Hey BP members! I've been consuming information and podcasts for 18 months and its time to get active in the forums. We have a decent little duplex under our belts in Midwest City, OK that cash flows nicely. With @David Greene 's BRRRR book on repeat we really want to try our hand at a few distressed SFHs and turn them into rentals. Any perspective, suggestions or advice is greatly appreciated!
I own a few in mwc too. it can be a prices are getting driven up by the out of state folks lol but there are still deals to be found.
Piggybacking on@Rhett Tullis here. Deals can always be found. BRRRR in OKC is tough right now though, outside money squeezes value a bit. We're having better odds finding houses with 5%-15% equity. Lower price points. They're good deals, and stable, but "home runs." Reach out if you have any questions. I also have a map I can upload if you want! It gives an idea of what our city is like, and what return to expect in each area.
Originally posted by @Liz Harnish :
Thanks @Rhett Tullis and @Alyssa Dyer. I have heard things are heating up in the OKC market recently, dang out of state investors! lol. I would love to check out your map, thanks for offering. I'm also interested in what your company does, we should talk.
Deal! I think we have to be colleagues or follow each other for me to send attachments! I just sent a request and I’ll share that!
Feel free to call/text anytime!
Hi @Liz Harnish
Congratulations on taking action and getting that first deal under your belt! I will second what you have already heard above. The only people I know that are consistently getting houses at price points to BRRRR are doing their own marketing. I agree with Alyssa that about 5-10% equity is pretty much the norm, even with houses that need some work.
BUT... you can still find great cash flow properties even at ARV prices. They won't have much equity to really pull out your money, but you can hit the 1% rule all day with the blue collar rentals.
there are lots of areas that you can still hit 1% rule in but many are ones I would tell you to avoid or at least see a higher rate of evictions in. be careful where you jump in as an out of state investor. test the market, do a property or two and if you like how it goes you can always grow from there. while it is heating up to us locals the market is nothing like what i saw in LA during the last big boom there before the bust.
shoot me a msg and i can tell you where we see most of our evictions happen each year. that is kind of my indicator of where i do and dont place my money.
@Rhett Tullis I'd also be interested in understanding where those area are. Can I PM you for that info?
sure shoot me a msg any time.
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