Hey, anyone have any suggestions or recommendations about entering the markets of Oklahoma City or Tulsa?? We are looking for SFR or Multi family (2-10 units). We are also experienced in the flip game if that makes sense. Hoping to hear some feedback on both markets...thanks a ton!
lots of options out there although prices are up a bit but still deals to be had if you are patient.
I can't really speak for the Tulsa market but if you want some specific information on the OKC market. Shoot me a PM with what you're looking for and I'll pull some information for you.
Larger multi family units are selling at historically high prices for Oklahoma (as Rhett indicated) so it's tough to find adequate return in those segments right now.
If you've had success in flipping I would definitely look for flip-to-rent opportunities within SFR and light multi units.
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:
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,
The Renascent Entrepreneur
@Ron Harris interested always in wisdom from someone that's been in the business longer than I.
I'm also looking to retire young and using RE as the vehicle
@Douglas, it seems that Plaza District in OKC is experiencing flipping frenzy, although not sure how long it will last. I heard that high-end SFR prices are dropping due to oil bust. That's something you might want to consider.
@Ron Harris You stole my thunder Ron; great suggestion for getting to know the community if you are local.
@Account Closed are you looking to invest strictly as a buy and hold investor here in Oklahoma? Do you have any ties here as far as management/other investors here, or specific ideas on how you are looking to invest in Oklahoma? Some investors I know like to just invest on the financing side from out of state, such as writing notes/mortgages on the properties with liens in place just like a bank, while others like me are comfortable investing in my own property out of state--but that isn't really the norm. We have properties in OK, NY, and MD but we are pretty careful about buying where we are familiar. Send me a message sometime if you want to chat or are in the area.
@Andrew Grieb sorry for the delayed response. We would be doing flips and long term holds - we are pretty comfortable owning out of state. We are in four states now. We are currently very focused on the SC market, but OK is still a desired market for us. I'll message you to discuss.
@Scott England Do you see the multi family units cooling off at all recently? We are currently looking into the Oklahoma City market as possible destination to start investing in Apartments.
@Lou Milard I think it really depends on what your goals are. If you are looking to park cash in a stable area, with a low barrier to entry, and consistent returns in the high single digits, then yes. But, value add opportunities in the multi unit space are rare in Oklahoma City and almost always off market. In the hotter metro areas, new/redevelopment is your best bet right now, IMO. There are some very cool re urbanization projects going on right now and 8.5ish preferred return with proportional ownership is the going offering from the developers.
I'm in construction, 90% multi family. I'm seeing 8000 +/- new units hitting the market in OKC metro area in 2015/16. Any thoughts on what that will do to the market for older/smaller properties?
in most parts of town that will not be a huge issue, the lower end/older units attract a different group of folks in general. if anything it may help the older places to up their prices a bit and still look like a good deal compared to the price of the new ones.
New to the investment property market of OKC, seems a lot of flipping in the historic preservation area like mesta park, crown heights, edgemere park, shepherd and linwood. Local realtors also doing a lot of flipping, from the sale history it looks at a very high margin. The booming areas are downtown, bricktown, midtown, 23rd st and 36th st. Would like to meet more people in the okc area share same interest.
Any updates on the Tulsa area market from the past two years? I’m curious if it’s still worth checking over there :)
@Mora Clark I recently moved here as I learn the market and areas I'm happy to check back in with you.
@Taylor Johnson sounds great! Thanks Taylor :)
Mora, why specifically Tulsa? I *think* (feel free to correct) OKC might have more options for you, it just depends on what your goals are.
Tulsa is a good buy. Very similar market to OKC, but mostly overlooked by remote investors.
@Scott England Absolutely! I don't hear a lot about opportunity down that way. Is there a certain area that you would recommend in Tulsa?
Yeah, I have my own pet areas, but I like the market as a whole. DM me if you want to talk through specifics.
@Mora Clark I can talk about OKC all day long, not so much Tulsa. Are you still looking to Oklahoma?
@Husky Lee I'm happy to connect and talk about investing in OKC! Still out there making moves?