First Deal in Oklahoma City!
Good evening BP!
My first two posts were from 6 months ago, and a lot has changed in that amount of time. Back then I was looking for real estate in New Mexico and Colorado. However, I quickly realized that I was clueless about the markets, and the prices were over my head. To make a long story short, I was visiting my girlfriend in OKC (much like most weekends), and thats when the light bulb went off....I love Oklahoma City, and I understand the market. So how about I invest here!
I started searching around town and found a bunch of potential properties, but narrowed it down to the one below which is located in NW OKC. The seller still has a few things to repair after the home inspection, but I'm hoping to close here in a few weeks. I would love some advice to see if I'm on the right track with my numbers (i'm not really a math guy).
SFH - 1500 square ft - 2 bedroom 1 bath
Purchase Price - 58,500
30yr mortgage @ 5.25% - 25% down
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Down Payment = $14,625
+ Buying Costs $3,619
+ Initial Improvement $2,000
= Initial Cash Invested $20,244
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Month Rent = $750 conservative
- Vacancy Loss ($60)
- Maintenance ($49)
- Insurance ($100)
- Property Management ($75)
- Taxes ($62)
= NOI $404
- Mortgage payments ($242)
= Cash Flow $162 per month
Cash on Cash Return (Yr 1) = 9.6%
The Bigger Pockets forum has been absolutely amazing so far. I haven't had to write anything yet, because all my questions were answered before I had to even ask haha.
However, I would love some help from local Oklahomans about finding a great property management company in Oklahoma City. My day job is as a pilot in the United States Air Force, and I'm deployed over half the year...so having a reliable property manager is a must for me! I would greatly appreciate any advice that I could get.
Thanks for your help, and I can't wait to hear from you!
Sincerely,
Tyler