First Time Investor: Greater Oklahoma City Area

First Time Investor: Greater Oklahoma City Area

Edmond, OK · Member since 2020 · 2 posts · 1 vote

I’m a local Firefighter who is interested in purchasing my first Rental Property. I have lived in the Oklahoma City Area since 2018 and recently purchased my 1st home in April. I am eager to connect, learn, and go through the process of purchasing an investment property. I’ve got the time and a basic knowledge of real estate investing, but lack the funding to start my first deal.

Real Estate Goals:

I would like to create a portfolio with passive income to cover my yearly expenses. My long term goal is to create enough passive income to support my total expenses and have enough monthly cash flow to purchase at least 1 Rental Property per month.

Currently Seeking:

I'm interested in single family homes and multifamily homes (Duplexes, Triplexes, Quads, Apartments). I would love to meet and work with a local investor who could help me learn the ropes of real estate investing and potentially help me with my first deal.

I look forward to connecting with others and learning all that I can about Real Estate Investing!

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Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
6y

@Tyler Jacob Mills I'm happy to overview some strategy in OKC for you. If funding is the issue I wish we would have talked a couple months ago and you could have house hacked! If you're willing to move in a year, then we might have a good starting point. I look forward to connecting if you'd like to chat! 

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  • Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    6y

    @Tyler Jacob Mills I'm happy to overview some strategy in OKC for you. If funding is the issue I wish we would have talked a couple months ago and you could have house hacked! If you're willing to move in a year, then we might have a good starting point. I look forward to connecting if you'd like to chat! 

  • Edmond, OK · Member since 2020 · 2 posts · 1 vote
    6y

    @Alyssa Dyer you are right, house hacking would have been a smarter decision for a first home. Initially, I was looking for a Duplex or larger to purchase, but could not locate any that were within my budget.  My fiancee and I really like the home we are in currently due to location, schools, and proximity to her job. I am doing my best right now to live below my means and save as much money each month as possible. I'm also focused on paying off debt to steadily increase my credit score each month to improve loan rates and debt to income ratio. 

  • Ben ScottPro Member
    Property Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes
    6y

    Congrats and good luck on your search. One piece of advice is to tell your sphere of influence you're looking to purchase investment property. Those conversations with people you already know and trust can spur the best deals. 

    Let me know if you'd like to see a few properties! Or I can refer to you to some local references (podcast, real estate meet ups, etc). 

  • Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    Passive income is absolutely the way to go. You have excellent goals to work towards. Best of luck on the investment properties you are currently seeking :)

  • Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    6y

    @Tyler Jacob Mills I totally get uprooting being really tough, especially if you have a young family! There's a switch cost to everything. In this case, you'll save ~15-20k per property per year by moving. So I say as long as you realize what you're paying to stay in place and you feel good about that then go for it! There are other strategies that can still work out great. 

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