Best approach/niche in Oklahoma City area ?

Question

What’s the best approach/Niche to attack for my first deal? What area should I look in Oklahoma City area? What’s the best way to find a good first time deal to get some momentum going? ￼

Cassi Justiz · Answer

@Brandon Parsons,

What are your goals (buy and hold, BRRR, etc) and what types of properties are you looking to buy (SFH, MFH, C class rentals, A+ rentals, etc.)? Also, what kind of financing are you looking at?

If you are interested in multifamily and can qualify for traditional financing, a "house-hack" can be a great place to start. MFH in our market are HOT but if you are patient and quick to act it's possible to get one that makes sense. You can also look into getting an affordable SFH as an owner occupant (with or without roommates) and then turning it into a rental when you move out.

There are tons of ways to get started, you just need to figure out what method is going to work for you! I would recommend that you start by networking with other investors to find out what they have done.

Cate Ledezma · Answer

@Brandon Parsons we have a ton of ways to get into the OKC area. There are some really low priced homes that need to be completely redone and there are homes that need a major update but the bones of the house are good.

Account Closed · Answer

Hey @Brandon Parsons,

Buy/Hold, Flips, Air BnB, House Hacking, Business Housing, College Students, Month to Month, etc.

There's a lot of opportunities, but it all comes down to your goals as an investor. Same with the area, because you'll be betting on that area in the long run.

Good luck!

Brandon Parsons · Answer

That’s great advice and I appreciate that Rhett!

Rhett Tullis · Answer

lots of folks i talk to think things may change quite a bit here over the next 4 to 6 months in okc.  hard to be sure in this crazy era we live in but as a potential/consistent buyer in okc i would love to see prices come back down to earth a bit.  if/when they do your plan would be much more feasible.  right now prices are nuts though.

Brandon Parsons · Answer

I appreciate that Alyssa, I’m leaning more towards the duplex option for my first deal. I’m interested in wholesaling and the single family flips or buy and hold but again I’m thinking my first deal I’ll just live in it until I have the equity to buy my 2nd deal. What would be ideal is to link up with a mentor to walk me through the process or even an internship. Anymore suggestions would be greatly appreciated Alyssa.

Alyssa Dyer · Answer

@Brandon Parsons buying with 25% equity will be tough. You'll likely get something with much less equity if you want it to be livable with no big cash deposit to upgrade before you move in. However there is tons of inventory that will cash flow as-is when you move out.

I'd get qualified and buy a duplex. Again they're tough to grab with any equity at all, but you can get something livable that will cash flow without major updates when you move out. If you chose to update you'll of course increase cash flow. The duplex will lower your cost of living while you're living there, but it will make finding a place harder because they're more rare.

Soo.. wait for a duplex, take what you can find, lower cost of living up front

or

with single family have more options, likely have to do less updates for cash flow, but you only get one door and won't lower your cost of living as much the first year.

Brandon Parsons · Answer

@Kelvin Tran thank you!

Brandon Parsons · Answer

Well to reply to everyone I feel like my first deal should be an owner occupant but buy something that has 25%+ equity already in the property. Live there for a year or 2 while I update it a bit and then rent it out and cash flow a couple $100 bucks or so a month and take the equity and purchase my 2nd deal. I’m not sure if that’s the right approach with not so good credit and being a newbie investor if that’s what I can call myself yet.  I’m interested and trying all of the above mentioned. My goals are Wholesaling, flipping and Brrr’s for sure. I definitely want to get into multi family and single family flips and hold some for cash flow and long term wealth.@Cassie Justiz  I’m not sure what house hack is? I actually used to be a realtor in the Enid area for a year and a half but unfortunately lost my license. I know I’m all over the place but I’m tired of studying real estate investing and not taking any action to build wealth. A mentor would be ideal. I am attending my first real estate investing meet up on the July 9th so that should be good. If I could figure out which financing to use and where and how to locate a good deal in Okc then that would be amazing. I’m new to bigger pockets so I’m learning a lot more. My overall goal is to own at least 2 properties that cash flow  within the next 3-5 years and if I do more deals between now and then I’ll exceed my goals and just keep growing and learning from there.

Ben Scott · Answer

Hey Brandon, are you looking to buy and hold a rental? Wholesale? Flip? You might call some wholesalers to get on their mailing lists. Or the ol' drive for dollars ... drive around neighborhoods looking for abandoned or distressed homes and reach out to them from information on county records. For a first deal, I'd always suggest working with a trusted agent to guide you through the process. Sellers typically pay all agent commissions.

Best approach/niche in Oklahoma City area ?

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