Oklahoma City Advise

Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes

Hi Oklahoma City!

New to BP and am looking for advice in the OKC market. I am working toward my first rental investment and hoping to BRRRR a property and keep the ball rolling to build a buy and hold portfolio. 100k cash budget to get started.

What neighborhoods in OKC are good and where should I stay away from? (hard to tell from crime maps).

Is it better to stay in OKC or focus on any particular suburbs?

Thanks, Joe

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Cassi Justiz

Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes

Hey @Joe DeClue! Welcome to the OKC investing scene. I will say that it's getting increasingly difficult to find deals where BRRRR will be possible. A lot of the investors that I work with really like Midwest City for houses under the 100k purchase price. It's a stable C class rental market with plenty of job growth predicted. There are more opportunities for equity deals in certain parts of OKC, but as mentioned above they are typically going to be in D class rental neighborhoods with the issues associated with D class rentals. The current OKC market is positioned more favorably for investors to buy and hold rather than BRRRR. Most of the houses (even off market and with work needed) are selling for close to 90% of ARV once you factor in repair budgets. These homes still hit solid cash on cash returns and monthly cash flow, but they don't typically hit the equity numbers that you will need to do a BRRRR.

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Anthony W.
Member since 2019 · 118 posts · 87 votes
7y
@Joe DeClue Well im headed that way and have been contacting people in that area. I would say link up with @Alyssa Dyer and @Kiera Underwood they can give you great information on that area and possible point you in the right directions for BRRRRs good luck bro.
3 Reply
Joe DeClue
OP
Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes
7y
@Anthony Ward thanks for the recommendations! I’ll be sure to reach out to them. We are headed to OKC next weekend to check out the area. Hope you have a productive visit and let me know if you have any more tips after your trip.
1 Reply
Jason Seay
Rental Property Investor · Edmond, OK · Member since 2018 · 13 posts · 11 votes
7y
So in OKC you want to look at jobs and school district. For 100K you won't be able to get into Edmond, Deer Creek or Norman (you might be able to find a couple in Norman but will need lots of work). You might be able to find something in Moore. Putnam city schools are still ok for C class homes and you will most likely find something there in the older part of the district. Midwest City schools are decent and has a large air force base so jobs are there. MWC is delicately a C class area but watch out, there are lots of D class properties. OKC schools are NOT good. OKC schools is where the bulk of your 100K and less properties are. Lots of C and D class properties and the school system is a solid F. OKC will give you lots of turn over. I like student housing so I buy in Edmond and Norman near the universities. Little late to buy for students now as all the students are currently moving back in to start the fall semester. I'm currently watching Edmond, Guthrie (schools are improving but most properties are C/D), Norman and MWC. I think I want something in the Putnam City district but prices are higher than MWC and there are more jobs in MWC. My realtor is constantly steering me towards MWC and away from Putnam City.
7 Reply
Joe DeClue
OP
Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes
7y
@Jason Seay thanks for your insight on the school districts! Unfortunate to hear the current state of the education system in OKC. We’ll certainly take schools into consideration as we narrow down our search. Thanks again for your help.
0 Reply
Kevyn Miyata
Specialist · SF Bay Area · Member since 2019 · 20 posts · 6 votes
7y
Originally posted by @Anthony W.:
@Joe DeClue Well im headed that way and have been contacting people in that area. I would say link up with @Alyssa Dyer and @Kiera Underwood they can give you great information on that area and possible point you in the right directions for BRRRRs good luck bro.

Ditto what @Anthony Ward said.

1 Reply
Jessica Brunner
Real Estate Agent · OK · Member since 2019 · 12 posts · 4 votes
7y
@Joe DeClue good morning and welcome to BP! I recommend contacting property managers and getting their input on where to buy! Do your research and put a good team together to be your eyes and ears here in OKC.
Jessica Brunner
1 Reply
Cassi Justiz
Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
7y
Hey @Joe DeClue! Welcome to the OKC investing scene. I will say that it's getting increasingly difficult to find deals where BRRRR will be possible. A lot of the investors that I work with really like Midwest City for houses under the 100k purchase price. It's a stable C class rental market with plenty of job growth predicted. There are more opportunities for equity deals in certain parts of OKC, but as mentioned above they are typically going to be in D class rental neighborhoods with the issues associated with D class rentals. The current OKC market is positioned more favorably for investors to buy and hold rather than BRRRR. Most of the houses (even off market and with work needed) are selling for close to 90% of ARV once you factor in repair budgets. These homes still hit solid cash on cash returns and monthly cash flow, but they don't typically hit the equity numbers that you will need to do a BRRRR.
8 Reply
Alyssa Dyer
Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
7y
@Anthony W. thanks for the mention! I know you and Kiera have been chatting off and on. We're still waiting for you to come see us!
1 Reply
Art Perkitny
Specialist · Cleveland, OH · Member since 2018 · 232 posts · 348 votes
7y
@Joe DeClue, as others have stated, for 100k your selection of area will be limited.
To aid you in your search I have included a graphic showing the location grade for places within OKC.
The scale is on an A to F range and corresponds to various risk metrics. The lower the grade, this riskier the investment area.
The 2nd graphic is the same, but filtered down to location that have median home values under 100k. This should help you find the ideal location for your first BRRRR.
5 Reply
Joe DeClue
OP
Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes
7y
@Cassi Justiz thanks for the advice! We'll be sure to check out MWC while we are there. BRRR certainly seems harder to pull off now so we may have to focus on buy and hold. Looking forward to exploring the area this weekend!
0 Reply
Joe DeClue
OP
Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes
7y
@Art Perkitny those maps are fantastic! I’m having a hard time trying to save or expand them to see detail. Did you pull those from a website? Thanks for sharing!
0 Reply
Chris CooperPro Member
Realtor · Oklahoma City, OK · Member since 2019 · 28 posts · 20 votes
7y
@Joe DeClue
I am currently working with 3 out of state investors.
I would be happy to chat with you. Obviously you can do more with 100k than buy one property?
1 Reply
Lindsey Z.
Rental Property Investor · Southern California · Member since 2018 · 4 posts · 2 votes
7y
@Chris Cooper has been fantastic. My husband and I are some of the out of staters currently in double escrow on 3 units with him and team.

