All Forum Posts by: Ralph Justiz

@Maurice E. Stokes Jr ask a real estate agent! They should be able to show you some stats pretty quickly if they have access to the local mls. Attached below is a screen shot I pulled from my mls in OKC. The 2.4 supply number represents how many months of supply are currently avaliable on the entire MLS. What I've been taught is 6 is equilibrium, higher then 6 is a buyers market, and less then 6 is a sellers market.

We also have the ability to shrink the scope of data to specific cities as long as they are apart of our MLS. Hopefully that helps!

Poor @Zack Waller posted this 4 years ago. I'm sure a lot has changed for him since then..

Every time I've ever purchased a property with tenants they always assume they have to move out. I always have to reach out to them to assure they are not being booted after the sale of the property. Once they hear this they usually stay unless the property is poorly maintained. 

@Priscilla Y. I'm a bit late to the party but I would recommend going with the @Jason Turgeon strategy! Refinance the CA property and pull your cash out with an better interest rate and invest out of state. You get to keep your property in CA and your husband gets to invest into cash flowing properties. That's a win-win. 

Interest rates on mortgages are at an all-time low. I have a client who is purchasing an investment property here in OK and he's locked into 3.5% interest rate with a buy down. 3.5% ON AN INVESTMENT PROPERTY. That is insane.

@Char Silk Midwest City is a great rental market! I have a few properties there and they have always rented quick and easy. 

 From what I've seen the going rate for a 3 bed property in decent condition is about $900 a month.

Some neighborhoods definitely demand section 8. I know a couple investors that have large portfolios in Midwest city that rent to only Section 8. Before pulling the trigger on your purchase I would do some research on the neighborhood you're investing in. There is areas that are a little spotty.

@Levi Ballard That's some good insight! Once the MLS numbers for February come through I'll post them here. I expect to see a big jump in 2020 compared to 2019!

The house looks awesome. One thing I would point out is that retaining walls are a bit expensive to fix. A few of my clients consider retaining walls deal breakers whenever they are purchasing investments. You stated that this will probably be your forever home so maybe that won't be an issue but it is something to think about.  

I have noticed that the OKC market has been very competitive lately, especially given the time of the year. I spoke with an agent today with strong ties to the city government. They stated that the thriving marijuana industry is playing a large role in the increased competition for properties. Medical marijuana sales have been legal in the state for a little over a year, but it is still federally illegal. We are seeing a large influx of growers, dispensaries, etc around the city/state. This agent said a lot of marijuana business owners are parking their cash into real estate and legitimize their income.

For those of you in states where medical marijuana sales have been legal for a few years, have you seen any trends or changes in your local real estate markets related to the marijuana industry? Also, do any Oklahoma investors know anything about this trend?

Quick stats from the MLS:

Good luck! My pro tip would be splurge for professional pictures once its done. They are 1000X worth the price.

Hey @Robert Polanco. I noticed your rehab budget is pretty low. Are you budgeting for paint and flooring only? I would definitely recommend adding another 10K in rehab costs "just in case" especially if the property is distressed. 

I also noticed you did not budget for a real estate agent fee when selling. How do you plan on selling the house once it's flipped? FISBO?