the property comes back as an REO, thru HUD, Fannie Mae, Freddie Mac or the VA. Many great properties have liens on them and will go back to the bank to wind up an REO, and then should have a clear title/deed. I hope this helps!

Hi Steven, I would say that if you think it will cost you 30,000 then you really need to budget for 45,000 and then if the numbers still work, go for it. You don't say anything about the plumbing or electrical service, but I bet at least one of them needs work. Plus, what area of Tulsa? Some areas are good for flips, some are better for buy and hold. PM me if you want to discuss. I am a realtor and can look up the address and see if I can find out anything else for you. Good luck!

Demarkus, I have seen these in my market too, and it is a fairly new strategy to sell these short sales, that at least here in Oklahoma, doesn't seen to be working. But, I would advise you to go see the property, and do your research. If it is worth investing in, with the added fees, then make an offer. But many of these wind up as bank owned properties, and at that point, the liens/additional fees should have been settled by the bank. Again, if you have seen the property, and done your research, you can be first in line to buy the bank owned REO when it comes back on the market, with your foreclosure savvy realtor. Jim is right, get your financing in order, and find a realtor that will work with investors. Best of luck!

Hi Lynn, by most accounts the economy is stable here in Tulsa. I work with several investors from California, and we are obviously more affordable! I don't have many looking at condos, just one couple so far. I keep looking at them, thinking good rentals, but don't own any yet. There are usually some bank owned condos listed though, so it's tempting. HOA fees are pretty low too. Condos are pretty much limited to Tulsa, maybe one in Jenks, and lots of investors are focusing on Broken Arrow, Bixby, South Tulsa/Union School district, as the Tulsa Public Schools are thought to be of lesser quality. The schools are more of a factor for SF properties, in general. Several colleges in town, so decent rental pool for condos. Hope this answers some of your questions! Feel free to PM me if not.

Hi Sarah! Welcome to Tulsa investing.....and Bigger Pockets of course! Are you looking for rental property or thinking of flipping? There are a lot of smart investors on this site and much wisdom, it's easy to learn from other people's success and goofs! Enjoy the ride...

I wanted to apologize for the mispelled name! Trying to do too many things at once, hate mistakes like that! Anyway, what was the consensus from your network? I know there are a lot of for rent signs as I drive around town. I may talk to some of the property management people in my office and see what the opinion is there. 

Hi Lindal. I do agree that it seems to be cooling a bit. I have two investors with properties that haven't been leased yet, I am watching the market closely and think there are some first time home buyers out there who are jumping in on some of the properties that investors are considering. Sounds like you are close to the University of Tulsa, is your typical renter a TU student? How long have you owned the property? I could send you some comps, if you aren't already working with a realtor. PM me if interested. Good luck!

Hey Paige! This is a great place to learn a lot about investing from others who are willing to share their successes as well as their mess ups! Sounds like you are on the right track, reading and listening to podcasts. Driving for dollars is always a good thing to do, helps to learn where you might want to invest and where you really don't... Best of luck!