I have been looking in OKC for some buy and hold multi family property. From what i have been able to see nost of what I am looking for are in the neighborhoods surrounding Oklahoma City University Metro Park, Military Park ect. I am kind of concerned about the crime in the those areas does any have any insight on these neighborhoods? Also what other areas are yall finding multi families?
There is a lot of retivalization going on in those neighborhoods, so it should only continue to improve.
I've been actively looking for multifamily as well and it seems like a lot of the stuff that is available is older. And I've found that a lot of the older properties have not been well maintained. There are not a ton of multifamily properties in the metro area, and there are a lot of people looking for one. So when a decent priced property in livable condition comes available it's usually under contract quickly.
Thanks for your input. That is what I was expecting to hear, I would like to find an older property that I can remodel and add value to if it is structurally sound. Are you still looking for deals, if so what or who are you using to find them?
there are not alot of small to mid-size in okc period unless you look at the core. from around the 40's to today not many folks have build that type of multi family. you will either fine large apartment complexes or duplexes but not much in between in okc. there is a bit more in norman though near the university.
@Brandon Boyer As Cassi stated there is alot of revitalization going on in that area. There are a few rougher areas around where you mentioned however 2 streets down can be really nice. There are still deals in this area but are few and far between. I would suggest a value add property or "BRRRR" property because you will over pay for a turnkey in my book unless your criteria for investing is different than mine. (I'm in it for the cash flow).
Thanks for replying. I have seen one or two listings around OU that are options for me if I cant find what I want in the city. Do you know of any local residential agents that are familiar with distress properties?
Thanks for your input it sounds like now is a good time to buy. And I agree I want to BRRRR from what I have been able to see there are some opportunities here I just need some confirmations before I move in.
i have a few listings that i know of that may fit your needs and i have a few agents that work with me that specialize in finding those kinds of properties for owners.
Rhett is it ok to PM you about your listings?
@Brandon Boyer I'm glad I stumbled onto this post, I was just getting ready to post the same thread. OKC definitely has some strong market fundamentals and is an area I have a lot of interest in. I too am currently focusing on smaller assets (5-30ish units). I've looked into Tulsa as well and have some interest there, have you looked into that market at all? I haven't gotten too far into the market research but have had some positive discussions with larger investors looking there.
Thanks for your response I haven't looked into Tulsa yet because OKC has two market I know well so I am starting there first.
i hear tulsa is great also, i stick to what i know but i have a friend that is doing well up there.
I've been looking for large multifamily properties in Tulsa and (to a much lesser extent) Oklahoma City. I'm happy to share what i've experienced.
I disagree with pretty much everyone on this thread... I think there are a lot more multi family properties out here than people think. Most properties will never find the MLS so if that’s where you’re looking that’s probably why you are struggling. Personally I’m not having any trouble finding duplexes and 3-4 unit’s aren’t hard to find either. Additionally, if you are not hyper local I HIGHLY recommend staying away from Norman and OU. As a recent graduate of OU I have a lot of knowledge of that market and it has been over built in the last 3 years like you wouldn’t believe... I promise you as an out of state investor you will lose in Norman. Just my thoughts though!
I am new to the BP and have been watching the market here. There are a couple on the MLS that seem to be pretty good deals. I am quite familar with these areas, I have worked with the police condeming houses for about 8 years in OK county. If you want any advise let me know. My father and I are wanting to buy some prooerties in OKC once we get the 3 we have in Guthrie sold.
@Alex Owens I may be interested.
I'm also glad I found this discussion. My wife and I can barely afford a rental here in the SF Bay area so I've been looking at OOS options. My initial research has pointed me to OKC as a good option. Do you guys think OKC is best to buy in or curtain areas around it?
There seems to be quite a few OK locals here. Do you think its worth looking into SFHs as well? Or do you think without question, the multis will give better cashflow in this area?
Kevin, Multi Family properties have better cash flow, but they are harder to manage (and the local property management companies have spotty records, at best), and thus can have unpredictable results. Single Family investing in Oklahoma City is better for the "hands off" investor. I offer Turnkey rentals if you have any interest.
@Charles Bartusch curious why your selling out in Guthrie? Poor buy and hold market?
@Richard McLain I’m interested in seeing your turn key inventory.
John: Thanks for reaching out. I sell out my inventory so quickly, that you just about have to order something. I don't like to close in my LLC and then turn around and sell it (to avoid doubling the title and finance costs); however, with a larger rehab, I go ahead and close in my LLC so that I take the risk of the larger rehab. I am working on a Del City property right now and have done full paint, roof, miscellaneous repairs, and now refinishing hardwood floors. Let me know if you are interested: 4017 SE 11th Street, Del City