All Forum Posts by: Micheal Briscoe

@Johnathan Pannes with JTP insurance is my go to.  Customer service wins my business everyday, and Johnathan was top notch walking me through the options.  

My actual policies are through safeco. Rule of thumb here in OK is insurance (replacement cost LL policy) will be ~1% of value. 

@Kelsey P. excellent point on the O&G industry (my industry) affecting Edmond. 

Those from outside the region may not realize, but for the last 10 years many high paying O&G jobs are/were ‘mobile’ jobs, meaning where you worked had 0 bearing on where you could live or where you chose to live.  Many people like me probably chose to live in Edmond to raise their kids in a superior school system while traveling for work.  With the decline of O&G, Edmond doesn’t really have the employment infrastructure to support the massive amount of high end/luxury houses that are still being built.  

I live in Edmond and may not have as much insight as an actual realtor, but Edmond is getting overbuilt.  Lots of new construction.  It's killed appreciation in certain price ranges.  My personal residence has had 0 appreciation in the last 5 years as they're still building new homes in my neighborhood.  Smaller/older homes in the price ranges/sizes that aren't typically being built anymore are still seeing gains.  Or flips in central (old) Edmond.  

Edmond still has great schools and lots of appeal.  I just find price/rent ratio hard to make rentals that lucrative here.  Easier to find deals down in OKC and the appreciation in central OKC has actually outpaced Edmond of late.  

The small MF deals don’t come along often, but I’ve seen two portfolios of duplexes in the last couple weeks come through my email. One with 3 duplexes all in need of renovations and another with about 6 duplexes that definitely looked value add based on rents.  These were both OKC NW. I’m sure they’ve already been snatched up, but did you see those?  

I would go further and say it’s worth contacting a couple Brokers. My first property came back $1800 from one broker and $1500 from another, both quoting Safeco. Costs you nothing to shop. 

@Bill B. in my experience you’re going to typically pay ~1%/year of market value for a replacement costs coverage here in OK. 

Here’s what we’re currently going with on a cosmetic rehab.  Walls - Pewter. Trim and most cabinets - White. Lower kitchen cabinets and one accent wall in the Navy. 

Used just the Pewter and White in another house. 

Only thing here is it may be too much grey if your floors are already grayish. 

I use @Johnathan Pannes (Broker) for my rentals. Got me a better rate than All-State (who has my Primary/Autos/Umbrella.

@Landon Whitt and @Will Fraser summed up this market perfectly. It’s tough but still doable.

The wholesaling scene is a joke, in my opinion. Most of the numbers I've seen seem geared to prey on out of state or inexperienced investors. I've had better luck on the MLS, but again, cash is king in that scenario.

$1600 rent will get you into a nice neighborhood in OKC, but you won't be buying any houses, even distressed, in that neighborhood for 80K. In decent neighborhoods here in OKC, it's typically ~1% rent to purchase price. Even distressed or BRRRR candidates aren't leaving much margin to get better than 1%.

You can probably find deals that will be close to 2%, but now you’re venturing into some rougher areas that I wouldn’t feel comfortable raising my kids In.