All Forum Posts by: Jeff Filali

Hey @Caleb Thompson, reach out to me and I can probably help you here in Tulsa.  I come across house hack opportunities all the time when buying deals and highly recommend that as a starter move for most people. You can easily find my info on here, on Google or MrTulsa .com 

Plenty

What kind of rates?

Google real estate mentor tulsa 😉

Location?

Are you self-managing? If not and you're looking for Property Management I recommend PMI Green Country out of Broken Arrow. They've been managing my Tulsa area rentals for several years.

Having invested in rural areas and small towns over the years, I’ll just say the numbers sound very high for rural Oklahoma for that small of units.  I own units in good areas in the city of Tulsa that are 850-1000 sq ft 2 Bedroom/2 Bath and only rent for $850-1000 mo. I wouldn’t even buy units that small personally.

You definitely need to do more research and due diligence first.  Never ever trust the sellers numbers or what their broker tells you.  Do your own research.

Also, they’re not figuring in all the expenses for rentals: 

• ? $ for PITI (Principal, Interest, Taxes, Insurance);

• 10% for Management; (even if self-managing, pay yourself for your time)

• 5-8% for Vacancies; (Turnover happens & when it does it requires cleanup, repairs, listing, showing & leasing which can take up to a month easily.)

• 5% for Repairs & Maint; (Repairs happen even on new builds)

• 5% for CapEx; (Larger Expenditures will happen over time, so you have to figure for them.)

• ? $ for Utilities (if paid by you)

• ? $ for HOA Fees (if applicable)

I’d recommend starting with something closer to you for your first deal. 

Not enough information.

Why only 3 months? Why no income? What’s their plan after 3 months? 

There are people who do this knowing they’re going to stay longer until evicted.

In the current market it’s a sellers/landlords market.  There’s no issues finding good longterm tenants. 

Only way I'd consider this is if they also pay a deposit, sign a solid lease and I'd be charging more like it's STR rates.

Deal 1- $91K down payment for $1200-2400 yr cash flow…NOPE! Not a good deal for Tulsa area. Also would be amazed if you could actually get $1600 mo rent there. 

Deal 2- $75K down payment for $600-1200 yr cash flow…NOPE! Not a good deal for Tulsa area. Depending on exact location west side can be very high crime or a good blue collar area. 

Tulsa is a great market overall.  But this isn’t Cali.  We can get good CASH FLOW here, I don’t touch anything under $300 per door.  Our appreciation is decent but isn’t as high as Cali. There’s lots of competition here for GOOD deals, but there’s probably a reason us locals aren’t buying these two.  Best of luck! 

Rent by the room can work for Corporate housing or Student rentals for sure in almost any market.  I don’t do it myself, but have had student rentals in the past out-of-state in College towns.  If I was going to do rent by the room in Tulsa, I’d look into doing student housing near TU or ORU, or corporate housing near the hospitals to target traveling medical staff.