@Art Perkitny I second Joe's question - where do those maps come from? Is it a subscription service?
0 Reply
Art Perkitny
Specialist · Cleveland, OH · Member since 2018 · 232 posts · 348 votes
7y
@Joe DeClue, @Lindsey Z.
Glad you guys like the map!
They are actually a part of a project that I am working on
If you're interested, my signature contains a link to the site
0 Reply
Chris CooperPro Member
Realtor · Oklahoma City, OK · Member since 2019 · 28 posts · 20 votes
7y
@Lindsey Zibell. Thanks for the kind words.
A lot of people are looking at OKC and I’m happy to be a resource for any of you.
Please call or email any time.
0 Reply
Jessica Brunner
Real Estate Agent · OK · Member since 2019 · 12 posts · 4 votes
7y
Hello @Joe DeClue! There are people from all over the country investing in OKC! It is a great market with a stable economy. School systems heavily influence the rental market here. I also advise to diversify your portfolio around the OKC area, not just in one concentrated area. When you do that, if one of the businesses in the area is going through a restructuring, your other properties will not suffer! Also, create a team here in the OKC area that will give you exceptional service. If you have any other questions please feel free to reach out!
Jessica
1 Reply
Jason Gonzales
Investor · Oklahoma City, OK · Member since 2015 · 41 posts · 22 votes
7y
@Joe DeClue
Hey Joe!
There are still more than enough deals out here with enough equity position for a BRRRR. You can also try to use that 100k for 3 or 4 properties. Central Okc close to downtown is what we call the "urban core" is very popular. Then you have southwest side of OKC in c class areas that are very favorable to investors. MWC is great but is highly saturated and always will be. NW Okc is always a great area. Check in to the area SW to Penn Square Mall. In a couple years this will be a very sought for area(if it's not already) that developers are planning to build a complex worth of restaurants, shopping centers, a hotel and more. Area called Capitol Hill is an area a sales tax program is looking to beautify. So that in my opinion will be a good buy and hold or equity play. Keep in mind Chisholm Creek. These are all good pockets in the city that will be a good buy and hold play. You still can get the 2% to hit on decent areas if you have some boots on the ground that is marketing or if you connect with a high level wholesaler. There are deals here with 60-70 cents on the dollar. You just have to know where to look or who to talk to! I just completed a refinance where I pulled all my money back out. So a BRRRR is still feasible or you can possibly look in to some local lenders here to leverage that 100 into multiple deals. Good luck and feel free to connect anytime!
3 Reply
Joe DeClue
OP
Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes
7y
@Jason Gonzales thanks for your insight on the various neighborhoods. Much appreciated!
0 Reply
Chris CooperPro Member
Realtor · Oklahoma City, OK · Member since 2019 · 28 posts · 20 votes
6y
@Joe DeClue just checking in you to see how your investing biz is going.
1 Reply
Alan Zee
Rental Property Investor · Dallas, TX · Member since 2017 · 126 posts · 65 votes
6y
Local OKC people,
What are your thoughts in 73127 area? Seems like a C area. Specifically N Merdian & NW 19th street
0 Reply
Chris CooperPro Member
Realtor · Oklahoma City, OK · Member since 2019 · 28 posts · 20 votes
6y
For the most part yes. There are a few streets that are B surrounded by C. If anyone has any specific questions. I am happy to lend some help!
0 Reply
Chris CooperPro Member
Realtor · Oklahoma City, OK · Member since 2019 · 28 posts · 20 votes
6y
@Joe DeClue
Happy to guide you toward some BRRRR opportunities in OKC! We focus on investors and would love to help. Also, here is some info in our next event.
https://facebook.com/events/s/learning-to-invest-in-oklahoma/204350803974650/?ti=icl
0 Reply
Joe DeClue
OP
Rental Property Investor · Paso Robles, CA · Member since 2019 · 10 posts · 3 votes
6y
@Chris Cooper
Thanks for the event info Chris. I’ll reach out to you directly to talk about the deals.
0 Reply
Alyssa Dyer
Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
6y
@Joe DeClue realized I never answered your question on the forum about areas. The best chances of making it happen will be in the NE OKC area by the capital. You can get the most undervalue deals there. Post locking down a property you'll just need to make sure you've got a project manager/advisor that knows what they're doing and a crew you or they can trust. The deals are scarce and the numbers are tight!
0 Reply
Devin Fakner
Investor · Mansfield, TX · Member since 2019 · 36 posts · 20 votes
6y
Great Post!
I love investing in the state of Oklahoma and have found success around military installations. As an Army Veteran, naturally I started there and quickly discovered some of the perks.
1) Guaranteed rent through BAH - (Basic Allowance for Housing)
2) Ability to hold tenants accountable for damages - I'd request information regarding their assigned unit and contact chain of command if issues arise. 90% of the time CoC were willing to get involved.
3) Additionally, Soldiers have mandatory housing inspections to ensure cleanliness and quality. Although, some units don't strictly enforce these.
Of course this comes with the risks and downsides.
1) The military installation is the lifeblood of the market in remote areas; post closes or reduction in force could hurt value tremendously.
2) Legally, military tenants can escape the commitment of contracts with relocation/deployment orders. You could lose tenants literally overnight with no foresight.
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