All Forum Posts by: Wougi Heap of Birds

Hey Nathaniel. I work with a real estate investment firm and we wholesale 10-15 properties in the Oklahoma City area every month. Most of our properties sell at 70%-75% of market value after repairs. As an example if the property has an ARV of $100K we our clients will be able to purchase it from us and do the repairs for $70K-$75K. I will send you a direct message now with my information.

Hey @Michael Blackwood welcome to the BP community! I saw that you mentioned the Oklahoma City market in your post. I live in Oklahoma City and currently buy, sell, and invest in our market. There are great cash flowing rental properties in many locations around the metro area. As @Mike D'Arrigo said you don't have to just look for cheap properties. Although there are many areas where you can get massive COC returns due to a low purchase price there are also cash flowing properties at higher purchase prices that may be an easier property to manage. Many of my investors get great returns from their properties in all 4 corners of the city. It really depends on how much you are looking to spend and how much time and effort you (or your property management company) would like to spend on management.

Welcome @Lloyd Hudson! Glad you found the BP community. There are quite a few of us from Oklahoma on here. You are in good company!

No problem @Rick Martinez

Not a problem @Clay O.. Glad I could help!

Hey @Rick Martinez sorry to hear about your insurance provider. I have a guy that offers insurance all over Oklahoma that has been able to serve my investors on multiple rental properties very efficiently. His name is Damon Hamons and he is with All American Insurance Services (allamericanok.com). I will send you a direct message with his contact information.

Thank you @Andrew Johnson for you insight on 20+ unit deals. I currently have a buyers list of about 230 investors but only 2%-3% of them would be able to purchase anything over 20 units. As you stated, finding a cash buyer that can close quickly for something like this is hard to find. I would like to get in contact with more REITs brother funds that purchase large multifamily buildings.

Thanks again for your knowledge and experience!

-Wougi

Hi @Matt Lefebvre,

Thank you for the advice. I appreciate that you clarified your methods pertaining to inspections. I will make sure to set up time frames with my transactions that will allow for inspections and allotted time for the review of gathered information. 

Thanks again!

Hey @Ola Dantis thanks! Yes that is my real name. Cheyenne Arapahoe from Oklahoma. Thank you for the valuable information. I will be getting the T12, leases, P/L etc. from the seller before we get it under contract. I also believe it is very important to create quality and transparent relationships with anyone I do business with so I appreciate you mentioning that.

Thanks again and happy new year

Hi everyone,

I am a real estate investor and agent in the Oklahoma City metro area. I have been selling wholesale real estate for the past 6 months primarily single family investment properties. I have recently began moving package deals such as rental portfolios. Currently the most I have moved in one transaction is 9 single family homes. The company I work for is also getting into smaller multi family deals such 4-plexes and small apartment communities. 

Does anyone have experience buying or selling wholesale deals with apartment complexes? I would like to know how the transaction should be structured because there is so much more due diligence that must be done on a larger transaction. I would think that a 60 day inspection period would be good enough for a larger building (20+ units). There are lots of value add opportunities in the Oklahoma City metro area but I have not yet sold a complex. We may be getting a 61 unit apartment community under contract in the next week or so and I would like to sell it as soon as possible. I have been studying large multifamily real estate for the past year so I have an ample amount of knowledge to evaluate the deals and calculate ROI, Cash on Cash returns, NOI, Cap rates, expenses, etc.

I am always striving to learn as much as I can from experienced investors. I also think one of the best ways to learn in this industry is to take action, start doing deals, and learn from what troubles or mistakes may arise. Thanks in advance for all of your help! I am happy to hear anyones input on the situation or anything that can be said about 20+ unit deals.  

Happy new year!

Hey @Brandon Nahale I too am looking to purchase small multifamily deals here in OKC so I am constantly scouring all resources possible to find deals. Are you looking for off market deals, MLS deals, or all of the above?