Oklahoma newbie in a smaller-town market

9 Replies

Hi all! Recent OU graduate here working full-time in Bartlesville, OK (population ~30,000). About 40 minutes north of Tulsa, OK. Also interested in Collinsville, Skiatook, and Owasso... hello, keyword alerts!

I am looking to learn from active community members so post here if you want to gain a follower! I also have a couple of questions so feel free to share your thoughts on any of these topics:

1) Are there any real estate clubs in the Bartlesville / Tulsa, OK area?

2) What are some important things to know about the real estate market in this area, or similar type markets? (oil industry exposure... lower property values... smaller town, but commuting distance from bigger city... NE Oklahoma...)

3) Pros / cons of getting a real estate license?

4) Pros / cons of forming a partnership or similar legal entity with one or two partners?

A bit about me: I am interested in building passive income and generational wealth. I have a bit of family exposure to management of rental properties and I am very methodical and goal-oriented, plus I have income available to invest and no student debt; real estate seems like a good path for me to achieve my dreams.

Thanks for reading!

Glad your here Tim!

I belong to the Tulsa REIA club and find it helpful. Listening to the podcasts has taught me so much in the last year. I've done one flip and one wholesale this year.

Gotta run, but wanted to say hi real quik!

Welcome to Biggerpockets & OKC!

I recommend you join the local Real Estate Investors Associations (REIA) to be around like-minded individuals.

What I have seen over the years, since 2006, is that we can tell the success level of new investors by how often they show up. It's amazing what it will do for your motivation and momentum when around your peers.

For real estate investors in Oklahoma City, we have:

1st Thursday of every month www.mpmeeting.com

2nd Thursday of every month www.okcreia.com

For entrepreneurship & business in Oklahoma City, we have:

2nd Wednesday of every month "Coffee with Entrepreneurs" www.okceg.com

4th Thursday of every month www.OKCEntrepreneurGroup.com

I am a local real estate mentor and business coach so if you ever need guidance and accountability I might be a resource to you. I am always open for a cup of coffee!

Enjoy the day,

Ron Harris

The Renascent Entrepreneur

To help answer your questions:

  1. 1) Are there any real estate clubs in the Bartlesville / Tulsa, OK area?
    1. Probably not a REIA in Bartlesville. But maybe you could setup a meetup.com group and start a small group to meet on real estate investing? I'd start at a local coffee shop.
  2. 2) What are some important things to know about the real estate market in this area, or similar type markets? (oil industry exposure... lower property values... smaller town, but commuting distance from bigger city... NE Oklahoma...)
    1. You'll want to invest in areas with appreciation. Good job market. Great schools. Landlord friendly. Try to invest in pocket areas (keep all your properties in similar areas)
  3. 3) Pros / cons of getting a real estate license?
    1. You don't need a license to invest. You DO need a license to sell someone house.  If you wholesale, you must have the correct contract to give you equitable interest or you will be "practicing real estate without a license". I have seen several wholesalers do it all wrong and pay the price.

    2. The Pro: Access to MLS and don't have to wait on an agent. MLS is great for comps (CMA's). You can list your own properties and pay yourself! Always disclose if you are an agent. 
  4. 4) Pros / cons of forming a partnership or similar legal entity with one or two partners?
    1. As my decamillionaire friend says "Partnerships are sinking ships". It just depends. It's a LONG conversation and evaluation. MUST have a great operating agreement. 

Try to find a local mentor... it'll be worth the time, effort and cost!

Ron

Welcome Tim! There is a small group of us BP members that just started meeting in Broken Arrow. Our next meetup is at Buffalo Wild Wings at 7:00 pm Tuesday Jan 5th. We'd love to have you!

Welcome Tim. I wish I had started when I was your age. I bought my first SFR last year and I am closing on a SFR in Owasso. Listen to the podcasts they have a great amount of information and Brandon Turner's books are real helpful.

Hey Tim!  Im a little late to the party but im a brand new member and just wanted to say whats up.  My wife and i live east of town on a little farm but i'm currently flipping a house in Colonial.  If you wanna grab a cup of coffee sometime or something that would be awesome, just holler.  Bartlesville market can be an interesting little place.  It would be nice to meet with someone to discuss the ins and outs of investing in the area.  

Hey Tim,
I currently live in Ochelata and would like to link up some time. I work for ConocoPhillips in BVL. Welcome to BP!

-Donnie

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